Thousands of Nigerians have lost their savings following the collapse of an online investment platform, PXES, which abruptly stopped paying returns and became inaccessible in early September, according to The PUNCH report.
The scheme, which promised unusually high daily returns ranging from 25 per cent to as much as 120 per cent, left investors who committed sums ranging from tens of thousands of naira to millions in limbo.
The platform attracted investors with a tiered membership structure. Participants paid specified amounts to join and were given access to an online dashboard where they completed daily tasks described as “orders.”
According to one participant, Funmi Deinde, the entry levels were structured as Star 1 at N21,600, Star 2 at N54,800, and Star 3 at N207,000.
“When you join with this money, you have an account, a dashboard that you’ll be taking orders from every day,” she said. Promotional materials claimed that a N21,600 investment could generate up to N259,200 over 360 days, while N64,800 could yield as much as N777,600—returns many times the original amounts invested.
The collapse triggered outrage across the country. In Adamawa and Kogi states, aggrieved investors stormed and looted PXES offices in desperate bids to recover their money. Videos circulating online showed people removing chairs, tables and other items from the premises in Yola, while similar scenes played out at the company’s office in Kabba.
One man who reportedly invested about N209,000 was seen weeping over his inability to recover his funds. In Kabba, the platform’s manager had earlier sent a message assuring investors of compensation, but three days later the office was shut and the operators disappeared.
Victims recounted their losses. Bunmi Awodipe said she invested N200,000 after three friends showed her evidence of receiving returns from PXES. “They only paid me for three weeks,” she said. “When I went to their office last week, I didn’t see anyone. The place was locked and there was nothing in the office.”
Another investor, Deji Mulero, registered with N65,000 on September 4 after a customer introduced him to the platform. “It crashed the same Friday,” he said.
For 68-year-old Jumoke Talabi, the investment was intended for her granddaughter’s school expenses. “It’s poverty that made me do it,” she said. “I thought that maybe, I would see some to buy rice and eat.”
PXES described itself not as an investment platform but as a digital marketing and advertising company. A company representative, Olubowale Ayodele, told participants that PXES provided digital marketing opportunities to unemployed people and graduates. Another official, training director Eniola Oluwatobi, claimed the company partnered with eBay and Amazon to distribute products for advertising.
However, financial experts say the structure was a classic Ponzi scheme—relying on funds from new members to pay returns to existing ones rather than generating legitimate profits.
Financial analyst George Samuel warned that registration with the Corporate Affairs Commission does not authorise a company to collect investment funds from the public. “While a CAC number may be necessary, it does not serve as a licence to accept deposits or investment funds,” he said. He advised Nigerians to verify whether a company is licensed by the relevant financial regulator before investing.
A banker, Kemi Junaid, identified promises of unusually high or guaranteed profits as major warning signs, urging prospective investors to question how an organisation intends to generate the promised returns rather than relying on testimonials from other participants.
The PXES collapse is the latest in a long line of Ponzi schemes that have emptied the pockets of Nigerian families. In 2025, CBEX collapsed with losses estimated at N1.3 trillion. MBA Forex raised about N171 billion before shutting down in 2020. Wales Kingdom Capital lost investors around N40 billion, Imagine Global Solutions accounted for roughly N22 billion, and MMM Nigeria resulted in N18 billion in losses.
Just months before PXES, XM Future Music Group attracted investors by promising 100 per cent returns in 30 days for listening to music, with participation costs ranging from N21,600 to N93 million.
The Economic and Financial Crimes Commission said it would investigate reported cases of investment scams. “Any issue of financial crime, Ponzi scheme, investment scam that is duly reported to the EFCC, the commission will look into it,” said EFCC spokesperson Dele Oyewale. He added that the commission had issued several advisories against such schemes and would continue to advise Nigerians to do due diligence before investing.
