Again, Nigerians lose millions as PXES ponzi scheme collapses

Nigerians who invested millions of naira in an online platform known as PXES are counting their losses after the scheme abruptly stopped paying returns, according to a report by Saturday PUNCH.

The platform reportedly stopped paying participants in early September, leaving investors unable to reach operators. Angry investors stormed and looted PXES offices in Adamawa and Kogi states in a bid to recover their funds.

PXES had attracted investors with daily returns of between 25 and 50 per cent, with some packages promising as high as 120 per cent, though such claims could not be independently verified.

Victims described losing amounts ranging from thousands to millions of naira, with some describing financial desperation as their reason for investing.

The Economic and Financial Crimes Commission said it would investigate the matter if formally reported, noting it had repeatedly warned Nigerians against such schemes.

The collapse echoes previous Ponzi failures, including CBEX, EMAAR and XM Future Music Group.