Another ponzi scheme folds as Nigerians lose savings to PXES

Nigerians are counting fresh losses after another high-yield investment platform, PXES, collapsed and blocked investors from accessing their funds, according to a report by The Punch.

Angry investors reportedly stormed PXES offices in Yola, Adamawa State, and Kabba, Kogi State, after withdrawals froze, with videos circulating online showing people carting away chairs, electronics and other property from the premises. One distressed investor was heard demanding the return of ₦209,000 he had put into the platform.

PXES had reportedly attracted thousands of Nigerians with promises of unusually high and quick returns, a pattern financial experts say echoes previous collapses such as MMM, CBEX and MBA Forex, which together wiped out hundreds of billions of naira in investor funds over the past decade. No PXES representative has issued a public statement addressing the frozen withdrawals or the circumstances of the collapse.

The Securities and Exchange Commission (SEC) has repeatedly warned Nigerians to verify any investment platform against its register of licensed capital market operators before committing funds, cautioning that schemes offering unusually high or guaranteed returns expose investors to significant financial risk.