Another Ponzi Scheme: Nigerians Lose Millions as Online Investment Platform PXES Suddenly Crashes
- PXES investors are counting losses after the online investment platform stopped paying returns and became inaccessible in early September
- Angry investors reportedly looted PXES offices in Adamawa and Kogi after failing to withdraw their money
- The platform promised returns of up to 120%, raising concerns about its operations and whether it was authorised to collect public investments
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Nigerians who invested millions of naira in PXES, an online investment platform, are counting their losses after the scheme stopped paying returns and became inaccessible.
The platform reportedly stopped making payments in early September, leaving investors who put in amounts ranging from thousands to millions of naira unable to withdraw their funds or contact its operators.
Source: UGC
The development has sparked anger among investors, with some reportedly storming and looting PXES offices in Adamawa and Kogi states in an attempt to recover their money.
Investors storm PXES offices
Reports showed that investors invaded the company’s offices in Yola, Adamawa State, and Kabba, Kogi State, after withdrawals became impossible.
Videos shared online showed people removing chairs, tables and other items from the Yola office. Similar scenes were reportedly recorded at the Kabba branch.
One investor, who reportedly put about N209,000 into the scheme, was heard lamenting his inability to recover his money.
The platform allegedly promised returns of between 25 and 50 per cent, while some investment packages offered as much as 120 per cent.
The Kabba manager reportedly sent a message assuring investors that management would compensate them for their patience after payments stopped. However, the office was allegedly shut three days later, leaving investors without information about their funds or the operators.
Investors recount losses
One investor, Bunmi Awodipe, told PUNCH that said she invested N200,000 after three friends showed her evidence of receiving returns from PXES.
Another participant, Deji Mulero, said a customer introduced him to the platform and that he lost N65,000 when it stopped operating.
A third investor, who identified himself as Wale, said he registered with N207,000 and had accumulated nearly N600,000 on his account before the platform became inaccessible.
Promotional materials and accounts from investors indicated that PXES operated a tiered membership system.
Participants paid specified amounts to join and received access to an online dashboard, while members could also recruit new participants and build networks.
Questions over PXES operations
The development has raised questions about whether PXES was authorised to collect investment funds from members of the public.
Attempts to access the platform's website, pxesng.com, were unsuccessful. Some investors also said the company's WhatsApp channel had been blocked, while its Facebook page, PXES NG, had not recorded a new post since June 21.
The incident comes less than two years after the collapse of several high-return investment schemes in Nigeria.
Source: UGC
In April 2025, the collapse of Crypto Bridge Exchange, popularly known as CBEX, left hundreds of thousands of Nigerians counting their losses.
Reports estimated that about 600,000 people invested in the platform, with losses put at roughly N1.3tn.
CBEX had reportedly promised investors 100% returns within 30 days through supposed artificial intelligence-powered trading.
Barely a year later, another platform, NRC investment scheme, reportedly collapsed after attracting thousands of investors with promises of returns from supposed real estate investments.
Source: Legit.ng
