Several Nigerians are counting their losses after an online investment platform, PXES, allegedly stopped paying investors and became inaccessible.
The platform reportedly suspended payments in early September, leaving people who invested amounts ranging from tens of thousands to millions of naira unable to withdraw their money.
The development has triggered anger among investors, with some reportedly visiting PXES offices in Yola, Adamawa State, and Kabba, Kogi State, after they could no longer access their funds.
Videos circulating online reportedly showed some aggrieved investors removing chairs, tables and other office equipment from the company’s premises in Yola. Similar incidents were also reported at the Kabba office.
One investor, who reportedly invested about ₦209,000, was seen in one of the videos lamenting his inability to recover his money.
Before the Kabba office was allegedly shut, its manager reportedly sent a message to investors asking them to remain patient and promising that the company would compensate them.
However, investors said the office was closed about three days later, leaving them without clear information about the operators or the whereabouts of their funds.
Investors Share Their Experiences
One investor, Bunmi Awodipe, said she joined PXES after friends showed her evidence of receiving returns from the platform.
Awodipe said she invested ₦200,000 and initially received ₦7,000 weekly, but the payments stopped after three weeks.
She said she later visited the company’s office after the payments stopped but found the premises locked and abandoned.
Another investor, Deji Mulero, said a customer introduced him to the platform.
Mulero said he registered with ₦65,000 on September 4, but the platform reportedly stopped operating that same week, resulting in the loss of his investment.
Another participant, identified as Wale, said he invested ₦207,000 and had accumulated almost ₦600,000 on his dashboard before the platform became inaccessible.
He said a friend in Abuja introduced him to the scheme and that he had been participating for several months.
For 68-year-old Jumoke Talabi, the money invested was meant to support her granddaughter’s school expenses and household needs.
Talabi said she invested ₦64,800 after seeing other participants receive payments. She had earlier received about ₦70,000 from the platform and decided to increase her investment.
However, when she expected another payment, nothing was credited to her account.
She said the loss had left her and some of her friends distressed, explaining that she joined the platform because she needed additional income to meet basic needs.
How PXES Attracted Investors
According to participants, PXES operated a tiered membership system in which investors paid different amounts to gain access to an online dashboard.
Participants were then expected to complete daily activities described as “orders” or tasks.
One participant, Funmi Deinde, said the platform had different membership categories, including Star 1, Star 2 and Star 3.
She said some of the packages required investments of ₦21,600, ₦54,800 and ₦207,000.
According to her, members received access to a dashboard displaying various products, including household items, which they were instructed to interact with by placing orders.
Deinde said the products were not necessarily delivered to participants, as the registration payment was primarily used to secure membership and access to the platform.
She added that investors initially had the opportunity to withdraw their earnings daily, although the system later changed to weekly withdrawals.
Withdrawal limits reportedly ranged from ₦1,500 to ₦100,000 and varied according to the level of investment.
Another participant, Emmanuel Ajayi, claimed that the ₦64,000 package generated about ₦2,160 from daily activities, while the ₦21,600 package generated around ₦720.
Promotional materials reportedly reviewed by Saturday PUNCH showed investment packages starting from ₦21,600, with higher packages including ₦64,800 and ₦207,000.
The materials allegedly claimed that an investment of ₦21,600 could generate up to ₦259,200 over 360 days, while ₦64,800 could reportedly produce as much as ₦777,600 within the same period.
The promised returns were significantly higher than the initial investments.
Participants also alleged that the platform encouraged members to recruit new investors and build networks, a structure commonly associated with high-risk investment schemes.
Investors Left Stranded
A security guard who spoke anonymously said he initially hesitated after his sister introduced him to PXES but eventually invested ₦64,000 following repeated persuasion.
He said he was able to withdraw about ₦20,000 on two occasions before payments stopped, leaving the remaining funds inaccessible.
According to him, his sister, who had built a larger network within the platform, reportedly lost more than ₦1 million after the scheme stopped operating.
The reported collapse has left many participants demanding answers and seeking ways to recover their investments.
READ ALSO:
