Ponzi Scheme: Nigerians Count Losses as PXES Platform Stops Payments
Nigerians who invested money in an online platform known as PXES are reportedly counting their losses after the platform stopped paying participants and became inaccessible.
The development has left investors who reportedly committed between tens of thousands and millions of Naira uncertain about the whereabouts of their funds and the operators of the platform.
Global Mirror News gathered that PXES stopped making payments in early September 2026 after attracting participants with claims of high returns from online tasks and digital marketing activities.
Some affected investors have reportedly visited PXES offices in different parts of the Country but found the premises locked or abandoned.
The situation has also generated anger among some investors, with reports that aggrieved participants stormed offices linked to the platform in Yola, Adamawa State, and Kabba, Kogi State.
Videos circulating online reportedly showed people removing chairs, tables and other items from a PXES office in Yola, while similar scenes were said to have occurred at the company’s office in Kabba.
Investors speak on their losses
Some participants said they were encouraged to invest after seeing friends and other members receive payments from the platform.
One investor, Bunmi Awodipe, reportedly invested N200,000 after three friends showed her evidence of receiving returns from PXES.
She said she received N7,000 weekly for three weeks before payments stopped.
When she subsequently visited the company’s office, she reportedly found it locked and apparently empty.
Another investor, Deji Mulero, said he registered with N65,000 after a customer introduced him to the platform on September 4.
According to him, the platform stopped operating shortly afterwards, leaving him unable to recover his investment.
Another participant, who identified himself as Wale, said he invested N207,000 and had accumulated almost N600,000 on his account before the platform stopped operating.
For 68-year-old Jumoke Talabi, the investment was intended to help meet her granddaughter’s school expenses and household needs.
Talabi reportedly invested N64,800 after seeing other participants receive payments.
She said she had earlier received N70,000 from the platform, which encouraged her to increase her investment.
However, when she expected another withdrawal, she said no payment came.
The grandmother reportedly attributed her decision to invest to financial hardship, saying she had hoped the money would help with school fees and food.
Shola Adeshina, whose wife also reportedly lost money through the platform, said claims that participants were using their earnings to buy cars and build houses helped make the scheme attractive to prospective investors.
He said concerns grew after some investors who had reportedly committed millions of naira visited a branch following the suspension of payments and allegedly discovered that the office had been abandoned.
How the PXES scheme reportedly operated
Information provided by participants and promotional materials associated with PXES indicated that the platform operated a tiered membership system.
Participants reportedly paid different amounts to join and were given access to an online dashboard where they completed daily tasks described as “orders.”
One participant, Funmi Deinde, said the platform had different membership categories, including Star 1, Star 2 and Star 3.
She reportedly identified the entry amounts as approximately N21,600, N54,800 and N207,000 respectively.
After registration, participants were given access to a dashboard containing household products and other items.
Members were instructed to interact with or complete tasks relating to the products, although they did not physically receive the goods.
The platform reportedly allowed members to withdraw earnings daily at the initial stage, but withdrawals were later changed to weekly.
Participants also reportedly had different withdrawal schedules based on their membership levels.
Another participant, Emmanuel Ajayi, claimed that a N64,000 package could generate about N2,160 from daily tasks, while a N21,600 package could generate approximately N720.
Promotional materials reportedly claimed that a N21,600 package could generate as much as N259,200 over 360 days, while a N64,800 package could reportedly generate up to N777,600 within the same period.
Such claims represented returns substantially higher than the original amounts paid by participants.
Global Mirror News could not independently verify the claimed returns.
Participants also reportedly earned opportunities to recruit other people and build networks within the platform.
A security guard who invested N64,000 said he initially hesitated after his sister introduced PXES to him.
He eventually joined following repeated persuasion and said he was able to withdraw about N20,000 twice before losing the remaining balance.
He added that his sister, who had built a larger network, reportedly lost more than N1 million.
PXES representatives describe company as digital marketing firm
Amid questions over the platform’s operations, representatives of PXES have reportedly described the organisation as a digital marketing and advertising company rather than an investment platform.
At an event in Kabba, a representative, Olubowale Ayodele, reportedly said the company provided digital marketing opportunities to unemployed people and graduates.
He encouraged people with smartphones to participate in the activities.
Ayodele also claimed that one member of his team was earning N700,000 weekly as salary.
Another official, identified as the company’s training director, Eniola Oluwatobi, reportedly described PXES as an advertising company.
He claimed that the company partnered with eBay and Amazon and that products were distributed through the PXES application for members to advertise.
The explanation has nevertheless raised questions about the source of the money used to pay participants and how the high returns previously reported by members were generated.
At the same Kabba event, the Obadofin of Oweland, Olusegun Are, reportedly described PXES as an income opportunity capable of providing Nigerians with another source of income.
He also claimed that PXES had provided food items to more than 300 elderly people in Kabba.
Experts warn against unrealistic returns
The reported collapse has renewed concerns over online schemes that promise unusually high returns.
Financial analyst George Samuel said Nigerians should establish whether an organisation is properly authorised to collect investment funds before committing their money.
He stressed that registration with the Corporate Affairs Commission does not automatically authorise a company to accept investment funds from members of the public.
Samuel advised prospective investors to verify the appropriate regulatory licence of any organisation offering investment opportunities.
He also urged Nigerians to conduct basic due diligence before putting their money into such schemes.
A banker, Kemi Junaid, identified unusually high returns and guaranteed profits as major warning signs.
She said financial hardship and limited financial literacy could make people vulnerable to schemes that promise quick and substantial profits.
According to her, investors should focus on understanding how a company generates the returns it promises rather than relying solely on testimonials from existing participants.
EFCC asks victims to make formal reports
The Economic and Financial Crimes Commission has said cases involving financial crimes, Ponzi schemes and investment scams should be formally reported to enable investigation.
EFCC spokesperson Dele Oyewale said the commission would look into duly reported cases.
He also recalled that the commission had repeatedly warned Nigerians against investment scams and Ponzi schemes.
Oyewale urged members of the public to conduct proper due diligence before investing.
However, the EFCC spokesperson did not confirm that the commission had specifically opened an investigation into PXES.
PXES follows previous investment scheme collapses
The development comes after several investment platforms have reportedly collapsed in Nigeria in recent years.
In April 2025, the collapse of Crypto Bridge Exchange, popularly known as CBEX, caused widespread concern among investors.
Reports at the time indicated that about 600,000 Nigerians had invested in the platform, with alleged losses estimated at approximately N1.3 trillion.
CBEX reportedly promised investors 100 per cent returns within 30 days through purported artificial intelligence-powered trading.
The Securities and Exchange Commission later said CBEX and its affiliates had never been registered to operate as a digital asset exchange or solicit investments from the Nigerian public.
The Commission also said preliminary findings showed that the platform created a false perception of legitimacy and promised unusually high guaranteed returns within a short period.
The EFCC subsequently investigated the matter.
By July 2025, the commission said some promoters had been arrested and that recovery and forfeiture proceedings were underway.
Another platform, EMAAR, reportedly collapsed later in 2025 after attracting more than 4,000 investors through claims linked to real estate investments.
An investigation published in December 2025 reportedly found that the platform operated largely online, with its promoters using Telegram groups to recruit and communicate with investors.
The platform reportedly crashed on October 27, 2025, leaving victims unable to withdraw their funds.
Subsequent reports estimated the suspected losses at nearly N3 billion.
In May 2026, another platform, XM Future Music Group, reportedly collapsed after investors were unable to withdraw their money.
Some victims reportedly stormed the platform’s office in Badagry, Lagos State, and removed office equipment.
The platform had reportedly promised participants returns for listening to music and completing online tasks, with entry packages ranging from N21,600 to several millions of naira.
The recurring pattern of recruitment, referral incentives, early payments, promises of exceptional returns and eventual withdrawal difficulties has continued to raise concerns among financial experts and regulators.
PXES website and social media accounts reportedly inactive
Further concerns have emerged over the status of the platform’s communication channels.
An attempt to access the known PXES website, pxesng.com, was reportedly unsuccessful.
Some investors also claimed that the platform’s WhatsApp channel had been blocked.
Checks on the PXES NG Facebook page reportedly showed that its last post was published on June 21.
The page had been used to publicise training sessions, meetings and team-building activities for participants.
It also reportedly highlighted PXES activities and claimed expansion across Nigeria and other parts of Africa.
Some posts on the page claimed that the platform had impacted more than one million members through financial stability and welfare support.
As investors await answers over the fate of their money, the reported PXES collapse has once again highlighted the risks associated with unverified online investment opportunities.
Global Mirror News advises members of the public to exercise caution before committing their savings to platforms promising unusually high or guaranteed returns.
Investors should independently verify a company’s regulatory status, licence, business model and source of promised returns before parting with their money.
Registration with the Corporate Affairs Commission should not, by itself, be regarded as proof that a company is authorised to collect public investment funds.
Anyone who believes they have lost money through a suspected investment scam should preserve evidence such as payment receipts, account information, screenshots, messages and other relevant documents and make a formal report to the appropriate authorities.
