Another digital investment platform, XM Future Music Group, has reportedly collapsed, leaving thousands of subscribers unable to access their deposits amid growing concerns over fraudulent online schemes in Nigeria.
Platform Promised High Returns
The platform, which operated under the name "XM," allegedly attracted users with promises of unusually high returns through music streaming and online task completion. Participants were reportedly told they could double their money within 30 days. According to reports, subscription packages ranged from N21,600 to N93 million, while promoters circulated claims of massive profits tied to short-term investments. Some advertisements even suggested that a N21 million package could generate N327 million within one month.
Investors Locked Out After Crash
Concerns intensified after users began reporting failed withdrawals and restricted access to the platform. Several online support channels linked to the scheme were also reportedly muted or deleted within the last 24 hours. Many Nigerians on social media described the development as another suspected Ponzi scheme collapse. The platform had earlier promoted documents allegedly connected to registration in Colorado, United States, in an attempt to boost credibility among users.
Financial Analysts Warn
Financial analysts have repeatedly warned Nigerians against investment platforms offering guaranteed or unrealistic returns, noting that many fraudulent schemes rely on false certifications and foreign affiliations to attract victims.
Social Media Users React Angrily
Here are some reactions to the crash of yet another Ponzi scheme in Nigeria:
- @AlfaAdam001 said: "You’ve pool of options when it comes to investing your idle money in Nigeria, there’s treasury bill, bond, Money market fund, ETFs, stock market and many more. Non of these I mentioned here pays less that 17% p.a. More paying investments are in Nigeria, with legal backings and federal government support, but Nigerians always choose corners."
- @iampretty911 said: "I was scammed 220k I just Dey sleep since morning I don’t even know what to do omo I just Dey find way I go take get the money back Money that i borrowed"
- @Eric_Temples said: "normally i no fit sorry for this kin people, them deserve am MMM no teach them lesson"
- @Sirddeq said: "I remember when they paid for an entire day to have our office for the launch of that program in Gombe, they brought lots of food and chicken... Otilo..."
- @_iamAdemola_D said: "When will people learn to desist from this? i have burnt my hands before in one of two and i have learned lessons and such will never repeat itself. I hope others learn too and stop enabling this bad guys."
- @funshakin said: "What happen to me last year will never make do this kind of stuff ever again, I almost run made, was traumatized loosing 2M. What a year"
CBEX Allegedly Collapses, Traps Trillions of Naira
Earlier in another story, it was reported that the CBEX platform had collapsed, leaving investors with substantial amounts of Naira trapped. This incident follows a recent request by the platform for additional deposits from its users, raising concerns about the platform's legitimacy and its operations within the country.
