Panic has gripped investors across Nigeria following the sudden collapse of an online investment platform, XM Future Music Group, with many subscribers reportedly unable to access their funds.
PLATFORM TIMES gathered that the platform, popularly known as “XM”, abruptly halted withdrawals within the last 24 hours, sparking fears of yet another Ponzi scheme crash in the country.
Several users said the platform’s website became inaccessible, while its support channels were either muted or completely taken down, leaving thousands of subscribers stranded.
The scheme had promised mouth-watering returns of up to 100 per cent within 30 days, claiming users could earn money by listening to music and performing simple online tasks.
Findings revealed that subscription packages ranged from N21,600 to as high as N93m, with promoters allegedly luring investors with unrealistic projections. In some cases, participants were told that a N21m investment could yield as much as N327m within one month.
Sources further disclosed that users were required to pay an additional “work deposit” after an initial trial phase before gaining full access to the platform’s earning structure.
Anger trailed the development in Badagry area of Lagos State, where some aggrieved investors reportedly stormed one of the company’s offices.
Eyewitness accounts indicated that the enraged victims ransacked the facility located in Apa, carting away items such as generators, chairs, fans, and television sets after realising their investments had vanished.
A user on social media platform X, identified as @MaziEzike_Nedu, claimed the office was completely stripped of valuables by desperate investors.
“Desperate investors carted away office equipment… after realising their funds were gone,” the post read.
The incident has once again raised concerns over the proliferation of unregulated digital investment platforms in Nigeria, many of which collapse after attracting large sums from unsuspecting members of the public.
Financial experts have repeatedly warned Nigerians to be wary of schemes promising unusually high returns within a short period, noting that such models often exhibit classic Ponzi characteristics.
As of the time of filing this report, authorities had yet to issue an official statement on the development, while efforts to reach representatives of XM Future Music Group were unsuccessful.
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