PXES Crisis: Nigerians Lose Millions As Investment Platform Stops Payments

Nigerians who invested tens of thousands and millions of naira in the online investment platform PXES are reportedly counting their losses after the platform stopped making payments in early September and subsequently became inaccessible.

The development has triggered anger among investors, with some aggrieved participants reportedly visiting PXES offices in Yola, Adamawa State, and Kabba, Kogi State, following their inability to withdraw their funds. In some cases, frustrated investors were said to have removed chairs, tables and other items from the offices in an attempt to recover part of their losses.

According to Bush Radio Academy, PXES attracted participants with investment packages that reportedly ranged from ₦21,600 to ₦207,000, while promising returns of between 25 and 50 per cent and, in some cases, as high as 120 per cent.

Several investors said they initially received payments, which encouraged them to commit more money to the platform. However, withdrawals reportedly became impossible in early September, leaving many participants unable to access funds displayed on their accounts.

In Yola and Kabba, frustrated investors reportedly stormed the company’s offices after payments stopped. Videos circulating online allegedly showed individuals removing office furniture and other items from the premises.

One investor who reportedly committed about ₦209,000 expressed frustration over his inability to recover the money after the platform stopped operating.

In Kabba, the manager of the local office was said to have sent a message assuring investors that the company would address their concerns and compensate them for their patience. However, participants claimed that the office was shut about three days later, leaving them without clear information about the company’s operators or the whereabouts of their funds.

An investor, Bunmi Awodipe, said she joined the platform after friends showed her evidence of receiving returns. She invested ₦200,000 and initially received about ₦7,000 weekly for three weeks before the payments stopped.

Awodipe said she later visited the company’s office after becoming concerned about the situation, only to find it locked and apparently abandoned.

Another participant, Deji Mulero, said he invested ₦65,000 after being introduced to the platform by one of his customers. According to him, he registered on September 4, but the platform reportedly stopped operating shortly afterwards.

Another investor identified as Wale said he invested ₦207,000 and had accumulated almost ₦600,000 on his dashboard before the platform became inaccessible.

For 68-year-old Jumoke Talabi, the investment was intended to help her pay her granddaughter’s school expenses and provide additional money for household needs. She said she invested ₦64,800 after witnessing other participants receive payments.

Talabi said she had previously received about ₦70,000 from the platform and subsequently increased her investment, expecting to receive additional returns. However, when the next withdrawal period arrived, she said no payment was made.

She explained that the loss had left some of her friends distressed, particularly those who had also invested significant amounts.

Talabi said financial hardship influenced her decision to participate in the scheme, adding that she had hoped the investment would provide additional income for food and school expenses.

The platform reportedly operated through a tiered membership structure. Participants paid different amounts to gain access to online dashboards where they were required to complete what were described as daily orders or tasks.

One participant, Funmi Deinde, said the membership levels included packages such as Star 1, Star 2 and Star 3, with entry amounts reportedly including ₦21,600, ₦54,800 and ₦207,000.

According to her, members were assigned products on their dashboards and were expected to interact with them by completing designated tasks. Participants reportedly did not necessarily receive the physical products, as the payments primarily provided access to the platform and its earning system.

Deinde said members were initially able to withdraw their earnings daily, although the withdrawal arrangement later changed to a weekly system as participation increased.

Another participant, Emmanuel Ajayi, claimed that the ₦64,000 package generated about ₦2,160 from the daily tasks, while the ₦21,600 package reportedly generated approximately ₦720.

Promotional materials associated with PXES reportedly listed packages starting from ₦21,600, with higher options including ₦64,800 and ₦207,000. The materials allegedly projected returns significantly higher than the initial investments over a 360-day period.

Participants also claimed that the platform encouraged members to recruit new investors and build networks, a structure that reportedly helped expand its membership.

A security guard who requested anonymity said he initially hesitated after his sister introduced him to PXES but eventually invested about ₦64,000 following repeated persuasion.

He said he was able to withdraw approximately ₦20,000 on two occasions before payments stopped, leaving the balance inaccessible.

The man further claimed that his sister, who had built a larger network within the platform, lost more than ₦1 million after the scheme stopped operating.

The reported collapse has left numerous investors searching for answers and seeking ways to recover funds they committed to the platform.