Nigerians who invested millions of naira in an online platform known as PXES are counting their losses after the scheme abruptly stopped paying returns and became inaccessible in early September.
CDA News Nigeria gathered that aggrieved investors stormed and looted PXES offices in Yola, Adamawa State, and Kabba, Kogi State, after being unable to withdraw funds, with the platform promising returns between 25 and 120 per cent through a tiered membership dashboard resembling e-commerce order-taking.
Victims narrated painful losses. A 68-year-old grandmother, Jumoke Talabi, said she invested money meant for her granddaughter’s school fees, describing poverty as her reason for taking the risk. Another investor, Bunmi Awodipe, lost N200,000 after being convinced by friends who showed proof of earlier payments, only to find the office locked and stripped bare.
PXES representatives had curiously described the outfit not as an investment scheme but as a “digital marketing and advertising company” partnering with platforms like eBay and Amazon, a claim that raises further questions about the true source of funds used to pay early participants.
Financial analysts urged Nigerians to verify SEC licensing before investing, while the EFCC said it would investigate PXES only upon formal complaint. The collapse echoes prior scandals including CBEX, which cost Nigerians N1.3 trillion, and EMAAR and XM Future Music Group.
CDA News Nigeria urges caution with unregulated high-return platforms.
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