Several Nigerians are counting their losses after an online investment platform, PXES, allegedly stopped paying investors and became inaccessible. The platform reportedly suspended payments in early September, leaving people who invested amounts ranging from tens of thousands to millions of naira unable to withdraw their money. Videos circulating online reportedly showed aggrieved investors removing chairs, tables and other office equipment from PXES premises in Yola, Adamawa State; similar incidents were reported at the Kabba, Kogi State office.
Investors interviewed: Bunmi Awodipe invested ₦200,000, received ₦7,000 weekly then payments stopped after three weeks; Deji Mulero registered with ₦65,000 on September 4 and lost it the same week; Wale invested ₦207,000 and had accumulated almost ₦600,000 on his dashboard; 68-year-old Jumoke Talabi invested ₦64,800 meant for her granddaughter's school expenses. PXES operated tiered 'Star 1/2/3' memberships (₦21,600 / ₦54,800 / ₦207,000), daily 'orders' of products never delivered, and withdrawal limits from ₦1,500 to ₦100,000; promotional materials claimed ₦21,600 could generate up to ₦259,200 over 360 days.
Participants say the platform also encouraged recruiting new investors. Source: https://applesbite.com/nigerians-lose-millions-as-pxes-investment-scheme-stops-payments/
