PXES collapses: investors lose millions as Ponzi-style scheme goes offline

Investors in PXES, an online investment platform, are counting their losses after the scheme stopped paying returns and became inaccessible in early September. Sums ranging from thousands to millions of naira are stuck, and some investors have taken the law into their own hands.

Angry investors reportedly looted PXES offices in Adamawa and Kogi states after failing to withdraw their money. The platform promised returns of up to 120 per cent, raising questions about whether it was authorised to collect public investments.

Offices looted in Yola and Kabba

Reports showed that investors invaded the company's offices in Yola, Adamawa State, and Kabba, Kogi State, after withdrawals became impossible. Videos shared online showed people removing chairs, tables and other items from the Yola office. Similar scenes were reportedly recorded at the Kabba branch.

One investor, who reportedly put about N209,000 into the scheme, was heard lamenting his inability to recover his money. The Kabba manager reportedly sent a message assuring investors that management would compensate them for their patience after payments stopped. The office was allegedly shut three days later, leaving investors without information about their funds or the operators.

How much investors lost

The platform allegedly promised returns of between 25 and 50 per cent, while some investment packages offered as much as 120 per cent.

One investor, Bunmi Awodipe, told PUNCH she invested N200,000 after three friends showed her evidence of receiving returns from PXES. Another participant, Deji Mulero, said a customer introduced him to the platform and that he lost N65,000 when it stopped operating.

A third investor, who identified himself as Wale, said he registered with N207,000 and had accumulated nearly N600,000 on his account before the platform became inaccessible.

Promotional materials and accounts from investors indicated that PXES operated a tiered membership system. Participants paid specified amounts to join and received access to an online dashboard, while members could also recruit new participants and build networks.

Website down, social channels silent

Attempts to access the platform's website, pxesng.com, were unsuccessful. Some investors also said the company's WhatsApp channel had been blocked, while its Facebook page, PXES NG, had not recorded a new post since June 21.

The incident comes less than two years after the collapse of several high-return investment schemes in Nigeria. In April 2025, the collapse of Crypto Bridge Exchange, popularly known as CBEX, left hundreds of thousands of Nigerians counting their losses. Reports estimated that about 600,000 people invested in the platform, with losses put at roughly N1.3tn. CBEX had reportedly promised investors 100 per cent returns within 30 days through supposed artificial intelligence-powered trading.

Barely a year later, another platform, NRC investment scheme, reportedly collapsed after attracting thousands of investors with promises of returns from supposed real estate investments.

For Nigerian savers, the PXES case is another reminder that returns far above bank deposit rates carry the risk of total loss, and that the absence of a clear licence is often the first warning sign.