Nigerians who invested millions of naira in PXES are counting losses after the online platform stopped paying returns in early September and became inaccessible.
The scheme attracted users with reported returns of 25 to 50 per cent, with some packages promising up to 120 per cent. Investors reportedly put in amounts from thousands to millions of naira.
Angry participants stormed PXES offices in Adamawa and Kogi, removing chairs, tables and other items. In Kabba, investors reportedly looted the office after it was allegedly abandoned three days after management promised compensation.
Victims said friends, customers and promotional claims encouraged them to invest. Bunmi Awodipe invested N200,000 and received N7,000 weekly for three weeks. Deji Mulero lost N65,000, while Wale said his N207,000 account had grown to almost N600,000. Jumoke Talabi invested N64,800 for her granddaughter’s school needs.
PXES used membership levels including Star 1, Star 2 and Star 3, with packages from N21,600 to N207,000. Members completed daily online “orders” and earned returns, while referrals helped build networks.
Although representatives described PXES as a digital marketing and advertising firm, analysts questioned its authorisation. EFCC spokesperson Dele Oyewale said reported scams would be investigated.
The crisis follows earlier collapses involving CBEX, EMAAR and XM Future Music Group. PXES’ website and WhatsApp channel are now inaccessible, while its Facebook page has not posted since June 21.
