Angry victims of the recently crashed “XM Future Music Group” investment platform have reportedly looted the company’s office in the Apa area of Badagry, Lagos State, after losing access to their funds.

Videos circulating online showed residents and suspected investors storming the abandoned office and carting away items, including generators, plastic chairs, fans, televisions and other office equipment.

The incident followed reports that the online platform, popularly known as “XM,” allegedly crashed after users were unable to withdraw their money.

The scheme had promised participants massive returns on investment through a model that claimed users could earn money by listening to music and completing online tasks.

The collapse of “XM Future Music Group” has triggered widespread panic among many Nigerians who invested their savings into the platform. Users reported that withdrawals suddenly stopped within the past 24 hours, support groups were muted or deleted, and the website became inaccessible.

Entry packages reportedly ranged from ₦21,600 to as high as ₦93 million, with promoters advertising unrealistic profits of up to 100 per cent within 30 days. Some claims suggested that a ₦21 million investment could yield ₦327 million in one month.

To gain full access, users were required to pay a “work deposit” after an initial trial period. The platform operated in tiers, where members allegedly earned by watching a set number of videos daily, with withdrawals restricted to specific days like Thursdays.

In the looting videos from the Badagry office, the premises were left completely emptied as crowds salvaged whatever remained after the operators reportedly disappeared.

The incident has reignited public discourse on the dangers of unregulated online investment schemes in Nigeria, many of which exhibit classic Ponzi characteristics. Financial experts and regulators like the Securities and Exchange Commission have repeatedly warned against such platforms promising high returns with minimal effort.