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Tag: Ponzi

featured Scams

Another ponzi scheme collapses, investors count losses – Report

Nigerians who invested millions of naira in an online investment platform known as PXES are counting their losses after the scheme abruptly stopped paying returns and became inaccessible. The PUNCH gathered that the platform stopped paying participants in early September, with investors who committed sums ranging from tens of thousands of naira to millions left […]

featured Scams

VIDEO: Victims loot XM ponzi office in Badagry after crash

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 […]

Scams

EFCC recovers N96.5m, returns funds to ponzi victims

The Economic and Financial Crimes Commission has successfully handed over a total sum of N96.5 million to victims of Ponzi schemes in Enugu State. The spokesperson for the commission, Dele Oyewale, confirmed this action in a statement released on Friday from Abuja. Oyewale stated that this step was directly in line with the anti-graft agency’s […]

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featured Scams

SEC partners EFCC, police to prosecute ponzi scheme promoters

The Securities and Exchange Commission has vowed to intensify collaboration with law enforcement and prosecutorial agencies to track down and prosecute promoters of Ponzi schemes, as Nigeria steps up enforcement under the Investments and Securities Act 2025. This commitment signals a renewed push to combat illegal investment fraud across the country. Mr. John Achile, the […]

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