Several Nigerians are reportedly counting their losses after online investment platform PXES allegedly stopped processing withdrawals and became inaccessible, leaving investors unable to recover funds running into thousands and millions of naira.
The platform reportedly suspended payments in early September, triggering frustration among participants who had invested different amounts in the scheme. Some aggrieved investors reportedly visited PXES offices in Yola, Adamawa State, and Kabba, Kogi State, after losing access to their accounts.
Videos circulating online allegedly showed investors removing chairs, tables and other office equipment from the company’s premises in Yola. A similar incident was reportedly recorded at the Kabba office.
One investor, who reportedly put about ₦209,000 into the platform, was seen in a video expressing frustration over his inability to retrieve his money.
At the Kabba branch, the manager reportedly appealed to investors to remain patient and promised that the company would compensate them. However, investors claimed the office was shut roughly three days later, leaving them without clear information about the company’s operators or the whereabouts of their funds.
Several participants have since shared their experiences. Bunmi Awodipe said she joined PXES after friends showed her evidence of receiving returns from the platform. She reportedly invested ₦200,000 and initially received ₦7,000 weekly, but the payments stopped after about three weeks.
Awodipe said she later went to the company’s office but found it locked and apparently abandoned.
Another participant, Deji Mulero, said he was introduced to PXES by a customer. He reportedly registered with ₦65,000 on September 4, only for the platform to become inaccessible later that same week.
A participant identified as Wale said he invested ₦207,000 and had accumulated nearly ₦600,000 on his online dashboard before access to the platform was lost. He said a friend in Abuja introduced him to the scheme and that he had participated for several months.
For 68-year-old Jumoke Talabi, the investment was intended to provide additional money for her granddaughter’s education and household expenses. She reportedly invested ₦64,800 after seeing other participants receive payments and had previously withdrawn about ₦70,000 from the platform.
However, when she expected another payment, nothing was credited to her account. Talabi said the situation had left her and other investors distressed.
According to participants, PXES operated a tiered membership structure in which users paid different amounts to access an online dashboard and complete daily activities described as orders or tasks.
One participant, Funmi Deinde, said the platform offered membership levels such as Star 1, Star 2 and Star 3, with packages reportedly costing ₦21,600, ₦54,800 and ₦207,000.
Members were given access to dashboards displaying various products, including household items, and were instructed to interact with them by placing orders. Participants said the products were not necessarily delivered, with their payments instead serving primarily as membership fees and access to the platform.
Deinde said members initially had the option of withdrawing earnings daily before the system reportedly changed to weekly withdrawals. Withdrawal limits allegedly ranged from ₦1,500 to ₦100,000 depending on the membership level.
Another participant, Emmanuel Ajayi, claimed that the ₦64,000 package could generate about ₦2,160 through daily activities, while the ₦21,600 package reportedly generated around ₦720.
Promotional materials attributed to PXES reportedly advertised packages beginning at ₦21,600, alongside higher investment options of ₦64,800 and ₦207,000. The materials allegedly projected returns of up to ₦259,200 from a ₦21,600 investment over 360 days and as much as ₦777,600 from the ₦64,800 package within the same period.
Participants also alleged that PXES encouraged members to recruit new investors and build networks, adding another layer to its membership structure.
One security guard, who spoke anonymously, said he initially hesitated to join after his sister introduced him to the platform but eventually invested ₦64,000 following repeated persuasion.
He reportedly withdrew about ₦20,000 on two occasions before payments stopped. He added that his sister, who had developed a larger network within the platform, allegedly lost more than ₦1 million after the scheme became inaccessible.
The reported shutdown has left numerous participants demanding explanations and searching for ways to recover their money, while the circumstances surrounding PXES’s operations and the disappearance of investors’ funds remain unclear.
