An alleged PXES investment scheme collapse has triggered anger among investors in Yola, Adamawa State, with videos circulating online showing people removing office equipment from a premises identified as an operational office of the platform.
The incident reportedly occurred after investors were allegedly unable to withdraw their funds from the platform.
Videos shared online showed several people inside and around the premises carrying away items including chairs, desks and electronic equipment.
Reports about the incident emerged on Friday, September 4, and have since circulated widely across social media.
According to reports accompanying the videos, some of those who gathered at the premises were investors who claimed they had been left unable to access money deposited with PXES after the platform allegedly suspended withdrawals.
The exact amount of money reportedly trapped in the platform has not been independently established.
It is also unclear from the available reports whether the people removing the equipment were legally authorised to take the items or whether law enforcement officers were present when the incident occurred.
PXES has been described in some online reports as an investment platform that attracted users with financial returns. Critics have alleged that its operating model had characteristics associated with a Ponzi scheme, although no Nigerian regulatory authority identified in the reports reviewed by TheNaijaWide has officially declared PXES a Ponzi scheme.
A Ponzi scheme generally depends on money from newer participants being used to pay earlier participants rather than generating sufficient legitimate investment returns from an underlying business or investment activity.
The latest development has heightened concerns among people who say they invested money through PXES.
The alleged shutdown also comes against the backdrop of increased warnings from Nigerian financial regulators about unregistered online investment platforms.
In May 2026, the Securities and Exchange Commission (SEC) warned Nigerians about the growing promotion of unregistered investment schemes through platforms including WhatsApp, Instagram, Telegram, Facebook and TikTok.
The commission said some of the schemes displayed characteristics of Ponzi or prohibited investment schemes, while some operators were also providing investment services without authorisation.
The SEC advised members of the public not to invest in unregistered platforms promising unrealistic or guaranteed returns and urged investors to verify the registration status of investment operators before committing funds.
The reported PXES crisis has therefore renewed questions about the risks faced by Nigerians who put money into online investment platforms without first confirming their regulatory status.
As of the time of publication, the total amount allegedly lost by PXES investors, the number of affected investors and the precise circumstances surrounding the reported shutdown remain unclear.
TheNaijaWide could not independently verify the full extent of the alleged losses or establish whether PXES has formally ceased operations.
Further clarification from PXES, the relevant financial regulators or law enforcement authorities would be necessary to establish what happened to investors’ funds and whether any criminal investigation has been opened.
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