Nigerians Lose Millions as PXES Investment Platform Crashes

Nigerians invested millions of naira in PXES, an online investment platform that promised returns between 25% and 120%. The platform stopped making payments in early September, leaving investors unable to withdraw their funds.

Reports indicate that investors, frustrated by the situation, stormed PXES offices in Kogi, Yola (Adamawa State), and Kabba, looting items in an attempt to recover their money. One investor, Bunmi Awodipe, invested N200,000 after being shown evidence of returns by friends.

Another investor, Deji Mulero, lost N65,000, while Wale registered with N207,000 and had nearly N600,000 in his account before the platform became inaccessible. The Kabba manager assured investors of compensation after payments ceased, but the office was shut three days later.

Attempts to access the PXES website were unsuccessful, and its WhatsApp channel was blocked. The incident raises concerns about the platform's authorization to collect public investment funds.