PXES Collapse: Nigerians Reportedly Lose Savings to Suspected Ponzi Scheme
Thousands of Nigerians may have lost money after PXES, an online investment platform accused of operating like a Ponzi scheme, reportedly stopped paying investors in early September. Participants say they can no longer access their funds. Angry investors reportedly visited PXES offices in Adamawa and Kogi states after unsuccessful attempts to recover their money. Reported losses range from a few thousand naira to millions, including school fees, business capital, retirement savings and borrowed funds. The incident has renewed concerns about high-return investment schemes. The Securities and Exchange Commission advises Nigerians to verify that any investment company is properly registered and regulated, especially when it promises unusually high returns with little or no risk.
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