Another online investment platform identified as ‘XM Future Music Group,’ popularly known as ‘XM,’ has reportedly collapsed, leaving many Nigerian users stranded and unable to access their funds amid renewed concerns over the rise of fraudulent digital investment schemes.
The platform allegedly promised subscribers returns of up to 100 per cent within 30 days through what it described as music streaming and digital task activities.
Promoters of the scheme claimed users could earn money by listening to music and carrying out simple online engagements, a strategy that reportedly attracted thousands of Nigerians seeking quick financial returns.
According to reports from affected users, subscription packages on the platform ranged from ₦21,600 to as much as ₦93m, with assurances of extraordinary profits within a short period.
Advertisements promoting the scheme had circulated widely on social media, with claims that an investment of ₦21 million could generate returns of about ₦327 million within one month.
Users were also reportedly required to pay what the platform described as a “work deposit” after completing an initial trial phase before they could gain full access to the investment structure.
The promises of unusually high returns reportedly convinced many subscribers to invest heavily despite growing concerns surrounding the legitimacy of the operation.
From Withdrawal Failures To Website Turning White
Concerns intensified after several subscribers began reporting failed withdrawal attempts within the last 24 hours.
Affected users also alleged that support groups associated with the platform were suddenly deleted, while the website and communication channels linked to the scheme became inaccessible.
While still unsure about the future, the XM website suddenly went blank on Wednesday, May 13, with the homepage turning white.
The developments have fuelled fears that the platform may have collapsed in a manner similar to previous Ponzi-style investment schemes that defrauded Nigerians.
Naija News correspondent can confirm that several people from the South-West region who participated in the supposed online investment are presently regretting with some forced to undergo medical check-ups, while some were admitted to hospitals following the developments.
Many had invested their life savings, running into millions, while some who shared their experiences but pleaded not to be mentioned in the media confirmed they borrowed money from microfinance, some sold their properties and a student who used his school fees to upgrade, expecting big returns.
Several subscribers have now taken to social media to express frustration about trapped funds and the inability to contact the scheme’s operators.
Promoters Claimed US Registration
In an apparent effort to gain public trust, promoters of the platform had circulated documents claiming the business was registered in Colorado, United States.
The latest development has once again raised concerns over the growing number of unregulated online investment schemes targeting Nigerians struggling with economic hardship.
Regulatory agencies, including the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC), have repeatedly cautioned the public against investment platforms promising unusually high and guaranteed returns.
Financial analysts warned that legitimate investments rarely guarantee massive profits within a short period, especially without transparent business models and proper licensing.
Popular Ponzi Schemes That Defrauded Nigerians
Naija News reports that over the years, several Ponzi-style investment schemes have collapsed after collecting billions of naira from unsuspecting Nigerians.
Below are some of the prominent Ponzi Schemes that operated across the country.
Some of the most popular include:
- MMM Nigeria
- CBEX
- QNet
- MBA Forex
- Chinmark Group
- Racksterli
- InksNation
- Loom
- Crowd1
- Afriq Arbitrage System
- BitFinance Global
- Twinkas
The most recent of them is Forsman & Bodenfors Ltd (F&B), which was identified as a fraudulent online investment in a July 2025 report by the Nigerian Securities and Exchange Commission (SEC).
