Another online investment platform identified as “XM Future Music Group” has allegedly collapsed, leaving many Nigerians unable to access their funds amid growing complaints on social media.
The platform, popularly known as “XM,” reportedly promised investors returns of up to 100 per cent within 30 days through a model that claimed users could earn money by listening to music and completing online tasks.
Key Highlights:
- An alleged Ponzi scheme, XM Future Music Group, has reportedly collapsed, trapping investors’ funds.
- The platform promised up to 100% returns in 30 days through music streaming and online tasks.
- Investments reportedly ranged from ₦21,600 to ₦93 million, attracting many Nigerians.
- Users say withdrawals suddenly stopped and access to the platform was cut off.
- The crash has sparked renewed warnings against fraudulent “high-return” online investment schemes in Nigeria.
Reports indicated that subscription packages ranged from about ₦21,600 to as high as ₦93million, with promoters allegedly promising participants massive payouts running into hundreds of millions of naira.
The scheme reportedly gained traction after promoters circulated claims that a ₦21million investment could yield ₦327million within one month.
Read Also:
- PINL expends N750m to empower pipeline host community women in Niger Delta
- Ex-Delta APC Chairman Erue backs Senator Joel-Onowakpo amid smear campaign
- Why we disqualified House leader, 6 other legislators -Delta APC screening committee
XM presented itself as a digital music promotion company where users supposedly earned income by streaming songs and carrying out simple internet-based activities.
However, trouble reportedly started after withdrawals suddenly stopped, users lost access to the platform, and support groups linked to the scheme were either muted or deleted.
Many Nigerians on social media described the development as another classic Ponzi scheme collapse.
According to reports, promoters of the platform had circulated details of an alleged foreign registration linked to Colorado in the United States to convince users of its legitimacy.
Financial experts have repeatedly warned Nigerians that fraudulent investment schemes often rely on fake foreign registrations, fabricated certifications, and unrealistic profit projections to attract victims.
Reacting to the collapse, several Nigerians lamented that despite repeated warnings about Ponzi schemes, many people still invested because of worsening economic hardship and desperation to make quick money.
An X user identified as Jimmy Olajimmy wrote, “XM FUTURE MUSIC just crashed. Another MLM scheme gone.
“The pressure to make money these days is really making people ignore clear signs. Knowledge is important.
“Some people even registered on Sunday. I warned my wife before she joined because I already knew how these things usually end.”
Another user, identified as #BEazebuy, described the platform as a “classic Ponzi scheme.”
“Greed don turn people to looters again. XM Future Music na classic Ponzi, now office dey empty while investors dey cry,” the user wrote.
“Make we learn abeg, nothing like ‘100% return in 30 days.’ If e too sweet, e dey poison.”
The incident has triggered fresh outrage online, with many Nigerians calling on regulators and law enforcement agencies to intensify crackdowns on fraudulent online investment platforms operating across the country.
Several users also warned Nigerians against investing in platforms promising guaranteed or unrealistic returns, noting that such schemes usually collapse after attracting large deposits from unsuspecting members of the public.
