Investors Storm Office Following Withdrawal Issues
Angry investors of the collapsed “XM Future Music Group” investment platform reportedly looted the company’s office in the Apa area of Badagry, Lagos State, after losing access to their funds.
Videos shared online showed crowds invading the abandoned office and removing several items. Residents and suspected victims carried away generators, plastic chairs, fans, televisions, and other office equipment.
The incident occurred after users complained that they could no longer withdraw money from the platform, widely known as “XM.”
Platform Promised Huge Returns
The investment scheme allegedly attracted users with promises of high returns through a system that claimed participants could earn money by listening to music and completing online tasks.
Reports indicated that subscription packages started from ₦21,600 and extended to several million naira. Investors were also promised large profits within 30 days.
Many users reportedly invested heavily before the platform suddenly became inaccessible.
Office Left Empty After Operators Disappear
Viral videos from the Badagry office showed the premises almost completely empty as crowds rushed in to recover whatever property remained.
Witnesses claimed the operators had disappeared before the angry victims arrived at the location.
The development has sparked fresh concerns about the rise of Ponzi schemes and fraudulent online investment platforms across Nigeria.
Nigerians Demand Stronger Regulation
Following the collapse, many Nigerians called for stricter regulations and wider public awareness campaigns to reduce the spread of illegal investment schemes.
Financial experts have repeatedly warned Nigerians against platforms that promise unrealistic returns within a short period.
