Disappointed investors stormed the operational hub of an online investment platform, PXES, in Yola, the Adamawa State capital, looting office furniture and electronic equipment following the sudden collapse of the scheme.
In video footage widely circulated across social media platforms, aggrieved victims, many shouting in frustration were seen removing office chairs, desks, electronic gadgets, and structural fittings from the commercial premises.
Chaos in Yola as “PXES” Halts Payouts
The incident unfolded after the platform unexpectedly suspended withdrawals, leaving hundreds of local depositors unable to access their principal capital or promised returns.
Video clips tagged with captions such as “PXES Scam Yola” and “PXES Wahala Yola” capture chaotic scenes outside the office, with victims carrying away whatever physical assets remained on-site to offset their financial losses.
Watch the viral video clip below:
A Recurring Pattern: The History of Ponzi Scheme Collapses in Nigeria
The unraveling of PXES follows a long-standing history of fraudulent high-yield financial schemes targeting Nigerian investors seeking alternative income streams amid economic pressures.
[ Promised High Returns ]
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[ Rapid Capital Inflow ]
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[ Sudden Withdrawal Freeze ]
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[ Office Raids & Asset Salvaging ]
- MMM Nigeria (2016): The country’s most notorious scheme froze over ₦18 billion in participant mutual-aid funds, affecting an estimated three million Nigerians when its structural payout algorithm collapsed.
- CBEX Platform: Promoted as an automated digital trading setup, the platform abruptly closed deposit portals and blocked user dashboards, leaving thousands of retail investors stranded.
- PXES Scheme (2026): Leveraging social media campaigns and peer-to-peer referral bonuses, the platform attracted local investors before shutting down operational channels without prior disclosure.
Financial regulatory bodies, including the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), have repeatedly warned the public against depositing funds with unlicensed entities offering unsustainable interest rates.
As of the time of reporting, law enforcement agencies in Adamawa State have not confirmed any arrests regarding the operators of PXES, nor has an official estimate of total investor losses been released.
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