Panic follows collapse of alleged XM Future Music Ponzi scheme

An online investment platform known as “XM Future Music Group” has reportedly collapsed, preventing many Nigerian users from accessing their funds and sparking concerns that it may be a new Ponzi scheme.

Users say that withdrawals stopped abruptly within the last 24 hours, support channels were silenced or deleted, and the website became unreachable.

The platform, commonly referred to as “XM”, promised investors returns of up to 100 percent within 30 days. It claimed that participants could earn money by listening to music and completing online tasks.

Subscription packages were reported to range from N21,600 to as much as N93 million. Promoters allegedly advertised extraordinary returns, such as a claim that an investment of N21 million could yield N327 million in one month.

To gain full access to the scheme, users were also required to pay a “work deposit” after an initial trial period.

In the wake of the collapse, some disgruntled investors reportedly looted items from one of the company’s offices in Badagry, Lagos State.

According to a post on X by user Mazi okwuoma, identified as @MaziEzike_Nedu, angry victims allegedly ransacked the company’s office in Apa, Badagry, taking office equipment after realizing their investments were lost.

“Desperate investors carted away office equipment including generators, chairs, fans, and televisions, stripping the abandoned premises entirely empty after realizing their funds were gone,” the post read.

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