Angry victims of the recently crashed “XM Future Music Group” investment platform have reportedly looted the company’s office in the Apa area of Badagry, Lagos State, after losing access to their funds.
Videos circulating online showed residents and suspected investors storming the abandoned office and carting away items, including generators, plastic chairs, fans, televisions and other office equipment.
The incident followed reports that the online platform, popularly known as “XM,” allegedly crashed after users were unable to withdraw their money.
The scheme had promised participants massive returns on investment through a model that claimed users could earn money by listening to music and completing online tasks.
Entry packages reportedly ranged from ₦21,600 to several million naira, with promises of unrealistic profits within 30 days.
In viral videos from the Badagry office, the premises appeared completely emptied as crowds trooped in to salvage whatever items remained after the operators disappeared.
The collapse of the platform has reignited conversations around Ponzi schemes and fraudulent online investments in Nigeria, with many Nigerians once again calling for stronger regulation and public awareness campaigns.
The PUNCH