Angry investors of the collapsed “XM Future Music Group” platform reportedly invaded and looted the company’s office in the Apa area of Badagry, Lagos, after allegedly losing access to their funds.
Videos shared online showed crowds believed to be affected investors removing items from the deserted office, including generators, plastic chairs, fans, televisions, and other equipment.
The incident came after reports that the online investment platform, widely known as “XM,” allegedly crashed, leaving users unable to withdraw their money.
The scheme had promised users huge profits through a system that claimed participants could earn by listening to music and carrying out online tasks.
Entry plans reportedly started from ₦21,600 and extended to several million naira, with assurances of massive returns within 30 days.
Footage from the Badagry office showed the building nearly emptied as residents rushed in to take whatever items remained after the operators allegedly disappeared.
The collapse has once again sparked concerns over Ponzi schemes and fraudulent online investment platforms in Nigeria, with renewed calls for stricter regulation and increased public awareness.
