Don’t Miss This!! Read Also the full news here & the full video of the article.Nigerians who invested in the online platform PXES are counting losses after it stopped paying returns in early September. Investors committed between N21,600 and millions, lured by promised returns of 25% to 120%.
Offices in Adamawa and Kogi were looted by aggrieved victims. PXES described itself as a digital marketing company, but a financial analyst said it lacked SEC authorisation to collect public funds. The EFCC said it will investigate if formally reported. Similar schemes like CBEX and EMAAR collapsed previously.
Key Points:
Families lose school fees and savings, deepening financial hardship.
Weak regulation allows fraudulent schemes to thrive despite repeated warnings.
Early investors and promoters gain; late entrants bear the heaviest losses.
EFCC and SEC enforcement gaps erode public confidence in financial oversight.
Economic pressure makes quick-money schemes more tempting for desperate Nigerians.
Nigerians should verify SEC licences before investing and report suspected scams to the EFCC. Regulators must act faster to prevent recurring losses.
Don’t Miss This!! Read Also the full news here & the full video of the article.
Sources: Punch Newspapers (Saturday PUNCH), Economic and Financial Crimes Commission (EFCC)
