Another Ponzi Scheme, XM Future Music Scheme, Crashes in Ibadan as Many Nigerian Investors Lose Funds

Another alleged online investment scheme known as “XM Future Music Group” has reportedly collapsed, leaving numerous Nigerian investors unable to access their funds.

The platform, which promoted itself as a music-based earning system, allegedly promised returns of up to 100% within 30 days through activities such as streaming songs and completing online tasks.

Investment packages reportedly ranged from about ₦21,600 to as high as ₦93 million, attracting widespread participation across the country amid aggressive online promotions.

Promoters were said to have claimed that small investments could grow exponentially within weeks, with reports suggesting that a ₦21 million stake could allegedly yield over ₦300 million in a month.

Trouble began when users suddenly lost access to withdrawals, while support channels linked to the platform were reportedly muted or shut down entirely.

Many investors took to social media to express frustration, describing the development as another classic Ponzi scheme collapse and warning others against similar platforms.

Some users said they ignored warning signs due to economic pressure and the lure of quick returns, while others urged stronger regulatory action against fraudulent investment schemes.

Financial experts have repeatedly cautioned Nigerians that schemes promising unusually high and guaranteed returns often rely on deception and eventually collapse after attracting large deposits.