Another alleged Ponzi scheme has collapsed in Nigeria, leaving thousands of investors counting their losses. The platform, known as “XM Future Music Group,” reportedly went offline this week after promising investors massive returns for listening to songs and referring others.
According to multiple reports from affected users, XM Future Music Group told Nigerians they could make money by investing in “music packages” and earning daily profits. The pitch was simple: invest a certain amount, listen to songs, and get paid back with interest within 30 days.
The promises were aggressive. For a minimum entry of ₦21,600, the platform claimed investors could get ₦256,000 at the end of the cycle. At the higher end, it told people that investing ₦21 million would yield ₦327 million in 30 days. That’s a 100% return on investment and more, within one month.
The scheme also pushed a referral system, encouraging members to bring in friends and family with promises of extra commissions. Screenshots of fake payment alerts and “testimonies” circulated on WhatsApp and Telegram groups, convincing many to drop money into the platform.
Now, the website and app are inaccessible, and withdrawals have stopped. Investors say their dashboards show zero balance, and customer service channels have gone silent. Estimates of lost funds run into billions of naira, though the exact figure is yet to be confirmed.
This crash follows a familiar pattern seen with other collapsed schemes in Nigeria. Platforms promise unrealistic returns, use social proof to build trust, pay early investors with money from new ones, and then disappear once deposits slow down.
Financial experts and the Securities and Exchange Commission, SEC, have repeatedly warned Nigerians against such platforms. The SEC has stated that any investment offering guaranteed high returns in a short time is a red flag. Real investments carry risk, and no legitimate company can guarantee 100% profit in 30 days.
In the wake of the crash, social media is flooded with warnings. “Nigerians should stop participating,” one user wrote. “Drop 10k to win 50k, all that stuff is scam. If it sounds too good to be true, it is.”
The Economic and Financial Crimes Commission, EFCC, has not yet commented on XM Future Music Group specifically, but the agency has urged victims of Ponzi schemes to come forward with evidence to aid investigations.
For now, affected investors are left with screenshots, group chats, and the hope of recovery. The collapse of XM Future Music Group is another reminder that chasing quick money often ends in loss.
As one victim put it: “We were chasing ₦327 million from ₦21 million. We ended up with nothing….See More
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