Angry victims of the recently collapsed “XM Future Music Group” investment platform reportedly looted the company’s office in the Apa area of Badagry, Lagos State, after losing access to their funds.
Videos circulating on social media showed residents and suspected investors invading the abandoned office and carting away various items, including generators, plastic chairs, fans, televisions and other office equipment.
The incident followed widespread reports that the online investment platform, popularly known as “XM,” allegedly crashed after users were unable to withdraw their money.
𝐕𝐢𝐜𝐭𝐢𝐦𝐬 𝐋𝐨𝐨𝐭 𝐗𝐌 𝐏𝐨𝐧𝐳𝐢 𝐒𝐜𝐡𝐞𝐦𝐞 𝐎𝐟𝐟𝐢𝐜𝐞 𝐈𝐧 𝐁𝐚𝐝𝐚𝐠𝐫𝐲 𝐀𝐟𝐭𝐞𝐫 𝐂𝐫𝐚𝐬𝐡
Credit: Facebook | Prince Daniel Akoteyan Lateef- Peters
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Follow us for more breaking news and videos pic.twitter.com/KEqeaPetUl— Punch Newspapers (@MobilePunch) May 14, 2026
The scheme had reportedly promised investors huge returns through a model that claimed users could earn money by listening to music and carrying out online tasks.
Entry packages were said to range from ₦21,600 to several million naira, with assurances of unusually high profits within 30 days.
In viral footage from the Badagry office, the premises appeared completely stripped of valuables as crowds trooped in to recover whatever items they could after the operators allegedly disappeared.
The development has once again sparked concerns over the growing spread of Ponzi schemes and fraudulent online investment platforms in Nigeria.
Many Nigerians have renewed calls for stronger financial regulation, stricter enforcement against illegal investment schemes and increased public awareness to prevent more citizens from falling victim to similar scams.
𝐕𝐢𝐜𝐭𝐢𝐦𝐬 𝐋𝐨𝐨𝐭 𝐗𝐌 𝐏𝐨𝐧𝐳𝐢 𝐒𝐜𝐡𝐞𝐦𝐞 𝐎𝐟𝐟𝐢𝐜𝐞 𝐈𝐧 𝐁𝐚𝐝𝐚𝐠𝐫𝐲 𝐀𝐟𝐭𝐞𝐫 𝐂𝐫𝐚𝐬𝐡
Credit: Facebook | Prince Daniel Akoteyan Lateef- Peters
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Follow us for more breaking news and videos pic.twitter.com/KEqeaPetUl— Punch Newspapers (@MobilePunch) May 14, 2026
