Business
XM Future Music Group Investment Platform Allegedly Collapses, Users Lose Funds
Nigerian investment platform XM Future Music Group collapses amid concerns leaves users unable to withdraw funds amid concerns over suspected Ponzi scheme promising high returns
An online investment platform known as “XM Future Music Group” has reportedly collapsed, leaving several Nigerian users unable to access their funds.
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Nigerian users hit as XM Future Music Group investment platform collapses reports have raised fresh concerns over the rise of unregulated digital schemes promising unrealistic returns.
The platform, popularly referred to as “XM,” allegedly promised investors returns of up to 100 per cent within 30 days through activities it described as music streaming and online tasks.
Users were reportedly encouraged to earn money by listening to music and completing simple digital engagements.
Subscription packages on the platform were said to range from N21,600 to as high as N93 million, with claims of significant profits depending on the investment level.
Promoters also allegedly claimed that an investment of N21 million could yield returns of about N327 million within a month.
Participants were further required to pay a so-called “work deposit” after an initial trial phase before gaining full access to the system.
However, concerns escalated after users began reporting failed withdrawal attempts within the past 24 hours.
Several subscribers also claimed that support groups were deleted and that the platform’s website and communication channels became inaccessible.
The development has raised suspicions of a Ponzi-style collapse, a pattern often associated with high-yield, unregulated investment schemes.
Despite promotional claims that the company was registered in Colorado, United States, financial experts have repeatedly warned Nigerians to be cautious of platforms promising unusually high and fast returns.
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The incident adds to growing concerns about the increasing number of fraudulent online investment schemes targeting unsuspecting users in Nigeria.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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