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.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
UBA Foundation Drives Environmental Awareness with Tree Planting in Lagos Schools for WED 2026
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