The platform allegedly lured users with promises of up to 100 percent returns within 30 days, claiming profits were generated through music streaming and digital task activities.

Promoters of the scheme told subscribers they could earn money simply by listening to music and completing online tasks, a narrative that reportedly attracted large numbers of Nigerians searching for quick financial gains.

Reports indicate that investment packages on the platform ranged from ₦21,600 to as high as ₦93 million, with claims that even a ₦21 million investment could yield about ₦327 million in one month.

Users were also reportedly asked to pay additional “work deposits” after an initial trial phase before gaining full access to the platform’s earning system.

Despite early warnings from skeptics, many investors went ahead due to the promise of unusually high returns.

Withdrawal Issues And Sudden Shutdown

Trouble began when users started experiencing failed withdrawal requests within the last 24 hours.

Some subscribers also claimed that support groups linked to the platform were abruptly deleted, while access to the website and communication channels was lost.

By Wednesday, May 13, the XM website reportedly went blank, with users seeing only a white page, further deepening fears of a total collapse.

The situation has left many investors devastated, with reports emerging that some victims have been hospitalized due to shock, especially in parts of the South-West.

Several individuals said they invested life savings, while others reportedly borrowed money, sold assets, or used school fees in hopes of huge returns.

Screenshots shared online also showed deposit records and earnings claims from the platform before it went offline, as angry users flooded social media with complaints.

Claims Of US Registration

Promoters had earlier circulated documents claiming the company was registered in Colorado, United States, in an apparent bid to build credibility.

However, the collapse has once again highlighted growing concerns over unregulated online investment platforms targeting Nigerians amid economic hardship.

Regulatory bodies such as the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have repeatedly warned citizens against schemes promising unrealistic and guaranteed returns.

Financial experts also note that legitimate investments rarely offer extremely high profits within short periods, especially without transparent operations or regulatory approval.

Pattern Of Past Schemes

The development adds to a long list of collapsed Ponzi-style schemes that have previously defrauded Nigerians, including MMM Nigeria, MBA Forex, Chinmark Group, Racksterli, InksNation, Crowd1, QNet, and others, which collectively left victims with massive financial losses.

reports that the controversy began after Frank’s estranged wife, Sandra Onyenucheya, made a series of allegations on social media following the breakdown of their marriage.

In her post, she accused the TV host of infidelity, alleging that he was involved with multiple women during their relationship and mentioned Tega among those linked to him.

Sandra further claimed that Frank frequently stayed away from home for long periods while allegedly spending time with other women.

Reacting through her management, Tega firmly dismissed the allegation, insisting that she has no emotional or sexual relationship with Frank Edoho and challenged the accuser to provide evidence to support the claims.

She clarified that both she and Frank are currently separated individuals and stressed that there was nothing hidden or inappropriate in their friendship.

According to her statement, she and Frank only interacted in a professional and friendly context, with the only recorded meeting taking place in the presence of her manager, Paul Ukono.

Tega explained that their connection began after Frank reached out to her around mid-last year, following a birthday message he sent to her mother, adding that they had prior social media familiarity.

She maintained that if there had been any romantic involvement, she would not have hidden it, insisting she has always been open about her personal life.

The reality star also expressed concern over what she described as false narratives being used to damage her reputation, noting that she has worked hard to build her brand.

She stated that she would not allow her name to be dragged into unverified claims and hinted that her legal team would now handle the matter going forward, warning that there would be consequences.