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Tension reportedly erupted in Igboora, Oyo State, after angry subscribers of a digital investment platform identified as XMusic allegedly stormed and looted its local office located within the premises of Baptist Church, Pako area, following the alleged collapse of the scheme.
XMusic, which operated in the community for several months, reportedly attracted hundreds of residents with promises of huge financial returns through a task-based earning system. Participants were said to invest different amounts ranging from about N21,600 to several millions of naira, depending on the package or membership level they subscribed to.
According to findings, the platform operated a structured reward system with categories such as Ordinary Position, Senior Position, Veteran Position, and Core Position. Each category allegedly promised daily income, monthly returns and massive long-term earnings that ran into millions of naira.
Subscribers reportedly earned money by completing simple online tasks, especially listening to songs every morning except on public holidays. Many residents considered the process easy and reliable at the initial stage because early participants allegedly received regular payouts, encouraging others to join.
Findings by Peoples Conscience Showed that the scheme reportedly gained rapid popularity across Igbo-Ora and nearby communities as members invited friends, relatives, colleagues and family members to participate.
Some residents allegedly invested personal savings, borrowed funds, or sold valuables in hopes of getting quick financial returns.
However, trouble reportedly began when withdrawal requests started failing and payments became inconsistent. Panic spread among subscribers after operators of the platform allegedly became unreachable and activities at the office suddenly stopped.
Eyewitnesses said frustrated investors later gathered at the XMusic office demanding explanations and refunds. The situation reportedly degenerated into chaos as some aggrieved individuals forcefully entered the premises and carted away items believed to belong to the operators.
The incident has sparked widespread discussions within the community, with many residents expressing concerns over the increasing spread of Ponzi-style schemes exploiting economic hardship and unemployment.
Residents are now calling for stronger public awareness and caution against investment platforms that promise unrealistic profits or guaranteed daily returns with little or no verifiable business model.
As of the time of this report, there has been no official response from the operators of XMusic, while many affected subscribers remain uncertain about the fate of their investments.
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