PXES Collapse, Fuel Hike Put Nigerians Under Fresh Pressure

Nigerians are facing fresh financial pressure as investors in the PXES online investment platform count their losses after the scheme stopped paying returns and became inaccessible, while the Dangote Petroleum Refinery has raised its petrol gantry price to N1,350 per litre.

The PXES platform reportedly stopped paying investors in early September, leaving people who had invested amounts ranging from tens of thousands of naira to millions unable to access their money or reach the operators. The collapse has triggered anger among investors, with some reportedly storming and looting PXES offices in Adamawa and Kogi states in an attempt to recover their funds.

The situation has renewed concerns over the risks associated with unregulated online investment platforms, particularly schemes that promise regular returns without sufficient information about how investors’ funds are being managed.

At the same time, motorists and other consumers are facing another increase in petrol prices after the Dangote Refinery raised its gantry price from N1,265 to N1,350 per litre, effective Saturday, September 12, 2026.

The latest increase represents an N85 rise per litre and marks the fourth upward adjustment by the refinery since August 21. The price had moved from N1,165 to N1,185 on August 21, then to N1,200 on August 26 and N1,265 on August 29 before the latest adjustment.

The new price comes amid renewed pressure in the international oil market. The Dangote refinery has also been operating at high capacity and recently secured about 16 million barrels of crude for October, equivalent to roughly 520,000 barrels per day, as it continues to expand its operations.

The refinery’s latest move is likely to put additional pressure on the downstream petroleum market, with the final price paid by motorists depending on the costs and margins applied by marketers and filling stations.

The morning’s major developments also included a N15 million fine imposed on RwandAir by the Nigerian Civil Aviation Authority over a passenger baggage complaint. The regulator said the airline failed to resolve the complaint within the required timeframe under Nigeria’s consumer protection rules.

Another major concern is the growing use of religious claims to exploit Nigerians seeking financial, health and personal solutions. Reports of alleged miracle scams involving both Christian and Islamic religious figures have highlighted how vulnerable citizens can lose substantial amounts of money while searching for promised breakthroughs.

Meanwhile, criminal groups are reportedly adopting new methods to gain access to children by posing as civil society organisations, humanitarian workers and representatives of orphanages. The National Agency for the Prohibition of Trafficking in Persons said it had rescued more than 180 children allegedly trafficked from five states by groups operating under such disguises.

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