RismadarVoice Reporters, July 21, 2026
Residents of Cross River State have once again suffered heavy financial losses following the collapse of another suspected Ponzi scheme, TAG Investment Platform, barely three weeks after it began operations in Calabar.
The scheme reportedly shut down suddenly, leaving hundreds of investors stranded and reigniting concerns over the growing menace of fraudulent investment platforms in the state.
According to reports, angry customers stormed the company’s office over the weekend to discover its operators had disappeared. In frustration, some victims carted away office property, including bags of rice, furniture and bicycles, while others damaged doors and windows in an attempt to recover part of their investments.
One of the victims, a trader at Watt Market identified as Ogwaje, said she initially invested N500,000 and received N1 million in returns, a payout that convinced her to reinvest the entire amount.
According to her, she was scheduled to receive another payment on Friday but arrived at the office to find it deserted.
She lamented that the money was meant to restock her business and accused the operators of deliberately planning their escape after luring investors with early payouts.
Another investor also claimed she lost both her investment and her mobile phone during the commotion as victims struggled over the remaining office items.
The latest incident adds to a long list of failed investment schemes that have defrauded residents of Cross River State over the years.
During the military era, a notorious “Wonder Bank” reportedly operated from a residential building in Calabar before disappearing with investors’ funds.
Years later, the infamous MMM scheme also left many Nigerians, including Cross River residents, with devastating financial losses after its collapse.
In 2023, a scheme known as Micheno allegedly attracted investors across the state, particularly in Bakassi Local Government Area, promising quick and substantial returns. The platform eventually crashed, with reports estimating that more than N1.5 billion belonging to investors was lost. Although its promoter was arrested, many victims were unable to recover their money.
Another investment platform, NRC, later emerged with offices across the state. Like previous schemes, it promised high returns but disappeared shortly before investors’ payouts became due.
Last year, yet another suspected Ponzi operation established an office on Bassey Duke Street in Calabar, where large crowds reportedly queued daily to invest. After making initial payments to a few investors to build confidence, the operators allegedly shut down overnight and disappeared with millions of naira. Staff members who arrived at work the following day were reportedly attacked by angry investors who believed they were involved in the fraud.
An official of the Cross River State Ministry of Finance said the ministry was usually unaware of the activities of such investment operators because they neither registered with government authorities nor sought official approval before commencing business.
The official also noted that most investors fail to verify the legitimacy of the schemes with relevant authorities before committing their money.
According to the ministry, government agencies are often alerted only after the schemes have collapsed and victims begin demanding intervention.
