Despite repeated public warnings and prior enforcement actions by regulatory authorities, residents of Cross River State have fallen victim to another Ponzi scheme following the sudden collapse of TAG Investment Platform, which shut down operations after just three weeks in the state capital.
​Angry investors stormed the company’s regional office on Friday morning after realizing the operators had vanished overnight. The crowd descended on the vacated premises, stripping the office of remaining items including 10-kilogram bags of rice, office chairs, desks, bicycles, and structural fixtures like doors and window frames—in an attempt to recoup part of their lost funds.
​TAG Investment Platform opened its Calabar location earlier this month, promising short-term returns of up to 100% within seven days. Early investors initially received promised payouts, driving word-of-mouth promotion that attracted hundreds of traders, civil servants, and local business owners.
​Mrs. Ogwaje, a trader at the nearby Watt Market in Calabar, described losing her entire capital after reinvesting her initial gains.
​”I invested ₦500,000 in the first week and received ₦1,000,000,” Ogwaje said. “Because of the high payout, I reinvested everything to restock my shop, and my payout was scheduled for Friday morning. When I arrived, the promoters were gone. They intentionally set Friday as the collection date so they could run away with everyone’s money.”
​Another victim reported having her mobile phone stolen amidst the chaos as crowds fought over office supplies and bicycles left on the premises.
​The collapse of TAG Investment Platform highlights a persistent vulnerability to fraudulent financial schemes in the region. Cross River State has faced similar financial scams dating back to the “Wonder Bank” operated by Umannah Ummanah along Goldie Street during the military era, as well as the nationwide crash of the MMM scheme in previous years.
Law enforcement and financial regulatory bodies, including the Securities and Exchange Commission (SEC), have continually warned the public against unregistered entities offering unrealistic interest rates or guaranteed returns.
Security agencies in Calabar have launched an investigation to track down the promoters behind the TAG Investment Platform, though no arrests have been made as of Tuesday.
