Thousands of Nigerian investors have been left counting their losses following the collapse of the National Reading Culture (NRC), an online earning platform that abruptly shut down, trapping billions of naira in user deposits.

The platform ceased operations on Tuesday July 7 after its mobile application and website became inaccessible, preventing users from accessing their accounts or processing withdrawals.

NRC had presented itself as a digital task-based earning platform, promising users attractive returns for completing activities such as reading online articles, clicking sponsored links and referring new members.

To increase earnings, users were encouraged to subscribe to higher-priced investment packages, with promises of larger daily payouts.

The platform’s sudden disappearance has sparked panic among users, many of whom said they could no longer access their investments or communicate with the operators.

Reports indicated that the platform’s operators had also shut down their communication channels and deleted their online presence, leaving investors without any means of seeking redress.

A digital review of the platform’s infrastructure reportedly showed that its operators had acquired a defunct Chinese job search portal and repurposed it into the online investment scheme before marketing it to Nigerians.

The development has renewed concerns over the proliferation of unregulated online investment platforms promising unrealistic returns through task-based activities.

Financial experts have continued to warn Nigerians against investing in schemes that guarantee quick profits or unusually high returns, advising members of the public to patronise only investment and asset management firms licensed by the Securities and Exchange Commission.

The collapse of NRC adds to a growing list of failed online investment schemes that have left many Nigerians with significant financial losses.