Businessman Alleges ₦7 Million Fraud by Financial Platform Pryme

A Nigerian businessman, Mr. Emeka Joachim, has accused the financial services platform Pryme of withholding ₦7 million of his funds, despite repeated efforts to recover the money.

The incident came to public attention through posts on social media platform X (formerly Twitter), shared by a user identified as @Alaba589, who alleged that @MyPrymeApp failed to honor financial commitments made to Mr. Emeka, a trader based at Tradefair, Lagos.

According to the posts, the platform first approached Mr. Emeka in September 2023, encouraging him to use their services and invest in their operations. Trusting the platform, he reportedly invested over ₦8 million, primarily through Pryme’s POS (Point of Sale) machine.

Access Denied to Funds

Problems allegedly began when Mr. Emeka attempted to withdraw funds from his account but was unable to do so. Following legal threats, the platform transferred ₦1.5 million to an Access Bank account, which the businessman claims he did not register with Pryme.

In February 2024, Pryme reportedly introduced a new investment plan, promising quarterly profits. Mr. Emeka invested an additional ₦6 million into the scheme. Since then, he claims to have lost access to both his account and the funds.

An undertaking was reportedly signed by Pryme, committing to refund the outstanding ₦7 million by September 29, 2024. However, no payment has been made as of the time of reporting.

Evidence and Public Reactions

The whistleblower shared supporting documents online, including:

• A copy of the signed undertaking
• Bank statements
• Photos of the Pryme POS machine used

The case has triggered widespread reactions on social media, with several users demanding accountability and calling for regulatory authorities to intervene.

“@MyPrymeApp, pay him his money!” the whistleblower wrote in a direct appeal.

As of now, Pryme has not released an official statement in response to the allegations.