Another online investment platform, National Reading Culture (NRC), has reportedly collapsed, leaving many Nigerians unable to access their funds and reigniting concerns over the persistence of Ponzi-style schemes despite repeated warnings from financial regulators.
Checks by Kristina Reports on Tuesday, July 7, 2026, showed that the platform’s website, nrc.cc, was inaccessible at the time of filing this report, fuelling fears that thousands of participants may have lost their investments.
Founded in 2023, NRC presented itself as a task-based earning platform, claiming to operate from the United States.
Users were required to pay subscription fees before completing simple online tasks, with promises of unusually high and guaranteed returns.
The platform’s reported collapse triggered widespread reactions across X, where victims and observers shared stories of financial losses and near misses.
One X user, identified as @Oma22k, recounted how an acquaintance repeatedly pressured him to join the scheme.
“So, NRC has crashed.”
“The funny thing is, someone had been seriously persuading me to join.”
“She wanted me to register, but I refused. She explained everything, but I still wasn’t convinced.”
“She even went ahead and registered me with her own money, expecting me to pay her back later.”
“I simply told her, ‘Take the account and manage it yourself.”
“I’m not interested.’
“From that day, she stopped talking to me.”
“I just heard that the platform has crashed, and people have lost their money.”
“The painful part is that people hardly ever learn.”
“Give it some time, another platform will come with a different name, make the same promises, and many people will still rush into it.”
Another user, @Babak17484770, appealed to security and anti-corruption agencies, writing, “NRC don scam me oohh @DSS, @EFCC, @ICPC, help me ohh, money don dey go, make una help me call ham back.”
A victim identified as @FineYorubaboi expressed regret after borrowing money to invest shortly before the platform reportedly became inaccessible.
“I did NRC today with borrowed money and it’s closed today as well😭😞🤦 This is just bad luck.”
“My enemy is finished 🤦 God help,” the user wrote.
Another commenter, @Alexanderlinda, said early warnings to family members had proven accurate.
“Told my mom since the first day that this NRC earning platform is a scam.”
“Now it has crashed😭😭😭😭😭😭.”
Similarly, @design_ghudy observed that many participants knowingly took the risk despite recognising the characteristics of a Ponzi operation.
“So NRC is gone too. Funny thing is many victims knew it was a ponzi scheme and they went ahead to do it.”
The latest incident comes barely two months after the collapse of XM Future Music Group, another online investment platform that promised subscribers returns of up to 100 per cent within 30 days.
The platform attracted users by claiming they could earn money through music streaming and simple online tasks before many subscribers reportedly lost access to their accounts, sparking widespread outrage on social media.
Financial experts and regulators have consistently warned Nigerians against investment schemes that promise guaranteed or excessively high returns with little or no underlying business activity, noting that such platforms often rely on funds from new participants to pay earlier investors before eventually collapsing.
The reported failure of NRC has once again highlighted the financial risks associated with unregulated online investment schemes and renewed calls for greater public awareness to help prevent further losses.