HATFIELD, United Kingdom (VOICE OF NAIJA) –Patricia Technologies Limited has taken significant steps to address N2 billion customer funds trapped in the company. This move comes in the wake of its CEO, Hanu Fejiro Agbodje, denying a video of an empty office and also talking about converting customers’ funds into company shares.
Fejiro Hanu Agbodje, CEO and Founder of Patricia Technologies, released a statement to clarify the situation, emphasizing that the company operates entirely remotely, with team members located across different continents.
One of the agitated customers, Abraham Nelson had recounted his encounter with a representative of Patricia.
“They said they are turning my money into shares, and I have no choice right now,” Nelson said.
In the recording Nelson shared with Techpoint Africa, the Patricia representative said, “We have found investors but this is the only thing keeping us. This is the best we can do right now. It is most likely our last resort. We just need your cooperation.”
When Nelson asked if he’d still get access to his funds when they have been converted to Patricia shares, the representative responded affirmatively, saying, “You can rest assured that you’ll get your money.”
Understanding that owning shares within the company was a form of investment, Nelson was confused.
The company, however, told him he would get an email with more details, but he has yet to get the details.
The company revealed that it would be placing a call to customers in an email, but Techpoint Africa can only confirm that two customers have gotten the call.
Patricia customers who spoke to Techpoint Africa said they’ve been unable to withdraw their funds for over six months.
The agitated customers complained that the exchange keeps sending them updates without clearly telling them when they’ll be able to get their money.
Nelson, who has about ₦4 million ($5,224) trapped in the company, said he’s been unable to withdraw the funds for almost seven months now.
Some customers said their funds have been trapped in the company for eight months.
Ifeanyi Lawrence said his troubles with Patricia started in February when he sent crypto from his Trust Wallet to the exchange to trade it for naira.
The trade unusually took three days to be completed.
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Lawrence was informed that the reason for the delayed transaction was due to a downtime in bank withdrawals.
He didn’t read much to it and decided to continue using the exchange to trade his crypto for fiat.
However, his next transaction on the platform has been his last in the past six months.
The exchange communicated to customers that the delayed withdrawals were due to an unscheduled app maintenance and that customers would be allowed to withdraw in March.
As customers’ inability to withdraw funds lingered beyond March, Patricia said the problem was due to congestion on the blockchain.
It was after these series of updates that the company announced in May that it was a victim of a hack which reports say happened in 2022, and was over $2 million.
In August, Patricia announced the launch of a native token called Patricia token (PTK), which it said would be used to pay back customer funds.
When the announcement of PTK was met with reactions that suggested the company might be planning an exit scam, it explained that the tokens were debt tokens that would work like an IOU (I owe you) document, a way for Patricia to acknowledge how much it owes customers.
Many of the almost 100 customers who spoke to Techpoint Africa said their PTK balances were still zero since the company made the announcement.
The customers were displeased by the exchange’s move to convert owed funds to shares, saying all they wanted was their money back.
In a new development, that gives customers hopes of recovering their funds, Patricia has appointed DLM Trust Company to oversee the management and disbursement of customer deposit repayments.
In a new development, that gives customers hopes of recovering their funds, Patricia has appointed DLM Trust Company to oversee the management and disbursement of customer deposit repayments.
A statement seen by Legit DLM said the partnership aims to ensure a seamless and secure process for the return of deposits valued customers. Part of the statement reads: “Starting on November 20th, 2023, DLM Trust promise to begin the first batch of repayments to Patricia Technologies Limited’s customers.
“This collaborative effort exemplifies our commitment to uphold trust, transparency, and financial responsibility while safeguarding the interests of all stakeholders.
“Here at DLM Trust, we take immense pride in our history of prudent financial management and we are happy.
“We are honoured to be entrusted with this essential role, ensuring the smooth and secure return of deposits to Patricia’s esteemed customers.
“This partnership marks a significant milestone towards reinforcing financial transparency and ensuring the satisfaction of our customers.
“DLM Trust and Patricia Technologies Limited share a mutual dedication to providing excellent financial services, and we are excited about this partnership, which will help facilitate the prompt and efficient return of customer deposits.”