Hanu Fejiro, the Founder and CEO of Patricia, a crypto exchange facing challenges, has revealed that customers will be able to access their funds from November 20. In a media discussion with the Patricia CEO, Fejiro addressed allegations suggesting the company compelled customers to convert holdings to shares/equity, clarifying that it was not mandatory. Patricia has faced difficulties since a security breach last year, leading to a loss of N2 billion, disclosed in May 2023.
Initially attempting to convert the loss to debt tokens, Patricia faced user resistance. Subsequently, the company decided to convert the debts into equity, making customers owners. Fejiro emphasized that this move is part of the company’s fundraising strategy and debt reorganization, suggested by numerous users and not obligatory. DLM Trust was enlisted as an escrow company to manage repayments for users rejecting the equity offer.
However, DLM Trust recently dissociated itself from Patricia, prompting surprise from the crypto exchange. Despite this, Patricia assured customers that the repayment plan would proceed as scheduled.
Read Also: Security Breach at Nigerian Crypto Platform Patricia
Customers of Patricia Can Withdraw Funds Starting November 20 – Says Patricia CEO
Fejiro confirmed to Technext in a private conversation that customer withdrawals would commence on November 20. Balances will now be paid in Naira due to past issues with partners who struggled to comprehend cryptocurrency. The conversion will be at the market rate when Patricia halted operations.
Payment prioritization will follow two guidelines: customers who completed asset forms will be served on a first-come-first-served basis, and vulnerable users with the lowest balances will be prioritized. Only users with BTC, USD, and Naira are affected by these conditions.
Fejiro dismissed claims of forcing users to convert holdings into equity and clarified that “updated terms & conditions” referred to the existing terms since Patricia moved out of Nigeria in 2021.
He denied any attempt to prevent summons or prosecution outside Lithuania, attributing such narratives to false information circulating with questionable motives.
The Patricia CEO emphasized the importance of transparent communication and affirmed Patricia’s commitment to customer repayments as they raise more funds and recover from operations.
