This follows a two-year period where the company focused on recovering funds and rebuilding trust.

In 2022, Patricia experienced a significant cyberattack, resulting in the loss of over 600 million Naira from customer accounts. Following the breach, the company temporarily restricted withdrawals and collaborated with law enforcement, leading to the arrest of several suspects, including a prominent politician.

Patricia had previously requested a two-to-five-year repayment window, a plan that has now begun to be implemented.

The company has started disbursing funds to affected customers in phases, with the first batch of payments initiated on December 10, 2024.

Hanu Fejiro, the CEO of Patricia Technologies, emphasized the company’s commitment to its customers, stating, “This repayment process represents a milestone in fulfilling our promise to make things right.”

He encouraged customers to update their information on the Patricia platform and monitor official channels for further updates on their individual repayment timelines.

Subscribers who are getting paid in this phase have since been officially notified by email. One of the subscribers, with initials BP (for purposes of confidentiality), expressed appreciation and satisfaction with being paid by Patricia via an email reaction: “I really appreciate your effort. Though it took a long time, I’m satisfied with what I’ve received. Thank you for keeping to your words.”

Patricia Technologies had earlier this year petitioned the Inspector General of Police to report the alleged theft following a reported breach of its cryptocurrency trading platform, Patricia.

The incident resulted into loss of funds belonging to depositors and led to the suspension of the platform by Patricia Technologies to curtail further compromise of depositors’ funds.

The ensuing investigation revealed a far-reaching criminal conspiracy involving the unauthorized modification of computer systems, network data, and the unlawful diversion of funds totaling over 607 Million Naira belonging to the petitioner.

The alleged theft included the conversion of cryptocurrency wallets and diversion of unauthorized fund from Patricia Technologies’ Flutterwave account, with Wilfred Bonse, identified as a key player in the complex crime, conspiring with others to fraudulently divert Six Hundred and Seven Million Naira (N607,000,000:00k) from Patricia Technologies’ account to his bank account through a cryptocurrency wallet.

According to Hanu Fejiro, CEO of Patricia Technologies, the conclusion of the Police investigation and eventual arrest of one of the perpetrators is a huge respite to the firm, as well as all its stakeholders.

“This is a big relief. We have finally been vindicated as not a few disbelieved us that our platform was hacked in the first place. But thanks to the diligence of the Nigerian Police and the unwavering commitment of my colleagues, we are delighted that our customers now have more reason to continue to trust us. The dark days are over”, Fejiro said.

“With this development, Nigerians can now see that we have always been a truthful, fair, and responsible organization with the best interest of our customers at heart. We are happy that those who believed us have been vindicated and those who doubted us have a compelling reason to renew their trust in Patricia Technologies. With our platform relaunched with stronger security and our commitment to Nigerians, renewed, we look forward to the new era with great optimism”, Fejiro concluded.

It would be recalled that Patricia Technologies, on Monday November 20, started the first phase of repaying depositors that lost money to the breach, and have relaunched its platform for operations.

While the other co-conspirators remain at large, the Nigeria Police Force assures the public that comprehensive efforts are underway to ensure all involved in this criminal conspiracy are brought to justice.

Techeconomy gathered that the company (DLM Trust) will no longer partner with the crypto exchange to pay back ₦2 billion in withheld customer funds.

The firm said Patricia breached the terms and conditions of the agreement.

DLM Trust, a subsidiary of DLM Capital Group, has put its partnership with Patricia to pay customers back on hold.

According to a statement by the firm, “it will no longer be proceeding with Patricia Technologies as it’s escrow trust in repayment of ₦2 billion withheld customer funds.”

Yesterday, October 24, 2023, DLM Trust announced its partnership with the company, saying it will “ensure a seamless and secure process for the return of deposits to Patricia Technologies Limited’s valued customers.”

It also revealed that the first batch of repayments will start on November 20. Hours after the announcement, this is no longer the case.

DLM Trust is renouncing its partnership with Patricia Technologies because of a breach in the agreement.

The statement read that there were “multiple breaches in the terms and conditions of agreement and trust between Patricia Technologies and DLM Trust Company.”

Yesterday, October 24, 2023, DLM Trust announced its partnership with the company, saying it will “ensure a seamless and secure process for the return of deposits to Patricia Technologies Limited’s valued customers.”

It also revealed that the first batch of repayments will start on November 20. Hours after the announcement, this is no longer the case.

DLM Trust is renouncing its partnership with Patricia Technologies because of a breach in the agreement.

The statement read that there were “multiple breaches in the terms and conditions of agreement and trust between Patricia Technologies and DLM Trust Company.”