Nigeria’s cryptocurrency platform, Patricia, is addressing concerns raised by a video circulating on social media allegedly showing its empty office space, fueling suspicions that the company absconded with customers’ funds. Patricia, which suffered a $2 million hack in May, has faced skepticism despite holding town hall meetings and sharing plans for customer repayments. The video, posted on Instagram, indicated a frustrated customer’s attempt to seek answers at Patricia’s supposed physical office.
However, in response to an inquiry, Hanu Fejiro, Patricia’s CEO, clarified that the company operates as a fully remote organization. He explained that the office in the video was an innovation hub established in 2022 to provide free working spaces for developers and crypto enthusiasts. Patricia does not actively operate from that location, Fejiro emphasized. He revealed that the company relocated its headquarters to Villanius, Lithuania, following the Central Bank of Nigeria’s cryptocurrency trading ban in 2021, creating a globally dispersed team.
Fejiro confirmed recent reports that Patricia is offering users the option to convert their debt tokens into company shares, which aligns with their fundraising and debt reorganization strategy. Users are being provided with an opportunity to transform their debt tokens into convertible notes at a favorable discount in Patricia. These shares will be managed by a trusted third-party with a SEC license, ensuring complete transparency, he assured.
Patricia’s decision to convert customers’ assets into a debt management token, the Patricia token, received mixed reactions. The company hopes to use these tokens to repay customers, contingent upon the company’s profitability. However, frustrated customers, unable to access their funds since April due to withdrawal issues with the Patricia Plus app, remain unconvinced. Patricia’s CEO disclosed during a virtual town hall meeting on September 29 that the Patricia Plus app, set for relaunch, is currently undergoing beta testing. Customers have been informed of plans to redeem their balances in batches upon the app’s relaunch, Fejiro stated.