Patricia begins repayment to customers

Patricia Technologies, a financial services technology firm based in Lagos, has commenced repayment to its subscribers who were affected by a reported security breach suffered on its cryptocurrency trading platform.

This development marks a significant step forward in the firm’s effort to restore its affected customers. Earlier in the year, Patricia Technologies had requested a two to five-year repayment window to enable it to generate sizeable income from business operations and law enforcement recovery efforts, repay customers and consequently rebuild trust.

Patricia Technologies experienced a major cyberattack in 2022, which resulted in the loss of depositors’ funds amounting to over N600 million. In the intervening period after the security breach, Patricia temporarily restricted withdrawals on its platform to protect the interests of its users and promptly petitioned the Inspector General of Police to report the alleged theft.

“We understand the impact this incident has had on our customers, and we are delighted that the journey to restoration has finally started,” said Hanu Fejiro, a technology innovation expert, and CEO at Patricia Technologies.

Following a thorough investigation by the National Cybercrime Center of the Nigeria Police (NPF-NCCC), the authorities recorded a breakthrough in the case with the arrest of Wilfred Bonse, a prominent politician, and three other suspects in November 2023, a development that vindicated Patricia Technologies.

While the perpetrators of the cybercrime are currently being brought to book, Patricia Technologies has kept to its words by beginning the disbursement of funds to the first batch of affected subscribers as part of a phased repayment process.

The repayment effort, which started on December 10, 2024, is expected to continue in the coming months as all affected users will receive their funds in subsequent batches.

Subscribers that are getting paid in this phase, have since been officially notified by email. One of the subscribers with initials expressed appreciation and satisfaction with being paid by Patricia via email.

“I appreciate your effort. Though it took a long time, I’m satisfied with what I’ve received. Thank you for keeping to your words,” he said in an email. On his part, a customer simply referred to as Fejiro reiterated that the interests of subscribers remain Patricia’s top priority.

“This repayment process represents a milestone in the fulfilment of our commitment to making things right for them. We appreciate their patience, understanding, and trust in Patricia as we hope that this refund brings them joy during this festive period,” Fejiro said.