Patricia Exchange Offers Convertible Notes to Customers Amidst Fundraising Efforts

Nigerian cryptocurrency exchange Patricia has introduced an option for its customers to convert their owed funds into Patricia shares in a bid to tackle its debts and pave the way for fundraising initiatives. CEO Fejiro Hanu confirmed the development, emphasizing its significance in the firm’s debt reorganization strategy.

Hanu reassured customers that the converted shares would be overseen by a trusted third party licensed by the Nigerian Securities and Exchange Commission (SEC). This move aims to ensure complete transparency in the management of its shares, instilling confidence among the user base.

Patricia CEO Addresses User Discontent and Circulating Videos

Despite the company’s efforts, some users expressed dissatisfaction with the conversion offer. A video circulating on social media depicted agitated users at Patricia’s purported office, demanding their funds. 

Hanu, in response, clarified that the video was misleading, stating that the exchange operates entirely remotely. He explained that the showcased office was an innovation hub established in 2022 to support developers and crypto enthusiasts.

Addressing concerns about fund withdrawals, Hanu disclosed that the app is in the final stages of beta testing and is set to be relaunched soon. Invitations for app testing were extended to customers, with some already redeeming their Patricia Token (PUTX) through the testing process. Hanu assured users that the firm plans to redeem balances in batches once the platform reopens, providing a solution for users unable to access their funds.

This development comes in the wake of the exchange’s earlier revelation of a security breach in May 2023, leading to fund losses. Despite the company’s claim that customer funds remained secure, users have faced ongoing difficulties in accessing their funds since April. Patricia’s proactive steps aim to restore customer trust and navigate the challenges posed by recent events.

Nigerian Tech Community Showing No Signs of Optimism 

The Nigerian Tech community responded to the video circulating with pessimism. Some offered their opinions and insights as to why most Nigerian Fintech companies fail to survive. 

While some others had no other choice than to see Patricia as another fraudulent company.