Patricia Technologies Vows Enhanced Security Amid Fund Diversion Concerns

InfoStride News reported that Patricia Technologies Limited has pledged to enhance its system security in the wake of a technical breach that resulted in illicit fund diversions from its account. The company had previously filed a petition with the Inspector General of Police, reporting a breach of its cryptocurrency trading platform, Patricia, in 2022. This incident led to the loss of funds from depositors and prompted Patricia Technologies to suspend the platform to prevent further compromise of depositors’ funds.

According to the Force Public Relations Officer, Olumuyiwa Adejobi, the Nigeria Police revealed a criminal conspiracy involving the unauthorized modification of computer systems, network data, and the unlawful diversion of funds belonging to Patricia Technologies. The police disclosed significant progress in the investigation of the financial fraud case, which included a criminal conspiracy, unauthorized modification of computer systems, network data, and the unlawful diversion of funds totaling over N200 million, as reported in the petition to the IGP.

Adejobi confirmed the arrest of a suspect, Wilfred Bonse, in connection with the case, noting that the investigation was ongoing. The alleged theft and conversion of cryptocurrency wallets, along with unauthorized fund diversion from Patricia Technologies’ Flutterwave account, were outlined in the petition. Although some individuals implicated in the crime were still at large, the arrest of Wilfred Bonse indicated progress in the investigation. Bonse was accused of conspiring to launder N50 million originating from the fraudulent diversion of N607 million from Patricia Technology Company’s account to his bank account through a cryptocurrency wallet.

Responding to these developments, Hanu Fejiro, the Chief Executive Officer of Patricia Technologies, expressed relief at the conclusion of the police investigation and the arrest of one of the alleged perpetrators. He stated that the vindication was crucial for the firm and its stakeholders, emphasizing that the platform had been relaunched with strengthened security measures. Fejiro reassured customers of the platform’s commitment to security and expressed optimism about the future.

“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. With our platform relaunched with stronger security and our commitment to Nigerians renewed, we look forward to the new era with great optimism,” concluded Fejiro.