Patricia’s Debt-to-Equity Offer Faces Customer Rejection, Sparks Planned Protest

Efforts by the Nigerian cryptocurrency trading firm, Patricia Technologies, to transform its clientele’s assets into equity stakes within the organization have been met with resistance. Several customers who were contacted by Infostride News revealed that they received an offer letter, signed by Patricia’s founder, Hanu Fejiro. However, they expressed reluctance to endorse the agreement, as they perceived it as an act of relinquishing control over their funds.

These customers are determined to have their converted crypto assets returned to them in the form of Patricia Coin, without the need for their explicit consent. Their stance is rooted in suspicions of fraudulent activity and the insistence on the restoration of their original assets.

One of the planned courses of action for these disgruntled customers is a peaceful protest set to take place in Lagos, aimed at securing the return of their crypto assets. Patricia Technologies, upon learning of this planned protest, has reportedly made efforts to persuade the customers to abandon their intentions. They argue that such a protest might deter potential investors from engaging with the company.

Notwithstanding these appeals, the customers remain resolute in their decision to proceed with the protest, scheduled for Tuesday, October 24, 2023. One of the customers articulated their perspective, stating, “The last Zoom meeting we had with the company was more than 4 weeks ago. Hanu Fejiro made mention of investors bringing money. The investors that had not come over the last six months that we have been on this issue, is it now that they will come? If truly the protest is going to stop the investors from bringing money, then it’s worth it. We can’t wait anymore.”

The Offer Letter:
In the offer letter titled ‘Offer to Convert Debt to Equity in Patricia Technologies Limited,’ the company’s founder wrote:

“We write in respect of the above. Further to various discussions held between our duly authorized representatives and your good self on the above offer, we now offer to you the option of converting your debt in our Company to equity, thereby making you a shareholder in our Company.

In the event that you are favorably disposed to accepting this offer, kindly sign (electronically or manually) in the space provided below for that purpose and return it by electronic mail. Upon receipt of your acceptance, we shall promptly ensure that all necessary documentation to perfect the conversion shall be made available to you for your review and execution.

We look forward to the receipt of your acceptance not later than 7 days following the receipt of this letter and welcoming you on board our ship.”

No Physical Presence in Nigeria:
Patricia Technologies recently refuted a viral video suggesting that they had abandoned an office space due to financial challenges. The company clarified that it operates under a fully remote operational structure and does not maintain a physical office in Nigeria.

Their statement indicated that they had transitioned their headquarters to Vilnius, Lithuania, in response to regulations initiated by the Central Bank of Nigeria (CBN) in 2021. Patricia’s business model is designed to support remote operations, and significant investments have been made to facilitate this approach. The team is distributed across various continents, and as of the present time, they do not maintain an operating office within Nigeria.

While acknowledging the inconveniences experienced by their customers in accessing their funds, Patricia Technologies appealed for patience, indicating that they were actively working to resolve the issue.

Background:
Earlier this year, Patricia Technologies made the controversial decision to convert their customers’ crypto and cash assets into Patricia Token without securing explicit consent from these customers. In an explanatory White Paper released by Patricia, they cited a cyberattack as the primary reason behind this action, leading to the loss of assets. Their commitment to maintaining integrity and customer trust prompted the creation of Patricia Token as an internal asset for customers.

The Patricia Token represents a promise to reimburse holders with 1 USDT for each Patricia Token at a later date, ensuring the recovery of assets and addressing the repercussions of the security breach. It is essential to note that Patricia Token is not an on-chain cryptocurrency but rather an internal token employed to represent debt, managed by the company itself.