Victor Ezeja
Patricia Technologies, a financial services technology firm based in Lagos says it has continued repayments to its subscribers who were affected by a security breach that occurred on its cryptocurrency trading platform two years ago.
The financial services firm said continuing with the repayments to customers affected by the security breach is a further demonstration of its resilience and commitment to its subscribers.
Join our WhatsApp ChannelPrime Business Africa recalls that Patricia Technologies had in 2022, experienced a major cyber attack which resulted in the loss of over N600 million of depositors’ funds.
As part of efforts to resolve the problem and restore affected customers, the company introduced a phased-repayment within a two-to-five-year window. It said the adoption of the repayment window was to enable it generate a significant amount of funds through income from business operations and law enforcement recovery efforts.
Patricia Technologies explained that in the intervening period after the security breach, it 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.
It disclosed that after a thorough investigation by the National Cybercrime Centre of the Nigeria Police (NPF-NCCC), four suspects were arrested in November 2023, and are currently facing prosecution. This development, it said, vindicated the company regarding the question of complicity in the security breach that led to loss of depositors’ funds.
It noted that while the perpetrators of the cybercrime are currently being prosecuted, Patricia Technologies has continued the disbursement of funds to some of the affected subscribers as part of the agreed phased repayment process.
According to a statement from the company, “This phase of the repayment effort started on December 10, 2024, while other affected users are expected to receive their funds in subsequent batches.
“Subscribers that are getting paid in this phase, have since been officially notified by email,” it indicated.
READ ALSO: Patricia Technologies Exnorated As Nigerian Police Arrest Cybercrime Suspect
It quoted some of the subscribers who expressed satisfaction with the repayment that finally came after two years the incident occurred.
Commenting on the repayment process, CEO at Patricia Technologies, Hanu Fejiro, a technology innovation expert, said they understand the impact of the incident on their customers and are happy that the repayment has been sustained and the journey of restoration has finally started.
Hanu reiterated that the interests of subscribers remain the company’s top priority.
According to him, “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”, Hanu further stated.
The company advised all its subscribers to update their details on the Patricia platform, and monitor official channels for updates regarding their individual repayment timelines.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
