Customers reject Patricia’s offer to convert debt to equity

By Bisi LAWAL

Customers of Nigeria’s crypto trading company, Patricia Technologies, have kicked against the company’s move to convert their assets into equity shares.

According to Nairametrics, some of the customers said they received the offer letter signed by Patricia’s founder, Hanu Fejiro, but they refused to sign it because it would mean signing their money away.

They insisted on returning their crypto assets converted to Patricia Coin without their consent.

Although the company claimed its system was hacked earlier this year which led to the loss of about N2 billion in customer assets, hence the conversion of the customers’ assets value to its own created token, the customers are alleging fraud and insisting on the return of their original assets.

Already, some of the customers have concluded plans to hold a peaceful protest in Lagos to demand their crypto assets.

According to one of the customers, the company, on getting to know about the planned protest has been appealing to them to shelve it, adding that such a protest could stop potential investors from coming to the company.

They are, however, insisting on holding the protest on Tuesday, October 24, 2023.

“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,” one of the customers told Nairametric.

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 favourably 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 receipt of your acceptance not later than 7 days following receipt of this letter and welcoming you on board our ship.”