DLM Trust company, a Development investment bank that provides innovative solutions to economic and social development problems, has disassociated itself from Nigerian crypto exchange Patricia, as a strategic partner to refund customers’ funds.
This is coming in the wake of media reports that the embattled crypto exchange company has signed an agreement with DLM Trust company to initiate and manage the process of repayment of funds to customers, as part of a wider strategy plan aimed at reassuring them of the safety of their funds and rebuilding trust.
In a statement seen and signed by the Managing Director of DLM Trust company, Mrs. Ololade Razaaq, she stated that the company will no longer be the escrow company for Patricia because the crypto company falsely presented DLM Trust as a partner.
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She noted that the company was only acting as an escrow trust in repayment of N2 billion withheld customer funds.
Explaining that the development investment group was appointed as Escrow Trustee by Patricia to coordinate the management and disbursement of customers’ funds in Naira on October 18. Mrs Razaaq said the company was shocked that the crypto company portrayed the appointment as a partnership.
DLM Trust company wrote,
“On this note, DLM Trust Company is announcing its resignation as Escrow Trustee to Patricia Technologies and dissociating itself from the town hall session announcement, which Patricia has circulated through emails to customers.
“It was our initial intention to assist thousands of Nigerians as an assigned Escrow to disburse their withheld funds with Patricia Technologies through the Naira Escrow Trust accounts; however in light of this situation, we sincerely apologize to all whose hopes were restored in anticipation of the disbursement by DLM Trust Company”.
The company further reiterated that it is a SEC-licensed trust company that prides itself in the transparent and prudent management of funds, and following certain violations by Patricia Technologies, it will no longer act as its escrow trust.
The MD Mrs Razaaq further clarified that DLM Trust Company, its parent company -DLM Capital Group, and seven other subsidiaries, have no affiliation with Patricia Technologies or any digital money companies, whether operating in Nigeria or offshore.
The company warned that they are not liable and will not be held accountable for Patricia Technologies’ withheld funds to its customers.
It would be recalled that Patricia CEO Hanu Fejiro had earlier announced a town hall session themed “Patricia Relaunch, DLM Partnership, All You Need to Know” which was slated to hold at 2 p.m. on Friday, 27th October 2023.
He said,
“This partnership is part of our efforts to rebuild trust and reassure depositors of our commitment to repaying them fully and fairly. DLM Group is a reputable and experienced trustee company that will play a crucial role in ensuring that the repayment process is transparent, efficient, and equitable”.
The crypto exchange company has come under heavy criticism from users after it suffered a major cyberattack that resulted in the loss of customers’ funds. The company still faces the major challenge of refunding customers their funds.