Seun Dania: “Why I invested in Patricia”

Seun Dania announced an investment in embattled crypto exchange Patricia over the weekend, and reactions have followed.

Many crypto enthusiasts have wondered about the modalities of the investment, the reasons the founder of another crypto company has invested in Patricia, if there will be a merger between Tradefada and Patricia, and many other speculations.

In this exclusive interview with Technext, the TradeFada CEO discussed the reasons behind his investment in the embattled crypto company. Seun Dania explained that he has invested in a few companies: crypto exchanges, Fintechs, Agriculture companies, renewable energy and others. To him, it’s a long game.

“I expect to see them (the investments) grow. Get returns in five to ten years and then retire with those investments you’ve made earlier.  We do this also to ensure that all our African businesses do not go into foreign hands. To encourage local investors to participate.”

Seun Dania’s investment in Patricia 

Although the actual sum of the investment cannot be disclosed, Seun Dania confirmed that it’s an equity investment and it is his own vote of confidence in the exchange that is currently going through a difficult period. 

“For me, timing is important for investment, and Patricia is at a unique junction because they’re currently having issues. But I met Hanu (Fejiro) a long time ago, and they (at Patricia) showcase a lot of resilience and passion.

We had a meeting a couple of weeks ago here in London and we discussed a lot about what’s going on. It’s inspiring to see how concerned he is to see the business succeed.”

He added:

“In times like these you see a lot of vultures trying to rip things apart, but I thought it was important as Nigerians and Africans to trust each other. I’m certain that with the lessons learned and passion, I believe that the business will be back up and running to instill a lot of faith in Nigerian startups and crypto industry in general.”

Read also:

ChatGPT launches Android version in the US, Brazil and India, other countries in view

Similarly, Hanu Fejiro Patricia’s CEO expressed his pleasure to have a fellow founder like Seun Dania on board. “It is great to see founders supporting founders because they understand what it takes to sustain a company”

It is a welcome investment from Seun Dania and it is a pleasure to have him on board as we work towards reopening operations on the retail side.

Hanu Fejiro, Patricia CEO

Changes to expect in Patricia

Two weeks ago, Patricia announced a partnership with Deimos Cloud Security to revolutionize how the cryptocurrency company protects its customers’ assets and enhances security measures. Seun Dania says this collaboration would boost the app’s security and scale the application.

“The changes I’m expecting are a full revamp, modification of IT infrastructure to make sure it’s up to standard. There’s also going to be a little change in corporate governance structure. The security and IT check is important because we cannot afford to record that kind of loss again or any security breach whatsoever.”

Patricia’s customers still do not have access to their funds. And Seun Dania, as a shareholder in the company now, says his priority is making the company whole again because he would not put his money in a company that he thinks is sinking.

Read also:

TradeFada’s Seun Dania invests in crypto company, Patricia Technologies

Also, along with other investors, the motive now is to protect the Nigerian crypto industry to prevent a recurrence of the FTX scandal in Africa. 

“Making the customers whole is a priority for the team, for people like us coming onboard and other investors, that is the primary responsibility. Make the customers whole. 

In a couple of months, I believe within two to three months, we should be able to make all the customers whole again. The team would be better positioned to give a statement on an actual timeline.”

Seun Dania, shareholder at Patricia.

Finally, Seun makes it clear that the investment is personal. It does not have any affiliation with TradeFada, and there are no plans for a partnership between both crypto companies.