A group of Patricia Technologies customers is planning a peaceful protest in Lagos. The customers believe the protest is necessary, as they are sceptical about the arrival of potential investors and want to take a stand.
Patricia Technologies is facing resistance from its customers as it attempts to convert their crypto assets into equity shares within the company. Although Patricia’s Founder, Hanu Fejiro, sent offer letters to customers, some have declined the offer, as they fear it may result in the loss of their money.
The customers are therefore insisting on having their crypto assets, which were converted into Patricia Coin without their consent, returned to them.
Recall the company claimed a system hack earlier in the year resulted in a loss of about N2 billion in customer assets, leading to converting these assets into a debt token which the company had quickly created. However, the customers are accusing the company of fraud and are demanding the return of their original assets.
According to one of the customers in an interview with Nairametrics, the company, on getting to know about the planned protest has been appealing to them to shelve it. The company said that such a protest could stop potential investors from coming to the company.
They are, however, insisting on holding the protest today with no communicated time yet,
“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
In the offer letter, titled ‘Offer to Convert Debt to Equity in Patricia Technologies Limited,’ the company’s founder extended the option of converting customer debt into equity, making them shareholders. The letter urged prompt acceptance, with a 7-day deadline for response. Patricia Technologies emphasized its commitment to resolving customer discomfort related to fund access issues, as expressed in the offer letter.
The offer letter titled ‘Offer to Convert Debt to Equity in Patricia Technologies Limited”, reads,
“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”, the letter stated.
Read More: $PTK is a debt token, not a stablecoin -Patricia clears the air
The Backstory of Patricia’s woes
A video shared on TikTok by the user @bunznahn404 last week suggested that Patricia’s office building in Lagos had been abandoned by the company and its employees. According to the video, the security guard at the premises confirmed that no Patricia worker had been seen in the empty office space for several months.
In response to this footage, Patricia’s founder, Hanu Fejiro, expressed his perspective on the matter to Technext. He dismissed the video as misleading and mischievous, explaining that Patricia has been operating a fully remote structure since moving out of Nigeria back in 2021.
He clarified that the office shown in the video was an innovation hub established in 2022 to provide free working spaces to developers and crypto enthusiasts, emphasizing that Patricia’s active operations were not based in that office.
Furthermore, the TikTok user raised concerns about Glover, another financial company founded by Hanu Fejiro. This led to inquiries about the potential fate of Glover in light of Patricia’s issues, considering that both companies share the same founder.
Hanu Fejiro, however, assured that Glover is an independent entity with its team, distinct from Patricia. He stated that he wasn’t actively involved in running Glover’s affairs and that the company had appointed its first CEO in January 2022. Currently, Hanu Fejiro’s involvement with Glover is primarily as an investor.
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