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Patricia Technologies promises tighter security



Patricia Technologies Limited has pledged better system security following the technical breach that rocked the firm and led to illegal fund diversions from its account.

The company had earlier petitioned the Inspector General of Police to report a breach of its cryptocurrency trading platform, Patricia, in 2022. The incident resulted in the loss of funds belonging to depositors and led to the suspension of the platform by Patricia Technologies to curtail further compromise of depositors’ funds.

The Nigeria Police, through the Force Public Relations Officer, Olumuyiwa Adejobi, had on Friday, disclosed the criminal conspiracy involving the unauthorised modification of computer systems, network data, and the unlawful diversion of funds belonging to the petitioner.

The police said they made significant strides in the investigation of a complex financial fraud case reported by Patricia Technologies Limited involving a criminal conspiracy, unauthorised modification of computer systems, network data, and the unlawful diversion of funds amounting to over N200m as contained in a petition to the IGP.

Adejobi further confirmed the arrest of a suspect in the matter, identified as Wilfred Bonse, saying the investigation was still ongoing.

“Outlining the details of the alleged theft, conversion of cryptocurrency wallets, and unauthorised fund diversion from the company’s Flutterwave account, the petition specifically mentioned some individuals currently at large. However, painstaking efforts on their trail led to the arrest of one Amb Wilfred Bonse.

“Having registered his involvement in the complex crime, Wilfred Bonse conspired in laundering the sum of N50m originating from the fraudulent diversion of N607m from Patricia Technology Company’s account to his bank account through a cryptocurrency wallet,” the FPRO added.

Reacting to the development in a statement, the Chief Executive Officer of Patricia Technologies, Hanu Fejiro, said the conclusion of the police investigation and eventual arrest of one of the alleged perpetrators was a huge respite to the firm, as well as all its stakeholders.

“This is a big relief. We have finally been vindicated as not a few disbelieved us that our platform was hacked in the first place. But thanks to the diligence of the Nigerian Police and the unwavering commitment of my colleagues, we are delighted that our customers now have more reason to continue to trust us. The dark days are over.”

“With our platform relaunched with stronger security and our commitment to Nigerians renewed, we look forward to the new era with great optimism,” Fejiro concluded.



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