[Update] October 25, 2023, at 7:20 PM WAT: DLM Trust has confirmed to Techpoint Africa that its appointment by Patricia to handle customer repayments is on hold and not cancelled.
- DLM Trust Company has put its partnership with Patricia Technologies on hold
- It will no longer partner with the crypto exchange to pay back ₦2 billion in withheld customer funds.
- The firm said Patricia breached the terms and conditions of the agreement.
DLM Trust, a subsidiary of DLM Capital Group, has put its partnership with Patricia to pay customers back on hold.
According to a statement seen by Techpoint Africa, the firm said, "it will no longer be proceeding with Patricia Technologies as it’s escrow trust in repayment of ₦2 billion withheld customer funds."
Yesterday, October 24, 2023, DLM Trust announced its partnership with the company, saying it will "ensure a seamless and secure process for the return of deposits to Patricia Technologies Limited’s valued customers."
It also revealed that the first batch of repayments will start on November 20. Hours after the announcement, this is no longer the case.
DLM Trust is renouncing its partnership with Patricia Technologies because of a breach in the agreement.
The statement read that there were "multiple breaches in the terms and conditions of agreement and trust between Patricia Technologies and DLM Trust Company."