A group of Patricia Technologies customers is organizing a peaceful protest in Lagos, citing concerns about the company's attempt to convert their crypto assets into equity shares. Patricia Technologies is facing resistance from some of its customers who are hesitant about the arrival of potential investors and fear potential financial losses.

Patricia's Founder, Hanu Fejiro, had sent offer letters to customers, proposing the conversion of their crypto assets into equity shares within the company. However, some customers have declined this offer, expressing concerns about the safety of their funds.

Hanu Fejiro

The customers are now demanding the return of their original crypto assets, which were converted into Patricia Coin without their consent. This dispute arose following the company's claim of a system hack earlier in the year, resulting in the loss of approximately N2 billion in customer assets. In response, the company created a debt token and converted the affected assets into it. The customers, however, accuse the company of fraud and insist on the return of their original assets.

According to a customer interviewed by Nairametrics, the company has been attempting to dissuade the customers from holding the planned protest, arguing that it could deter potential investors from supporting the company. Despite these appeals, the customers are determined to proceed with their protest today, although the specific time has not been communicated.

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The offer letter sent to customers, titled "Offer to Convert Debt to Equity in Patricia Technologies Limited," presented the option of converting customer debt into equity, effectively making them shareholders in the company. The letter stressed the company's commitment to resolving issues related to fund access, as expressed in the offer.

In the background of these developments, a video shared on TikTok suggested that Patricia's office building in Lagos had been abandoned. However, Hanu Fejiro clarified that Patricia had transitioned to a fully remote structure since moving out of Nigeria in 2021. The office shown in the video was explained as an innovation hub for developers and crypto enthusiasts, while Patricia's active operations were conducted remotely.

Concerns about Glover, another financial company founded by Hanu Fejiro, were also raised in response to the video. Hanu Fejiro clarified that Glover is a separate entity with its own team and leadership, emphasizing that his involvement with Glover is primarily as an investor, and the company had appointed its first CEO in January 2022.