According to a post on Facebook;
Last year, 27-year-old Patricia CEO, Fejiro Hanu splashed millions of naira on Tesla. He was in the spotlight after spending $1 million to sponsor Big Brother Naija in 2021.
Many hailed him as the new Wizkid of Naija’s tech sector, the poster boy of my generation’s Renaissance, who announced our arrival through his audacious move that we’re ready to take charge.
As the whole country was celebrating the young prodigy, little did we know that his company was going through a crisis that he kept away from the public.
Patricia’s account was hacked last year in January, and $2 million was stolen from the crypto exchange company.
As the company was going through this crisis, the CEO, Hanu, was on Instagram, living a luxurious life.
Traveling all over the world and just living life.
A sign of a successful man, whose gods cracked its palm kernel at a relatively young age.
He bought a Tesla car which later went viral in July last year.
Buying a Tesla car was to announce that he had arrived and was ready to join the big boy club.
Now the chicken has come home to roost.
Patricia customers can’t withdraw their money or their cryptocurrency digital assets from Patricia.
Last week, the fintech company experienced a bank run, which exposed the fact that the company is suffering from a liquidity crunch and does not have enough cash in its reserve to pay its customers.
Just like a failed bank that can’t give its customers the money deposited with them.
This is what Patricia is currently going through; hence, they have frozen withdrawals on their app.
One thing I know about Patricia is this: it is not a scam company.
Patricia makes money from arbitrage trading, and this is how it works.
Patricia buys Doge coins from Binance because the price is cheaper on that platform, then sells them on Coinbase because the price is higher.
You buy low at A and sell higher at B.
A lucrative business model for them, but it comes with a lot of inherent risks.
Hanu’s behavior while his company was in distress and burning calls into question the credibility, openness, and transparency of his business.
Leave a Reply