The court has officially scheduled the trial for the Nigerian politician, Wilfred Bonse, who was apprehended due to his alleged participation in a cyber hack. This hack led to a substantial $2 million loss for the platform Patricia. The trial proceedings are expected to commence in June 2024.
In November, the Nigerian Police Force revealed that Wilfred Bonse, a participant in the recent gubernatorial election in Cross River state, was allegedly involved in a ₦50 million money laundering scheme. The funds were reportedly illegitimately diverted from Patricia’s Flutterwave account, amounting to ₦607 million, and transferred to Bonse’s bank account through a cryptocurrency wallet.
Olumuyiwa Adejobi, the police spokesperson, announced Bonse’s arrest, noting that the case encompassed accusations of criminal conspiracy, unauthorized modification of computer systems, network data, and the illicit diversion of funds. Adejobi reassured the public that, as the investigation unfolds, the Nigerian Police Force is committed to ensuring that all individuals implicated in this criminal conspiracy will face justice.
In a recent communication to its users via email, Patricia stated its ongoing efforts to recover all embezzled funds, acknowledging the time-consuming nature of the process and expressing gratitude for users’ understanding as they await further developments. The company emphasized its steadfast commitment to safeguarding users’ financial assets and pledged to provide timely updates as the situation progresses.
A few weeks ago, Hanu Fejiro, the founder and CEO of Patricia, announced the commencement of repayments for some users starting from November 20. Although Techmoonshot has not independently confirmed adherence to this schedule, and according to our findings several users were still awaiting access to their funds as at the time of this report.
would go a long way to soothe Patricia’s users.
Hanu Fejiro
When Patricia introduced the repayment process, the company openly admitted its inability to fulfill all repayments due to a shortage of funds. Despite this, Fejiro conveyed confidence that recovering funds from Bonse and other suspects “…would go a long way to soothe Patricia’s users.”
In conjunction with these recovery efforts, the African-focused cryptocurrency exchange is actively exploring fundraising initiatives and leveraging its profitability to manage the subsequent round of repayments.
