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Patricia Tech To Continue Customer Repayments Despite Escrow Exit

Patricia Tech To Continue Customer Repayments Despite Escrow Exit (PHOTO: The Guardian Nigeria)
Patricia Tech To Continue Customer Repayments Despite Escrow Exit (PHOTO: The Guardian Nigeria)

In a surprising turn of events, Patricia Technologies is set to proceed with customer repayment plans, starting on November 20, despite the sudden exit of their chosen escrow manager, DLM Trust.

This development came as a shock, as Patricia Tech had already deposited funds for the repayment process into DLM Trust’s account.

Patricia’s CEO, Hanu Fejiro, expressed their astonishment, saying, “We were not informed before their public statement of withdrawal. However, we wish to assure our depositors and stakeholders that the repayment plan we initiated along with DLM Trustees a few days ago will go on as scheduled.

The company denied DLM Trust’s claim of breaching the partnership’s terms and conditions, stating, “We not only categorically reject this false claim, but we also challenge DLM Trustees to substantiate the allegations. We believe this accusation is baseless, and we might take legal action to seek restitution for setbacks and damages incurred as a result of this attempt at defamation if DLM Trust fails to validate their claim.

Despite the abrupt end of the partnership, Patricia Tech has assured its customers that the repayment plans will proceed as initially planned, beginning on November 20. However, the company did not clarify how fund disbursement will occur without DLM Trust’s involvement.

Meanwhile, DLM Trust, in their statement, explained their withdrawal due to multiple breaches in the terms and conditions of the partnership.

They emphasized their commitment to transparent and prudent fund management and announced they would no longer serve as Patricia Technologies’ escrow trust.

In a prior announcement, Patricia Tech had revealed their partnership with DLM Trust to oversee customer deposit repayments, ensuring a secure and seamless process for returning deposits to customers.

The first batch of repayments was set to commence on November 20, 2023. Patricia Tech revealed they had no prior knowledge of DLM Trust’s statement announcing the partnership until it was published in the media.

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See also NCC Chief Urges Embrace of Technology-as-a-Service (TaaS) for Tech Advancement

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Written by Ayodeji Ayenuwa

Well, My name is there already, I'm a student of Adekunle Ajasin University, Akungba Akoko, studying Mass Communication: Public Relations and Advertising.

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