CEO of Nigerian exchange Patricia debunks rumors of company’s shutdown

Fejiro Hanu, CEO of Nigerian crypto exchange platform Patricia, recently used his account

Hanu denied the increased speculation, emphasizing that the spread of negative news often outpaces positive updates, leading to misunderstandings about the company’s situation.

In his statement, the CEO highlighted the role of various news organizations and blogs in perpetuating clickbait headlines and misinformation, contributing to the rapid spread of false shutdown narrative. Expressing his dissatisfaction with the way the information was disseminated, he apologized to the platform’s users and affirmed his determination not to succumb to online harassment.

A topic:

What I want to point out is this: Most reporters, media outlets, blogs, twitter influencers don’t care about the facts.

From where? Your eyes, your clicks, your views; This is the reward.

— Hanu (@Fejizzy) May 1, 2024

The exchange, which is known as Nigeria’s leading platform of its kind, has recently found itself at the center of closure rumors, although no official statement has been made to this effect. Despite the government’s aggressive stance on cryptocurrencies, multiple crypto exchanges have emerged in the country.

Patricia, in particular, faced serious scrutiny last year after admitting to the loss of $2 million in customer funds due to an alleged security breach. The incident was later linked to former Nigerian gubernatorial candidate Wilfred Bonse.

Crypto.news reported last November that authorities arrested Bonse in connection with the exchange breach. Upon Bonse’s arrest, Hanu expressed his relief at this situation, which he considered justified, and expressed his gratitude to the Nigerian police for their comprehensive investigation, signaling that trust could be restored.

Despite these events, recent comments have claimed that the company may actually be on the verge of complete collapse. Hanu’s public rebuttal of closing rumors is an attempt to demonstrate the stock market’s resilience to ongoing challenges.

In response to the incident, Paystack co-founder and CTO Ezra Olubi expressed doubts. Speaking about

It takes a lot of arrogance to mindlessly spend client funds to appear bigger, blaming a “hack” that either didn’t happen or was the result of sheer recklessness – given that there was no autopsy, the company was on the verge of collapse, then proceeded to dunk on journalists.

— Ezra ‘God’ Olubi (@0x) May 1, 2024