Nigerian Politician in Custody for Crypto Exchange Breach

A Nigerian politician, Ambassador Wilfred Bonse, has been apprehended by the Nigeria Police Force (NPF) in connection to a security breach suffered by crypto exchange Patricia Technologies Limited. This development comes as Patricia defaults on its debt repayment schedule to customers following a $2 million exploit in 2022.

Former Nigerian Gubernatorial Candidate Implicated In Theft, Money Laundering

In a press briefing on November 24, Olumuyiwa Adejobi, Assistant Commissioner of Police (ACP), and the NPF Public Relations Officer shared an update on the investigation of a “complex financial fraud case” submitted in a petition by Patricia Technologies Limited to the Police. 

PRESS BRIEFING BY THE FORCE PUBLIC RELATIONS OFFICER, ACP OLUMUYIWA ADEJOBI ON ACHIEVEMENTS RECORDED BY THE NPF-NCCC

NPF-NCCC ARRESTS ONE WILFRED BONSE IN CONNECTION WITH PATRICIA SECURITY BREACH AND COMPLEX FINANCIAL FRAUD

Similarly, the NPF-NCCC has made significant strides…

— Nigeria Police Force (@PoliceNG) November 24, 2023

This petition highlighted several crimes, including alleged theft, unlawful conversion of assets in crypto wallets, and unsanctioned fund diversion from Patricia’s Flutterwave account.

Furthermore, Patricia’s petition also stated the names of specific suspects who are currently on the run. However, the NPF was able to apprehend one Amb. Wilfred Bonse, a Nigerian politician and former gubernatorial candidate in Cross River State in the last national elections.

Bonse admitted to his involvement in this financial crime, stating his bank account was used in the laundering of 50 million naira ($62,368.30) from the total of 607 million naira ($757,151.16) stolen from Patricia’s corporate account. 

Reacting to this development, Patricia’s CEO, Hanu Fejiro Agbodje, expressed respite at the arrest of one of the culprits in a financial scheme that has cost the company heavily.

He said: 

“This is a big relief. We have finally been vindicated as not a few disbelieved us that our platform was hacked in the first place. But thanks to the diligence of the Nigerian Police and the unwavering commitment of my colleagues, we are delighted that our customers now have more reason to continue to trust us. The dark days are over.”

Patricia Defaults On Debt Repayment Schedule

In other news, Patricia’s troubles still linger as the Nigerian exchange has now failed to comply with its debt repayment plan. In October, Patricia promised its customers that it would begin funds repayment on November 20 using a batch format based on a first-come, first-served basis. 

This statement came after the Nigerian exchange halted withdrawals in May due to a high level of withdrawal requests after news reports revealed that the trading platform suffered a $2 million hack last year. However, days after its proposed date of repayment, several users of the crypto exchange are still yet to gain access to their funds, drawing more scrutiny to the embattled crypto exchange. 

Total crypto market cap valued at $1.406 trillion | Source: TOTAL chart on Tradingview.com

Featured image from iStock, chart from Tradingview