The court trial for Wilfred Bonse, a Nigerian politician arrested for alleged involvement in the cyber hack that resulted in a $2 million loss for Patricia, will be held in June next year, according to a statement seen by Bendada.com.
In November, the Nigerian Police Force disclosed that Bonse, a contestant in the last gubernatorial election in Cross River state, allegedly collaborated to launder ₦50 million. The funds are reported to have been illicitly diverted from Patricia's Flutterwave account, totalling ₦607 million, and transferred to Bonse's bank account through a cryptocurrency wallet.
Announcing his arrest, Olumuyiwa Adejobi, the police spokesperson, stated that the case involved allegations of criminal conspiracy, unauthorised modification of computer systems, network data, and the unlawful diversion of funds. "While the investigation is ongoing, the Nigeria Police Force wishes to assure the public that all individuals involved in this criminal conspiracy will be brought to justice," Adejobi said.
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In an email to its users, Patricia said it is actively working to recover all stolen funds: "The process takes time, and we appreciate your understanding as we await further developments. Our commitment is unwavering to securing your financial assets, and we are dedicated to providing timely updates as the situation unfolds."
A few weeks back, Hanu Fejiro, the founder and CEO of Patricia, announced that some users would begin receiving repayments from November 20. While Bendada.com has not confirmed the adherence to this schedule, a report by Techpoint Africa published on November 21 mentioned that numerous users were still awaiting access to their funds.
Patricia has not yet responded to our request for comments.
When the repayment process was unveiled, Patricia acknowledged its inability to fulfil all repayments owing to a shortage of funds. Nonetheless, Fejiro expressed confidence that the recovery of funds from Bonse and other suspects "...would go a long way to soothe Patricia's users."
In addition to the recoveries, the African-focused cryptocurrency exchange is exploring the use of fundraising efforts and its profitability to handle the next round of repayments.
This is a developing story