Nigerian Crypto Exchange Patricia Implements Debt Restructuring Using Convertible Notes – What’s Going On?

Patricia, a Nigerian crypto exchange, is embarking on a significant debt restructuring initiative, offering customers the option to convert owed funds into Patricia shares.

The company recently introduced Patricia Tokens (PTK), which it has now made available to customers for this purpose.

According to a report from crypto news outlet Cointelegraph this weekend, the exchange’s CEO, Fejiro Hanu, has confirmed that the process is a key part of the firm’s strategy for fundraising and debt reorganization.

The process will allow users to convert their debt tokens to shares at a discount.

The report added that the shares will be held and managed by a third-party provider that is licensed by the Nigerian Securities and Exchange Commission (SEC).

Unhappy customers

While Patricia aims to relaunch its app and prepare for a fundraising initiative, not all customers are content with this move.

Judging from videos posted on social media platform X, some users have expressed their frustration by visiting the company’s office and demanding the release of their funds.

In response to this, Patricia said in an official statement posted on X that the video circulating on social media is misleading, as Patricia operates remotely and the office shown is an innovation hub for developers and crypto enthusiasts.

“The location shown in the video is not an active office of Patricia,” the statement said.

Regarding users struggling to withdraw their funds, the statement pointed out that the Patricia app is undergoing a beta testing phase.

Customers who have joined the testing process are already redeeming their Patricia Tokens (PUTX), the exchange’s internal debt management token, the statement said.

Patricia has said it aims to reopen the platform soon, and that customers’ balances will be released over time in batches.

“Our customer service lines remain open, and we will continue to share regular updates as we make progress,” the exchange added.