Nigerian politician Ambassador Wilfred Bonse has been arrested by the Nigeria Police Force (NPF) in connection with a security breach suffered by cryptocurrency exchange Patricia Technologies Limited. The development came as Patricia failed to meet deadlines to repay client debts after suffering a $2 million exploit in 2022.
Nigeria's former gubernatorial candidate charged with theft and money laundering
At a press conference on November 24, Assistant Commissioner of Police (ACP) and NPF Public Relations Officer, Olumuyiwa Adejobi, shared an update on the investigation into a “complex financial fraud case” filed by Patricia Technologies Limited in a petition to the police.
The petition highlights several criminal acts, including alleged theft, illegal conversion of assets in crypto wallets, and unauthorized transfers of funds from Patricia’s Flutterwave account.
In addition, Patricia's petition also names specific suspects who are currently at large. However, the National Police Force arrested one Ambu. Wilfred Bonse, a Nigerian politician and former gubernatorial candidate for Cross River State in the last national election
Bonse admitted his involvement in the financial crime and said his bank accounts were used to launder money, including 50 million naira ($62,368.30) from 607 million naira ($757,151.16) stolen from Patricia’s company account.
Reacting to the development, Patricia Chief Executive Officer, Hanu Fejiro Agbodje, said there could be some relief following the arrest of one of the culprits in a financial scheme that cost the company dearly.
He said:
“It is a great relief. We have finally been vindicated after many people did not believe our platform had been hacked in the first place. But thanks to the diligence of the Nigerian police and the unwavering commitment of our colleagues, we are glad that our customers now have even more reasons to continue to trust us and that the dark days are over.”
Patricia Default Debt Repayment Plan
In other news, Patricia’s troubles continue as the Nigerian exchange has now failed to comply with its debt repayment plan. In October, Patricia promised customers that it would repay funds in batches on a first-come, first-served basis starting November 20.
The announcement came after news reports revealed that the Nigerian exchange halted withdrawals in May due to an excessive number of withdrawal requests following the trading platform’s $2 million hack last year. However, days after the proposed repayment date, some of the cryptocurrency exchange’s users are still unable to access their funds, bringing more scrutiny to the embattled cryptocurrency exchange.