Patricia Crypto Exchange’s Office Location Controversy and Debt-to-Shares Conversion Strategy
A recent video claiming that Nigerian crypto exchange Patricia had abandoned its Lagos office address sparked significant chatter across social media platforms. However, Patricia’s CEO, Hanu Fejiro, refuted the claims, stating that the company operates under a fully remote structure, with headquarters moved to Vilnius, Lithuania, in response to CBN regulations in 2021. Although Patricia had initially announced its headquarters relocation to Estonia in July 2021, the situation regarding its physical office address has remained somewhat ambiguous, as their Google reviews and former office tours suggested a location in Lagos.
On a different note, Patricia has begun offering users the option to convert their outstanding debts, reportedly totaling around N2 billion, into Patricia shares. Hanu Fejiro confirmed that the conversion option aligns with Patricia’s strategy for fundraising and debt reorganization, highlighting that it was a proposal initiated by various users. The conversion process will be managed by an SEC-licensed third-party trustee to ensure transparency, providing users with the choice to redeem their debts in cash or equities and become part-owners of the company.
