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Police Vindicates Patricia Technologies in its Security Breach, Arrest Key Suspect in Hack of Platform

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The Nigeria Police Force recorded a major breakthrough in the reported cybercrime perpetrated against Patricia Technologies with the arrest of one of the suspects, Wilfred Bonse, after a thorough investigation into the case by the National Cybercrime Center of the Nigeria Police (NPF-NCCC).

Patricia Technologies had earlier this year petitioned the Inspector General of Police to report the alleged theft following a reported breach of its cryptocurrency trading platform, Patricia.

The incident resulted into loss of funds belonging to depositors and led to the suspension of the platform by Patricia Technologies to curtail further compromise of depositors’ funds.

The ensuing investigation revealed a far-reaching criminal conspiracy involving the unauthorized modification of computer systems, network data, and the unlawful diversion of funds totaling over 607 Million Naira belonging to the petitioner.

The alleged theft included the conversion of cryptocurrency wallets and diversion of unauthorized fund from Patricia Technologies’ Flutterwave account, with Wilfred Bonse, identified as a key player in the complex crime, conspiring with others to fraudulently divert Six Hundred and Seven Million Naira (N607,000,000:00k) from Patricia Technologies’ account to his bank account through a cryptocurrency wallet.

According to Hanu Fejiro, CEO of Patricia Technologies, the conclusion of the Police investigation and eventual arrest of one of the perpetrators is a huge respite to the firm, as well as all its stakeholders.

“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”.

“With this development, Nigerians can now see that we have always been a truthful, fair, and responsible organization with the best interest of our customers at heart.

“We are happy that those who believed us have been vindicated and those who doubted us have a compelling reason to renew their trust in Patricia Technologies. With our platform relaunched with stronger security and our commitment to Nigerians, renewed, we look forward to the new era with great optimism”, Fejiro concluded.

It would be recalled that Patricia Technologies, on Monday November 20, started the first phase of repaying depositors that lost money to the breach, and have relaunched its platform for operations.

While the other co-conspirators remain at large, the Nigeria Police Force assures the public that comprehensive efforts are underway to ensure all involved in this criminal conspiracy are brought to justice.


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DBN Awards N13m in Grants to Tech Startups

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Development Bank of Nigeria (DBN) has awarded a total of N13 million in grants to three standout tech startups at the 2025 Techpreneur Summit held in Lagos, reinforcing its commitment to innovation and inclusive growth among Nigeria’s micro, small, and medium enterprises (MSMEs).

DBN Awards N13m in Grants to Tech Startups

The winners include: BuyScrap, a digital marketplace for recyclable materials – N6 million; Qiqi Farms, which connects local farmers to hospitality and export markets – N4 million; Eco-Cyclers, a youth-led recycling initiative based in Enugu – N3 million

Alongside the grant awards, DBN also launched a new digital data asset, a first-of-its-kind platform aimed at enabling data-driven decisions within the MSME ecosystem.

The platform offers deep insights into business trends, sector-specific challenges, and growth opportunities—supporting smarter policymaking and targeted investments.

In his keynote address in Lagos, Tony Okpanachi, managing director/ CEO, DBN,   described the event’s theme, “CTRL + SHIFT: Tech Empowered Movement for Naija,” as a strategic call to reimagine enterprise development in Nigeria.

“This isn’t just a keyboard shortcut,” he said. “It’s a mindset reset—powered by technology—to build a more inclusive, innovative, and resilient business landscape. From financing to innovation, DBN remains committed to enabling MSMEs to thrive.”

Okpanachi emphasized that the Summit aligns with DBN’s AMPLIFI Strategy, which integrates digital transformation, sustainability, and scalability into its core programs.

He highlighted initiatives such as the Digital Shift Workshops and the Eco-Innovation Challenge as key steps toward embedding innovation in Nigeria’s MSME sector.

Encouraging young innovators, he added: “The future belongs to those bold enough to imagine and build it. DBN is proud to support the ideas that will shape tomorrow.”

A major highlight was the unveiling of the DBN Data Asset—a digital platform designed to provide real-time, evidence-based insights into Nigeria’s MSME landscape.

The platform combines DBN’s proprietary data with external sources like the National Bureau of Statistics (NBS) to offer a comprehensive view of MSME performance by region and sector.

Jeremy Dan Okayi, DBN’s Head of Strategy, Policy & Innovation, described the platform as: “A reservoir of insight, potential, and direction—built on two years of collaboration and shared vision. This tool will support informed decision-making across the public and private sectors.”


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FCCPC Shuts France, Belgium, and Italy Visa Centres in Abuja Over Alleged Consumer Rights Violations

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In a bold enforcement action, the Federal Competition and Consumer Protection Commission (FCCPC), supported by the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), has sealed off the visa application centres of France, Belgium, and Italy in Abuja over alleged consumer protection breaches and obstruction of regulatory investigations.

The affected centres—located at Mukhtar El-Yakub House in the Central Business District and operated by TLS Contact, a Teleperformance Company—were shut down following reports that they refused to accept formal correspondence from the FCCPC regarding a consumer complaint. The Commission cited further infractions, including obstruction of investigation and alleged assault of its officers during lawful duties.

Speaking to journalists at the scene, Mrs. Boladale Adeyinka, Director of Surveillance and Investigations at the FCCPC, explained: “This is an enforcement operation against TLS. On March 25, 2025, we served them a letter to address a consumer complaint, which they refused to accept. Instead, TLS officers assaulted our team, and in a subsequent visit on June 17, they also allegedly assaulted uniformed police officers.”

Citing Section 33 of the Federal Competition and Consumer Protection Act (FCCPA), Mrs. Adeyinka emphasized that failure to comply with Commission directives constitutes a criminal offense, punishable by imprisonment, fines of up to ₦20 million, or both.

TLS has been ordered to appear before the Commission on June 20, 2025, to provide testimony, submit evidence, and make formal depositions. The company may be held liable for any financial losses suffered by applicants due to the disruption of visa services.

Despite multiple requests for comment, management at TLS Contact declined to respond as of press time.


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How and Why N210 Trillion is Missing in NNPCL – CFO

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Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.

How and Why N210 Trillion is Missing in NNPCL - CFO

According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.

He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.

Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.

Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.

Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.

“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”

However,  Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.

Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.

“Forget about the senators’ lack of knowledge.

“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?

“If it’s a cash call, why hasn’t the disclosure said so?

“Which cash call is over 100 trillion?

“Something is definitely not right, and I hope they retrospectively correct that FS.

“Someone somewhere did a chef’s work,” he wrote on X.

 

 


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