DLM Trust Company terminates escrow agreement with Patricia Technologies

Business a.m

DLM Trust, a leading Nigerian company, has disassociated itself from a press release issued by Patricia Technologies on October 24, 2023, stating that it was not aware of the publication and did not give consent for it.

In addition, DLM Trust clarified that its relationship with Patricia Technologies is not a “partnership,” as claimed in the media reports, but rather a simple escrow appointment.

The company stated that it did not give its consent for the media reports and asked the public to disregard the false statements made in the publications.

DLM Trust further explained that it had been appointed as the escrow trustee by Patricia Technologies to manage and disburse customer funds in Naira under an agreement dated October 18, 2023 (the “Agreement”).

The company emphasszed that, in accordance with clause 20 of the Agreement, which states that neither party should interpret the agreement as a partnership, it is terminating its role as escrow trustee for Patricia Technologies and disassociating itself from the town hall announcement made by Patricia

DLM Trust Company further clarified that it is not affiliated with Patricia Technologies or any other digital money companies operating in Nigeria or abroad.

The company explained that it had originally intended to assist thousands of Nigerians by disbursing their funds held in escrow by Patricia Technologies via the Naira escrow trust accounts.

However, in light of the current situation, DLM Trust Company  apologised to all those who had hoped for it to disburse their funds and stated that it was not liable for and would not be held responsible for Patricia Technologies’ withholding of funds from its customers.

DLM Trust stated that it is a member of the DLM Capital Group, which places a high value on business ethics and has steadily grown from a seed capital of N250 million in 2009 to approximately N6 billion in shareholders’ funds by the end of 2023. The company also noted that it  has accessed and repaid capital market issuances and retail and institutional deposits totaling over N31.2 billion.

The company emphasized its integrity and stated that it adheres to the highest standards of corporate governance, always acting in accordance with applicable laws and regulations. It also pointed out that it has a proven track record of meeting its financial obligations to its clients and lenders.