DLM Trust Company Terminates Patricia Technologies’ Appointment as Escrow Trustee, Debunks Media Reports
DLM Trust Company has announced that it’ has terminated the appointment as the Escrow Trustee to Patricia Technologies Limited. It also dissociated itself from the townhall session announcement, which Patricia had circulated through emails to customers with theme ‘Patricia Relaunch, DLM Partnership and All You Need to Know’.
The company in a statement made available to Brand Times and signed by its Managing Director, Mrs Ololade Razaaq, said the news of the appointment of DLM Trust has been falsely portrayed in the media as a ‘partnership’ between both companies which is incorrect.
“The news of the appointment of DLM Trust has been falsely portrayed in the media publications as a ‘partnership’ between both companies. DLM Trust Company wishes to clarify that the business relationship with Patricia Technologies is not a ‘partnership,’ as falsely portrayed but a mere Escrow appointment.
“DLM Trust Company was appointed as Escrow Trustee by Patricia Technologies to coordinate the management and disbursement of customers funds in Naira, in an Escrow Agreement dated 18th October 2023 (the “Agreement”),” the statement reads.
Furthermore, it stated that” On this note, DLM Trust Company in accordance with clause 20 of an Agreement signed between DLM Trust Company and Patricia Technologies which stated that the agreement should not be construed as a partnership by any of the parties; announces its termination as Escrow Trustee to Patricia Technologies and dissociates itself from the townhall session announcement, which Patricia has circulated through emails to customers. The townhall session themed as ‘Patricia Relaunch, DLM Partnership and All You Need to Know’.
“We want to make it clear that DLM Trust Company has no affiliation with Patricia Technologies or any digital money companies, whether operating in Nigeria or offshore.
“It was our initial intention to assist thousands of Nigerians as an assigned Escrow to disburse their withheld funds with Patricia Technologies through the Naira Escrow Trust accounts; however in light of this situation, we sincerely apologize to all whose hopes were restored in anticipation of the disbursement by DLM Trust Company. We are also not liable and will not be held accountable for Patricia Technologies’s withheld funds to its customers.”
DLM Trust is a member of DLM Capital Group. This is a company that critically values business ethics, slowly but steadily growing from 2009 from seed capital of N250m and over approximately, 15 years to over N6bn in shareholders funds as at the end of 2023. We have borrowed in terms of retail customer and institutional deposits, and capital market issuances over N31.2Billion and repaid same. We will continue to remain a credible business and continue our servitude to all people.