Startups
DLM Trust Company Terminates Its Appointment as Escrow Trustee With Patricia Technologies Limited
DLM Trust completely disassociates itself from the press release by Patricia Technologies Limited on the 24th of October 2023. We were not aware of the publication nor did we consent to it.
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”).
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 town hall session is themed ‘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 from 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 a seed capital of N250m and has grown it to over N6 billion in just 15 years in shareholders’ funds as of the end of the third quarter (Q3) 2023.
We have borrowed, in terms of retail customer and institutional deposits, and capital market issuances over N31.2 billion and repaid the same. We will continue to remain a credible business and continue our servitude to all people.