DLM Terminates Appointment As Escrow Trustee With Patricia Tech

DLM Trust company has completely disassociated itself and members from the press release issued by Patricia Technologies Limited on the 24th of October 2023 on the consent of partnership between both companies.

DLM, in a statement to LEADERSHIP, hinted that, the company is not aware of the publication neither did it consent to it.

The statement further reads, “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 town hall session announcement, which Patricia has circulated through emails to customers. The town hall 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 apologise 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 withheld funds to its customers,” he said.

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 N6 billion in shareholders’ funds as at the end of 2023.