DLM Trust Company Terminates Appointment as Escrow Trustee With Patricia Technologies

DLM Trust has officially debunked and dissociated itself from the press statement issued by Patricia Technologies Limited on October 24, 2023, alleging a partnership agreement between the two companies. 

In a statement signed by Mrs Ololade Razaaq, Managing Director, DLM Trust and issued to BrandArena on Thursday, October 26, 2023, the company states that the media reports on the appointment were misrepresented as a 'partnership', and that DLM Trust was unaware of the publication, which was syndicated without its consent. DLM Trust stressed that the business relationship with Patricia Technologies is not a 'partnership,' as falsely portrayed but a mere Escrow appointment. 

DLM Trust Company stated that it 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 themed as ‘Patricia Relaunch, DLM Partnership and All You Need to Know’. 

Mrs Ololade Razaaq,
Managing Director, DLM Trust Company 

"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", part of the statement reads. 

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 of the end of 2023. We have borrowed in terms of retail customer and institutional deposits, and capital market issuances over N31.2 billion and repaid same. We will continue to remain a credible business and continue our servitude to all people.