Nigerian politician arrested for stealing $760k in FinTech hack

Nigerian politician, Wilfred Bonse has been arrested for reportedly stealing ₦607 million ($760,000) from the accounts of a FinTech called Patricia in a  $2 million hack last year.

Nigerian Police Force said Bonse, who withdrew from Cross River governorship race in 2023, diverted the money into his account through a cryptocurrency wallet with the help of other accomplices.

Patricia was able to fish Bonse out just four days after its repayment plan was due to start, and made a report to the police for his arrest.

Patricia suffered a hack in 2022 which cost it $2 million in customer funds. The hack led to several customers being unable to withdraw funds. Since then, Patricia has tried several measures to reassure customers including relaunching its app, offering to turn customer assets into a new Patricia Token, raising funds to repay customers, and even offering customers shares in exchange for their stuck funds.

While, in a May disclosure, the company said it had pinpointed a single culprit, it declined to disclose any details regarding the individual. Bonse is likely the culprit in this scenario.

It is however still not clear yet if the funds have been recovered from Bonse. In a press release, Patricia’s CEO Hanu Fejiro said recovery of the amount, while incomplete, would “go a long way to soothe Patricia users.”

So far, the company claims it began refunding customers on November 20 as planned, but several customers have declined receiving any payment.