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| KudiWave Technologies Limited |
PalmPay Limited is facing fresh questions over the movement of N750,369,439.04 from an account belonging to KudiWave Technologies Limited while a legal challenge concerning the funds was pending before the Federal High Court in Lagos.
KudiWave is demanding a full explanation of the transactions recorded on the account, including an earlier movement of funds on July 11, 2026, before the N750.37 million was taken out again on July 15 under the narration “Judicial Adjustment.”
The fintech company said it was not informed before the transactions were carried out and did not authorise the movement of the funds.
A review of the account after access was restored showed that money was moved out on July 11 and returned on the same day.
Four days later, N750,369,439.04 was transferred from the account.
The transactions occurred during a legal dispute over an order made by the Federal High Court on June 29, 2026, affecting funds standing to KudiWave’s credit.
KudiWave had approached the court on July 3 to challenge the June 29 order and seek a stay of its execution.
The application came before Justice Ibrahim Ahmad Kala on July 13 and was heard before the matter was adjourned for ruling.
KudiWave maintains that PalmPay had been served with the application challenging the order before the N750.37 million was moved on July 15.
PalmPay, however, did not file a counter affidavit opposing its challenge.
“What we are asking for is accountability for every movement on the account. The records should establish who gave the instructions, when they were given and where the funds ultimately went,” KudiWave said.
The dispute began after an ex parte order obtained through the Police Special Fraud Unit, Ikoyi, placed restrictions on several accounts, including KudiWave’s account, for a period of 90 days pending investigation.
Further proceedings were later brought before the Federal High Court under Suit No. FHC/L/CS/795/2026 concerning funds belonging to the company.
The court granted an application on June 29. KudiWave later challenged the order, maintaining that it had not been properly served with the processes leading to the decision.
On July 22, Justice Kala granted KudiWave’s application and set aside, vacated and discharged the June 29 order.
The court also directed that the restriction placed on KudiWave’s account be removed.
In reviewing the matter, the court examined the circumstances surrounding the service of the processes leading to the earlier decision.
The ruling questioned whether leaving the court documents at a gate without clearly identifying KudiWave’s specific address could reasonably have brought the proceedings to the company’s attention.
The court described the circumstances surrounding the service as “very curious.”
The July 22 decision came after the disputed July 15 transfer, but KudiWave maintains that PalmPay was already aware that the June 29 order was being challenged when the funds were moved.
Attention has also turned to the account that received the N750,369,439.04.
KudiWave said the judicial process relating to the funds identified a designated Police Recovery Account linked to the Police Special Fraud Unit.
The company’s account records show a transfer to an Access Bank business account.
That difference has prompted KudiWave to demand the identity of the beneficiary and the documents authorising the payment.
“If the funds were meant for a specified destination, the transaction trail should show exactly that. There should be no uncertainty over the beneficiary of more than N750 million,” the company said.
KudiWave is also seeking an explanation for the July 11 movement of funds while the account remained under restriction.
The company said it had no knowledge of the transaction when it occurred and only discovered it after regaining access to the account.
KudiWave has further stated that its Company Secretary, Barrister Prince Oko, met officers of the Police Special Fraud Unit, including CSP Aliyu Hussaini Musa and Inspector Bolaji, during attempts to address the restriction.
It said that a demand for N50 million was made to facilitate the removal of the restriction.
KudiWave said it rejected the demand.
The company is now seeking a complete reconciliation of transactions carried out during the restriction period and is considering further legal and regulatory steps aimed at recovering the N750,369,439.04.
The questions before PalmPay now go beyond the existence of the June 29 proceedings.
KudiWave wants the financial institution to account for the July 11 movement, explain the July 15 transfer and identify the beneficiary of the N750.37 million.
KudiWave maintains that significant questions will remain over the handling of its funds unless the full transaction trail, the authority behind the movements and the identity of the final beneficiary are clearly established.