KudiWave Technologies Limited has challenged a ₦750,369,439.04 debit from its account with PalmPay Limited, questioning the destination of the funds and the court order relied upon for the transaction.
The transaction, described as “Judicial Adjustment”, was recorded on July 15, 2026, and was attributed by PalmPay to an order of the Federal High Court in Lagos issued on June 29 in proceedings involving the Inspector-General of Police.
KudiWave, however, said the order was subsequently set aside, vacated and discharged by the court on July 22 after the company challenged the circumstances under which it was obtained.
The dispute arose from an investigation by the Police Special Fraud Unit, Ikoyi, which had earlier secured an ex-parte order imposing a 90-day Post-No-Debit restriction on accounts belonging to several parties, including KudiWave.
A separate application was later filed by the police seeking an order concerning funds belonging to KudiWave with PalmPay. The relief was granted by Justice Ibrahim Ahmad Kala on June 29.
KudiWave subsequently filed an application on July 3 seeking to set aside the order and stay its execution, arguing that it had not been properly served with the processes leading to the decision.
The company said PalmPay and the police were served with the application before it was heard on July 13. However, the ₦750.37 million was transferred from its account on July 15, two days after the hearing.
On July 22, the court set aside the June 29 order and directed that restrictions placed on KudiWave’s account be removed.
KudiWave is now questioning whether the July 15 transaction was executed in accordance with the terms of the earlier order. It alleged that the order provided for the funds to be transferred to a Police Recovery Account or an account associated with the Police Special Fraud Unit, while records available to it indicated that the money was transferred to an Access Bank business account.
The company is seeking disclosure of the beneficiary’s identity, the receiving account, the instruction authorising the transaction and the specific provision of the court order relied upon.
KudiWave also alleged that a ₦50 million payment was demanded from its Company Secretary, Barrister Prince Oko, by officers of the Police Special Fraud Unit to facilitate the removal of the account restriction. The allegation has not been determined by a court.
The company said it was considering further legal and regulatory action and seeking recovery of the funds and a full reconciliation of the transaction.
Responding to the allegations, PalmPay rejected claims that it unlawfully debited KudiWave’s account, maintaining that the transaction was carried out pursuant to a valid Federal High Court order.
KudiWave, however, maintained that PalmPay should provide a clear account of the transaction and explain why the alleged destination of the funds differed from the account contemplated in the court proceedings.
