Kudiwave Petitions IGP Over N750m PalmPay Funds, Demands Forensic Investigation

Kudiwave Technologies Limited has petitioned the Inspector-General of Police, Olatunji Disu, over the alleged transfer and continued withholding of N750 million from its PalmPay account.

The company, through its solicitor, Tony Eseigbe & Co., in a petition dated September 14, 2026, is seeking an independent and forensic investigation into the circumstances surrounding the movement of the funds by the Special Fraud Unit (SFU), Ikoyi, Lagos.

Kudiwave also challenged allegations linking the money to an alleged “round-tripping” transaction involving funds purportedly originating from United Bank for Africa Plc (UBA).

According to the company, the N750 million was received from Nexall Technologies Limited as part of a legitimate commercial transaction in exchange for digital assets.

Kudiwave alleged that the SFU, however, linked the funds in its PalmPay account to money purportedly originating from UBA and subsequently moving through several companies.

How the N750m Transaction Began

Kudiwave said the transaction originated after Kredilink founder, Opeyemi Dairo, was introduced to Master Solution Concept Limited on March 5, 2026.

According to the petition, Master Solution had presented itself as a merchant dealing with Nomba Bank and requiring fiat-to-digital-asset settlement services.

The company said it subsequently completed a Know-Your-Business process with the merchant, after which a test transaction worth $3,556.18 was conducted.

Kudiwave said further transactions followed, with Nexall Technologies later becoming involved in the provision of naira liquidity in exchange for USDT.

The petition quoted Nexall Technologies’ Operations Lead and co-founder, Ayandoye Pelumi Olawale, as saying that Kudiwave requested liquidity from Nexall on March 28, 2026.

According to the account, Nexall sourced the naira from several independent counterparties, including N200 million received from Kredilink through a Nom Ban

Comments

How Celevend Is Solving Nigeria's Event Vendor Problem: A Platform Built for Trust and Transparency

How Celevend Is Solving Nigeria's Event Vendor Problem: A Platform Built for Trust and Transparency By Ayodele Oyeniyi From wedding photography to catering to venue booking one app simplifies event planning across 24 service categories with verified vendors, real portfolios, and secure payments. Planning an event in Nigeria still means navigating fragmented vendor networks, uncertain pricing, and the risk that your hired photographer won't show up or your caterer will deliver subpar work. The friction is real. Without a centralized platform, event planners whether couples planning weddings, families organizing naming ceremonies, or diaspora Nigerians coordinating from abroad rely on referrals, social media profiles, and hope. Vendors operating independently on Instagram and WhatsApp have no way to systematically reach customers or maintain booking accountability. The Celevend Solution Celevend addresses this directly. The mobile marketplace connects customers actively plann...

What Mintslate Media’s Job Seekers Teaches Us About Politeness, Power, And Survival At Work

Politeness is often praised as professionalism. But in many workplaces, it is also a form of control. Mintslate Media’s upcoming psychological horror film Job Seekers examines how politeness operates as an unspoken rule within professional systems, especially when power is uneven and opportunity is scarce. Rather than presenting the workplace as neutral, the film reveals how survival can depend on silence, compliance, and emotional restraint. Founded in February 2025 by filmmaker Seyi Oluwatimilehin, Mintslate Media was created to tell stories rooted in lived experience. Job Seekers, directed by Seyi Oluwatimilehin and Alan Vega, reflects that vision by centering its story on Maya, a young immigrant attending a job interview that could determine her right to stay. “One of the reasons I founded Mintslate Media was to tell stories that are real, stories that are relatable, honest, and true to our time and existence,” Seyi Oluwatimilehin says. “Every one of these films carries a piece of ...

Anuju Emerges as a Nigerian-Built Travel Tech Platform Making Global Travel More Affordable

As international travel rebounds and Nigerians increasingly look beyond borders for education, business, leisure, and relocation, access to affordable and transparent travel booking remains a major challenge. Rising airfare costs, foreign currency pressures, and platforms that are not fully tailored to local realities continue to limit options for many travelers. Addressing this gap is Anuju Ltd, a Nigerian-focused travel technology company launched in 2025 with a clear mission: to help Nigerians access low-priced flights and hotels worldwide through technology built around local needs. Operating via its web platform anuju.com and mobile applications available on the Google Play Store and Apple App Store, Anuju positions itself as a modern travel marketplace designed specifically for Nigerian travelers. A Tech-Driven Platform with Global Reach Anuju partners with over 700 airlines and more than 1 million hotels worldwide, giving users access to a broad inventory of international and do...

Business Report

Search This Blog