KudiWave Technologies Limited has raised questions over PalmPay Limited’s movement of N750,369,439.04 from its account while a legal challenge concerning the funds was already before the Federal High Court in Lagos.
The company is seeking a full account of the transactions, including the instructions behind them, the destination of the money and the identity of the beneficiary.
The concerns followed a review of KudiWave’s account records after access was restored. The records showed that funds were moved on July 11, 2026 and returned the same day. Four days later, N750,369,439.04 was removed from the account under the narration “Judicial Adjustment.”
KudiWave said it was not notified before the transactions were carried out and did not authorise them.
By the time the July 15 debit was made, the company had already challenged the June 29 order affecting its account. KudiWave filed its application on July 3, asking the Federal High Court to set aside the order and stay its execution, with the motion subsequently heard before Justice Ibrahim Ahmad Kala on July 13.
The court reserved its ruling after hearing the application, while KudiWave maintained that PalmPay had already been served with the challenge and did not file a counter affidavit opposing it. The N750,369,439.04 was, however, removed from the account two days after the hearing.
“What requires an answer is the complete transaction trail. Our funds were moved while the account was under restriction and while our challenge was before the court. We need to know who gave each instruction and where the money was sent,” KudiWave said.
The dispute had begun with an ex-parte order obtained through the Police Special Fraud Unit, Ikoyi, which placed restrictions on accounts belonging to several parties, including KudiWave Technologies Limited, for 90 days pending investigation.
Further proceedings later followed under Suit No. FHC/L/CS/795/2026 concerning funds standing to KudiWave’s credit with PalmPay, with the Federal High Court granting an application affecting the funds on June 29.
KudiWave subsequently approached the court to challenge the decision, maintaining that it had not been properly served with the processes leading to the order.
Justice Kala delivered his ruling on July 22 and granted KudiWave’s application, setting aside, vacating and discharging the June 29 order. The court also directed that the restriction placed on the company’s account be removed.
In reviewing the earlier proceedings, the court examined the manner in which the processes were purportedly served on KudiWave and questioned whether leaving the documents at a gate without sufficient identification of the company’s specific address could reasonably have brought the matter to its attention.
Justice Kala described the circumstances surrounding the service as “very curious.”
Although the July 22 decision came after the N750.37 million had left the account, KudiWave maintains that PalmPay was already aware that the June 29 order was being challenged before the transfer was made.
The destination of the money has also become a major part of the dispute.
KudiWave said the judicial process concerning the funds identified a designated Police Recovery Account linked to the Police Special Fraud Unit, but its transaction records show that the N750,369,439.04 was transferred to an Access Bank business account.
The company is demanding disclosure of the account holder and the documentation relied upon for the transfer.
“A transaction of this size should leave no uncertainty about the beneficiary. If the court process specified where the funds were to go, the records should establish clearly that the instruction was followed,” KudiWave said.
Questions have also been raised about what happened on July 11, when the funds were moved from the account and returned on the same day.
KudiWave said it had no knowledge of that movement at the time and only became aware of it after access to the account was restored.
The company has further stated that during earlier efforts to resolve the restriction, its Company Secretary, Barrister Prince Oko, met officers of the Police Special Fraud Unit, including CSP Aliyu Hussaini Musa and Inspector Bolaji.
KudiWave said that a demand for N50 million was made to facilitate the removal of the restriction. It rejected the demand.
KudiWave is now seeking a complete reconciliation of transactions carried out on the account throughout the restriction period, together with the instructions behind the movements and details of the beneficiary of the N750.37 million transfer.
The company is also considering further legal and regulatory action aimed at recovering the funds and establishing responsibility for the transactions.
Its position is that the account records should provide a clear explanation of what happened to the money during the restriction period, particularly the July 11 movement and the subsequent July 15 transfer.
KudiWave maintains that the outstanding issue is not simply that funds left the account, but whether every movement can be matched with a clear instruction, an identifiable beneficiary and the precise judicial authority governing the transaction.
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