PalmPay Limited has reportedly claimed that it does not know the address of KudiWave Technologies Limited and the owner of the account linked to their dispute, prompting KudiWave to present photographs and correspondence which it says establish PalmPay’s previous knowledge of both.
The claim followed KudiWave’s demand for explanations over N750,369,439.04 removed from its PalmPay account and questions surrounding the beneficiary and destination of the funds.
KudiWave is now responding with records of its previous dealings with PalmPay, including a photograph from a March 18, 2026 visit to its Lagos headquarters and two letters issued in July that identify the company and its account.
According to KudiWave, three senior Chinese PalmPay officials, accompanied by a Nigerian police escort, visited its Lagos office at about 8 p.m. on March 18 and were received at the premises.
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“We did not meet PalmPay officials at an unknown location. Three top Chinese officials from PalmPay came directly to our Lagos office with a Nigerian police escort, met with us there and a photograph was taken during the visit. We are presenting that record because PalmPay is now saying it does not know our address,” KudiWave said.
The company’s response also relies on a PalmPay letter dated July 28, 2026, which directly identifies KudiWave Technologies Limited and Account No. 8889232516.
Addressed to the Commissioner of Police, Special Fraud Unit, the letter referred to the July 22 ruling of the Federal High Court in Lagos and stated that the June 29 orders affecting KudiWave’s funds had been vacated and no longer had legal effect.
PalmPay then requested that the Nigeria Police Force take immediate steps to transfer N750,369,439.04 described in the letter as standing in the designated Police Recovery Account back to KudiWave Technologies Limited’s PalmPay account.
KudiWave Secretary Barrister Prince Kalu Oko said the reference to the company and its account in PalmPay’s own correspondence conflicts with the reported claim that the account owner is unknown.
“PalmPay named KudiWave Technologies Limited in that letter, stated our account number and asked the Police to return N750,369,439.04 to that account. If the owner of the account was unknown, it is difficult to explain how PalmPay could give those details in its own correspondence,” Barr. Prince said.
Another PalmPay letter dated July 6, 2026 also refers directly to KudiWave and the funds standing to its credit.
The correspondence, addressed to the Office of the Commissioner of Police, Police Special Fraud Unit, Ikoyi, acknowledged that PalmPay had been served on July 3 with KudiWave’s Motion on Notice challenging the June 29 court order and seeking a stay of its execution.
PalmPay stated that it considered it appropriate to await the court’s determination before taking further steps pursuant to the June 29 order. The letter also stated that KudiWave’s account remained under strict restriction at the time and that no transaction had been permitted on it.
KudiWave said its relationship with PalmPay extended beyond those letters. Before the dispute, it said PalmPay maintained a dedicated team of about 30 staff members who handled KudiWave-related matters and responded to enquiries concerning the company.
“These were continuing business dealings. PalmPay had personnel handling our matters, while three of its top Chinese officials had also visited our office with a Nigerian police escort, and its letters repeatedly identified KudiWave and our account. We are putting the records forward so the facts are clear,” Barr. Prince said.
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The disagreement developed from court proceedings involving funds held in KudiWave’s PalmPay account.
KudiWave challenged a June 29 order concerning the funds, maintaining that it had not been properly served with the processes leading to the decision. On July 3, the company filed an application asking the Federal High Court to set aside the order and stay its execution.
Justice Ibrahim Ahmad Kala heard KudiWave’s application on July 13 and reserved his decision.
While the case was awaiting the court’s ruling, KudiWave’s account records show that PalmPay removed N750,369,439.04 from the account on July 15 under the narration “Judicial Adjustment,” even though the account remained under restriction.
The account records also show that PalmPay had earlier moved funds from the account on July 11 and returned them the same day.
Justice Kala delivered his ruling on July 22, granting KudiWave’s application and setting aside, vacating and discharging the June 29 order. The court also directed that restrictions on the company’s account be removed.
PalmPay’s July 28 letter to the Police followed six days later. In it, PalmPay acknowledged that the June 29 orders had been vacated and requested the transfer of the N750,369,439.04 back to KudiWave’s identified PalmPay account.
A further issue remains over the trail of the funds. KudiWave’s account records show the July 15 transfer going to an Access Bank business account, while the court process referred to a designated Police Recovery Account.
PalmPay’s July 28 letter later described the N750.37 million as standing in the designated Police Recovery Account.
KudiWave is demanding a complete transaction trail showing how the funds moved, the beneficiary of the transaction and how the destination reflected in its account records relates to the Police Recovery Account referred to in the court process and PalmPay’s correspondence.
“What we’re asking for is an explanation supported by the transaction records. The same records should also resolve the question of who owns the account because PalmPay itself had already identified KudiWave as the account holder in writing,” KudiWave said.
PalmPay’s reported claim has therefore opened another question in the dispute. The records presented by KudiWave now form KudiWave’s response to the claim that its address and the ownership of the account are unknown.
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