KudiWave Technologies Limited has petitioned Inspector-General of Police Olatunji Disu, seeking an independent investigation into the movement and continued withholding of N750,369,439.04 linked to its PalmPay account.
The technology company wants the police leadership to establish how the funds moved following Federal High Court proceedings involving its account and determine the legal basis for their continued withholding.
According to PUNCH, the petition dated September 14, 2026 also challenges the Special Fraud Unit’s position linking the funds to an alleged round-tripping scheme involving Master Solution Concept Limited, Kredilink Technologies Limited, Nexall Technologies Limited and other entities.
KudiWave Technologies Limited maintains that the transaction records available to it do not support the claim that the entire amount represented proceeds connected to the disputed transactions. The company said it received the money from Nexall Technologies Limited through a legitimate commercial transaction and supplied the corresponding digital-asset value.
The petition has brought renewed attention to the PalmPay N750m Transfer and the circumstances surrounding the movement of the funds from KudiWave’s account.
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KudiWave Technologies Limited Questions Basis of PalmPay N750m Transfer
The petition traces the disputed funds through transactions involving several companies before the money reached KudiWave Technologies Limited.
Kredilink founder Opeyemi Dairo said he was introduced to Master Solution on March 5, 2026 after the company represented itself as a merchant requiring fiat-to-digital-asset settlement services. The petition said a Know-Your-Business process was completed and a test transaction of $3,556.18 took place before further transactions followed.
It also quoted Nexall Operations Lead and co-founder Ayandoye Pelumi Olawale as saying that KudiWave requested liquidity from Nexall on March 28 in exchange for USDT.
According to the petition, Nexall sourced naira from several independent counterparties. The identified inflows included N200 million from Kredilink, N199.8 million from Fintrix Technologies Limited, N282.4 million from Sturdi-Steel Nigeria Limited and N101,697,888 from GreatRex Global Concepts, totalling N783,897,888.
The petition said Nexall subsequently transferred N250 million in three separate transactions, totalling N750 million, to KudiWave’s PalmPay account.
KudiWave Technologies Limited questioned the basis for linking the entire N750 million to the disputed transaction when only N100 million of Kredilink’s N200 million transaction was said to have been flagged.
Court Proceedings Deepen PalmPay N750m Transfer Dispute
The petition also referred to United Bank for Africa Plc v Master Solution Concept Limited & 21 Ors, Suit No. FHC/L/CS/680/2026, where an April 1 order concerned an alleged erroneous transfer of N713,913,076.32.
KudiWave said neither it nor Nexall was a defendant in that suit and maintained that the N713.9 million identified in the case was different from the N750 million transferred into its PalmPay account.
The dispute later involved a June 29 Federal High Court order affecting funds in KudiWave’s account. After the order was served, KudiWave Technologies Limited filed an application on July 3 seeking a stay of execution and asking the court to set aside the directive.
The application was argued on July 13, with the court fixing July 22 for its ruling.
PalmPay removed N750,369,439.04 from KudiWave’s account on July 15 while the court had yet to deliver its ruling on KudiWave’s application.
On July 22, Justice Ibrahim Ahmad Kala of the Federal High Court set aside the June 29 orders directing the reversal of funds from KudiWave’s account and ordered the removal of restrictions.
The petition said PalmPay later wrote to the Special Fraud Unit on July 28 requesting the return of N750,369,439.04 from the Police Recovery Account to KudiWave’s PalmPay account.
KudiWave Technologies Limited Seeks Tracing of PalmPay N750m Transfer
Questions surrounding the destination of the money also form part of KudiWave’s petition.
Counsel to the company, Prince Kalu, said the June 29 order directed that the money be moved to a police account. He maintained that the PalmPay N750m Transfer instead moved the funds to a PalmPay business account with Access Bank.
Kalu said KudiWave discovered that the money was no longer in its account after the July 22 ruling when the company attempted to access the account following the court’s directive removing the restrictions.
The company is now asking the Inspector-General of Police to order forensic tracing of the funds and obtain relevant bank statements to establish how each payment moved.
It also wants the police to investigate the circumstances surrounding the arrest and detention of its representatives and establish the legal basis for the continued withholding of the money.
“If you say N100m went to A, you cannot jump to C and say because the money is now in C, take the whole money in C. That is not how tracing of funds works,” Kalu said.
For KudiWave Technologies Limited, the request for an independent investigation centres on establishing the source, movement and destination of the funds instead of treating the entire amount in its account as proceeds connected to the disputed transaction.
PalmPay Seeks Court Order Over PalmPay N750m Transfer Statements
The dispute has also reached the Lagos State High Court.
PalmPay Limited filed a Motion on Notice dated September 4, 2026 seeking to restrain KudiWave and persons acting on its behalf from issuing, publishing, sponsoring and circulating statements concerning PalmPay’s transfer of N750,369,439.04 from KudiWave’s account to what PalmPay described in its application as the designated Police Recovery Account.
The application was brought pursuant to Order 42 Rule 8 and Order 43 Rule 1 of the Lagos State High Court Civil Procedure Rules 2019 and the inherent jurisdiction of the court.
PalmPay had earlier disputed KudiWave’s position on the timing of the Federal High Court decision, maintaining that the June 29 order remained in force when it transferred the money.
That position remains part of the wider dispute as KudiWave Technologies Limited continues to seek answers about the authority, destination and handling of the money involved in the PalmPay N750m Transfer.
What This Means For Africa
The dispute raises broader questions about the handling and tracing of funds when commercial transactions become subjects of investigations and court proceedings.
As digital transactions connect businesses across multiple financial platforms, establishing the precise source and movement of disputed funds can become important when authorities seek to restrict accounts during investigations.
The case involving KudiWave Technologies Limited also places attention on what happens when court proceedings concerning restricted funds develop while the money is still being held by a financial institution.
The timing of the PalmPay N750m Transfer forms a central part of the dispute. KudiWave filed its application seeking a stay and the setting aside of the June 29 directive on July 3. The application was argued on July 13, PalmPay removed the funds on July 15, and the Federal High Court set aside the June 29 orders on July 22.
Questions about the destination of the money add another issue. KudiWave’s counsel maintains that the funds went to a PalmPay business account with Access Bank instead of the police account identified in the June 29 order. PalmPay, in its Lagos State High Court application, described the destination as the designated Police Recovery Account.
These competing positions make the transaction trail important to determining what happened to the N750,369,439.04.
The independent investigation sought by KudiWave Technologies Limited could therefore focus attention on bank records and the movement of each payment involved in the dispute.
For Africa’s technology and financial services sectors, cases involving disputed digital transactions also show the importance of transaction records when companies, financial institutions and law enforcement agencies disagree over the origin and destination of funds.
The outcome of the PalmPay N750m Transfer dispute will depend on the relevant court proceedings and any investigation undertaken by the authorities. KudiWave is asking the Inspector-General of Police to independently examine the transaction trail and establish the basis for the continued withholding of its funds.
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