KudiWave оспаривает списание 750 млн со счета PalmPay и требует разъяснений по получателям средств

KudiWave disputes ₦750m PalmPay debit, questions destination of funds KudiWave Technologies Limited has challenged a ₦750.37 million debit from its account with PalmPay Limited, raising questions over the destination of the funds and the court order cited in connection with the transaction. The company said the transaction, valued at ₦750,369,439.04, appeared on its account on July 15, 2026, with the description “Judicial Adjustment”. KudiWave said the transaction was carried out without prior notification to or authorisation from the company. According to the company, PalmPay attributed the transaction to an order of the Federal High Court in Lagos made on June 29, 2026, in proceedings involving the Inspector-General of Police. KudiWave said it subsequently challenged the order, and that the Federal High Court on July 22 set aside, vacated and discharged the June 29 order. The dispute followed an investigation by the Police Special Fraud Unit, Ikoyi, which had earlier obtained an ex-parte order placing a 90-day Post-No-Debit restriction on accounts belonging to several parties, including KudiWave. KudiWave said it later became aware of separate proceedings in which the police sought an order relating to funds standing to its credit with PalmPay. The application came before Justice Ibrahim Ahmad Kala of the Federal High Court on June 29, with the court granting the relief sought, according to KudiWave. The company 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 that led to the June 29 decision. KudiWave said PalmPay and the police were served with the application before it was heard on July 13. According to the company, the matter was adjourned for ruling after the hearing. Two days later, on July 15, the ₦750.37 million transaction was recorded on its account. KudiWave said the Federal High Court subsequently ruled on July 22 in its favour, setting aside, vacating and discharging the June 29 order and directing that restrictions placed on the company’s account be removed. The company said the court examined the circumstances surrounding the service of the earlier processes on KudiWave and raised questions about whether the manner in which the processes were purportedly delivered was sufficient to bring the proceedings to the company’s attention. KudiWave said the court found merit in its application and consequently set aside the earlier order. The company is now questioning whether the July 15 transfer was carried out in accordance with the terms of the June 29 order. KudiWave also raised questions about other movements involving the funds during the restriction period. According to the company, its account records showed that the funds were transferred on July 11 and returned to the account later that same day, before another transfer was recorded on July 15. KudiWave said the transactions took place while the account was restricted and that it only became aware of the movements after access to the account was restored. The company said it understood the June 29 order to provide for the transfer of the identified funds to a Police Recovery Account or an account associated with the Police Special Fraud Unit. KudiWave alleged that records available to it instead showed that the ₦750.37 million was transferred to an Access Bank business account. The company said the alleged discrepancy has made the identity of the beneficiary and the authority for the transfer central to its concerns. KudiWave said it wants PalmPay to disclose the account that received the funds, the identity of the beneficiary, the instruction authorising the transaction and the specific provision of the court order relied upon for the transfer. It is also seeking clarification on when PalmPay received the relevant court process and why, according to KudiWave, the transfer was completed after the financial institution had been notified of the pending application challenging the June 29 order. KudiWave maintained that its concern was not with the obligation of financial institutions to comply with valid court orders, but with whether the transaction on its account corresponded with the specific terms of the order relied upon. The company also alleged that, while attempting to resolve the initial restriction on its account, its Company Secretary, Barrister Prince Oko, met with officers of the Police Special Fraud Unit and that a ₦50 million payment was requested in connection with efforts to remove the restriction. KudiWave said it rejected the alleged request. The allegation has not been independently established and has not been determined by a court. The company said it is considering further legal and regulatory action over the transaction and is seeking recovery of the funds as well as a full reconciliation of the movements involving the ₦750.37 million. The dispute has raised questions for KudiWave about the procedures followed in executing court orders affecting its account, particularly in circumstances where the underlying order was being challenged before the court. KudiWave said it wants a clear account of the transaction, including an explanation of the destination of the funds and how the transfer corresponded with the court order relied upon.