N750m Dispute: Kudiwave Takes Protest to PalmPay, Demands Return of Funds
Wale Igbintade
Kudiwave Technologies Limited yesterday took its N750.36 million dispute with PalmPay to the streets, protesting at the payment platform’s Opebi Road office in Lagos and demanding answers over the transfer of the funds pursuant to a Federal High Court order that was subsequently vacated.
The company is demanding the immediate return of N750,369,439.04, which it said was debited from its PalmPay settlement account on July 15, 2026—two days after its challenge to the court order had been argued and ruling reserved.
The dispute has raised questions over the execution of court orders affecting funds held by payment platforms, particularly where the order is subsequently set aside.
Kudiwave’s Company Secretary, Prince Oko Kalu, said the entire balance in the company’s PalmPay account, number 8889232516, was debited at 3:38:31am on July 15.
He said the transaction description on the company’s statement read: “Judicial Adjustment – Cash_Access Bank_0552 Business_Account.”
Kalu said Kudiwave had moved the Federal High Court to set aside the order and stay its execution, with the application argued on July 13 and ruling reserved.
He questioned why the funds were transferred two days later while the company’s challenge remained pending.
The controversy arose from a June 29 order obtained by the Nigeria Police Force, through the Police Special Fraud Unit, in Suit No. FHC/L/CS/795/2026.
Under the order, PalmPay was directed to disclose the balance in Kudiwave’s account and “forthwith recover, reverse, and/or transfer” funds standing to the company’s credit to the Nigeria Police Force Microfinance Bank – Special Fraud Unit Account No. 0020269175, described as the Police Exhibit Account.
Kudiwave said it became aware of the order on July 2 and immediately challenged it.
But on July 15, according to the company, the N750.36 million was transferred.
Seven days later, the court set aside, vacated and discharged the June 29 order, and directed that restrictions on Kudiwave’s account be removed.
PalmPay acknowledged the subsequent ruling and confirmed that the restriction on the account had been lifted.
The central issue now is what happened to the N750.36 million transferred under the original order and who bears responsibility for returning it following the court’s decision.
Kudiwave has demanded that PalmPay disclose the identity of the beneficiary, including the account name, account number and Bank Verification Number, as well as the authority relied upon for the transfer.
They also demanded immediate reversal of the N750,369,439.04, with 21 per cent annual interest from July 15 until full repayment.
But PalmPay has rejected any suggestion that it acted outside the law.
According to PalmPay, the June 29 order was valid, binding and enforceable when the transfer took place.
According to him, PalmPay had no discretion to disregard the order and acted “strictly in compliance with the express terms of the Court’s Order and not on its own initiative.”
PalmPay said the funds were transferred to the designated Police Recovery Account in accordance with the court’s directive.
The company added that after the July 22 ruling, it engaged the police over implementation of the court’s decision.
Its position is that the police are now the custodians of the money and that any further steps concerning its return should therefore be directed to the Nigeria Police Force.
Kudiwave, however, is demanding greater transparency over the transaction.
At yesterday’s protest, the company called for an independent investigation into the transfer, including who authorised the debit, where exactly the funds were sent and the circumstances surrounding the transaction.
Kalu also appealed to the Inspector-General of Police, Olatunji Disu, to ensure the recovery of the funds and establish their whereabouts.
The company further alleged that the affected account was not merely a corporate operating account but a settlement account through which funds belonging to traders, freelancers, students and other small business owners were processed.
The dispute is also linked to a separate fundamental rights action filed by Kudiwave against the police.
In that suit, the company alleged that restrictions placed on its account disrupted its business operations.