Kudiwave Technologies Limited has petitioned the Inspector-General of Police, Olatunji Disu, over the alleged withholding and transfer of N750 million from its PalmPay account, calling for an independent investigation into the handling of the funds by the Special Fraud Unit (SFU), Ikoyi, Lagos.
In the petition dated September 14, 2026, the company also disputed the police allegation that the funds were linked to a “round-tripping” scheme involving Master Solution Concept Limited, Kredilink Technologies Limited, Nexall Technologies Limited and other companies.
Through its solicitor, Tony Eseigbe & Co., Kudiwave alleged that the SFU linked the N750 million in its account to funds purportedly originating from United Bank for Africa Plc and transferred through the other companies.
The company, however, maintained that its transaction records did not support the allegation, insisting that it received the funds from Nexall Technologies Limited as part of a legitimate commercial transaction and provided the corresponding digital-asset value.
According to the petition, Kredilink founder, Opeyemi Dairo, was introduced to Master Solution on March 5, 2026, after the company presented itself as a merchant dealing with Nomba Bank and requiring fiat-to-digital-asset settlement services.
The petition said a Know-Your-Business process was completed, followed by a test transaction of $3,556.18 before subsequent transactions were conducted.
It also quoted Nexall’s Operations Lead and co-founder, Ayandoye Pelumi Olawale, as saying that Kudiwave requested liquidity from Nexall on March 28, 2026, in exchange for USDT.
Nexall, according to the petition, sourced the naira from several independent counterparties, including N200 million from Kredilink, which was paid from a Nomba Bank MFB account.
The petition stated that the N200 million from Kredilink was only one of several inflows received by Nexall that day.
Other identified inflows included N199.8 million from Fintrix Technologies Limited, N282.4 million from Sturdi-Steel Nigeria Limited and N101,697,888 from GreatRex Global Concepts, bringing the listed inflows to N783,897,888.
Kudiwave claimed Nexall subsequently transferred N750 million to its PalmPay account in three separate N250 million transactions.
The company questioned the basis for treating the entire N750 million as proceeds of an alleged transaction involving UBA, particularly when, according to its petition, only N100 million of Kredilink’s N200 million transaction was allegedly flagged.
Kudiwave also referred to a separate Federal High Court case, United Bank for Africa Plc v. Master Solution Concept Limited & 21 Ors, marked FHC/L/CS/680/2026, involving an April 1, 2026 order concerning an alleged erroneous transfer of N713,913,076.32.
The company noted that neither Nexall nor Kudiwave was joined as a defendant in that suit and maintained that the N713.9 million referenced in the case was different from the N750 million transferred to its PalmPay account.
Kudiwave further alleged that the funds were moved to a Police Recovery Account despite a subsequent Federal High Court order setting aside the earlier directive and ordering the removal of restrictions on its account.
According to the petition, PalmPay informed the SFU in a July 28, 2026 letter that Justice Kala of the Federal High Court had, on July 22, set aside the June 29 orders directing the reversal of funds from Kudiwave’s account and ordered that all restrictions be lifted.
PalmPay subsequently requested the return of N750,369,439.04 from the Police Recovery Account to Kudiwave’s PalmPay account, the petition stated.
Kudiwave is asking the IGP to order a forensic tracing of the funds, obtain the bank statements of all companies involved, investigate the circumstances surrounding the arrest and detention of its representatives and determine the legal basis for the continued withholding of the money.
Counsel to Kudiwave, Prince Kalu, said the company formally petitioned the IGP because of what he described as inconsistencies in the accounts provided by the parties.
Kalu alleged that an earlier petition submitted to the police was referred to the other parties for a response, after which the funds were allegedly described as money recycled from Master Solution to Kredilink, then to Nexall and eventually to Kudiwave.
He maintained that transaction records available to Kudiwave did not support that account.
Kalu also alleged that a former Commissioner of Police attached to the SFU collected the dollar equivalent of N5 million from him and promised to lift the post-no-debit restriction on Kudiwave’s account. The allegation has not been independently established.
He said Kudiwave subsequently expected the restriction to be lifted but was informed by PalmPay that an order had been obtained directing the transfer of the funds to a police account.
According to Kalu, the June 29 order was served on the parties on July 1, after which Kudiwave filed an application on July 3 seeking a stay of execution and an order setting aside the directive.
He said the application was argued on July 13, with the court fixing July 22 for its ruling.
Kalu alleged that the N750 million was nevertheless transferred on July 15, before the court delivered its ruling.
He further alleged that the money was not transferred to the Police Exhibit Account specified in the June 29 order but to a PalmPay business account with Access Bank.
Kalu said Kudiwave discovered that the funds were 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.
He maintained that the July 22 ruling required the funds to be returned to Kudiwave and argued that an appeal or application for a stay should not justify retaining the money.
Kalu called for an independent investigation into the transactions, urging the police to establish the source and movement of each payment rather than treat the entire N750 million as proceeds of fraud.
Meanwhile, PalmPay Limited has approached the Lagos State High Court seeking an order restraining Kudiwave from making or circulating statements concerning the transfer of the funds.
In a Motion on Notice dated September 4, 2026, PalmPay asked the court to restrain Kudiwave, its servants, agents, privies and persons acting on its behalf from issuing, publishing, sponsoring or circulating statements relating to the transfer of N750,369,439.04 from Kudiwave’s account to the designated Police Recovery Account.
The application was filed pursuant to Order 42 Rule 8 and Order 43 Rule 1 of the Lagos State High Court Civil Procedure Rules 2019, as well as the court’s inherent jurisdiction.
PalmPay is represented by Dr Babatunde Ajibade, SAN, alongside Dr Kolawole Mayomi, Emmanuel Bassey, Ahmad Dasuki and Ayanfeoluwa Aina of S.P.A. Ajibade & Co.
The company had earlier disputed Kudiwave’s claim that the June 29 order had been set aside before the funds were transferred, maintaining that the order remained in force when the transfer was made.
