KudiWave disputes N750m PalmPay transfer

KudiWave Technologies Limited is challenging the transfer of N750,369,439.04 from its account with PalmPay Limited, which occurred on July 15, 2026, under the narration 'Judicial Adjustment'. The company claims the transfer was made without its authorization or prior notification, and that PalmPay relied on a Federal High Court order dated June 29, 2026. KudiWave had filed a motion on July 3 to set aside that order, which was heard on July 13. The court, presided over by Justice Ibrahim Ahmad Kala, set aside the order on July 22, citing concerns about the service of processes. KudiWave also alleges that the funds were transferred to an Access Bank business account rather than the Police Recovery Account specified in the court order, and that funds were moved on July 11 and returned the same day. The company is demanding disclosure of the beneficiary and the authority for the transfer, and is considering further legal and regulatory action. Additionally, KudiWave alleges that its Company Secretary, Prince Oko, was asked for N50 million to facilitate the removal of an earlier restriction on its account, a claim that has not been determined by a court.