TheMomentng reports that Plaude Technologies Limited and its affiliated entities are facing growing scrutiny following allegations of an unpaid $4.2 million balance, a ₦8.59 billion Police Special Fraud Unit investigation and other reported high-value commercial disputes.
Zacuten Technologies alleged that Plaude failed to complete a cross-border transaction valued at approximately $13.07 million.
According to the company, Plaude acknowledged transferring about $8.95 million, leaving an outstanding balance estimated at between $4.1 million and $4.2 million.
Zacuten said the debt had remained unresolved since March 2026 despite repeated requests for payment, supporting documentation and a definite settlement timetable.
“This is not a misunderstanding, and it is not a media dispute,” Zacuten’s Chief Executive Officer, Godsreal Ojinaka, said.
“Zacuten entered into a transaction worth more than $13 million. Millions of dollars remain outstanding. We have asked for answers, documentation and a timeline for payment.”
Plaude reportedly attributed the incomplete settlement to enhanced due-diligence procedures, banking restrictions, payment-corridor challenges and other operational difficulties.
Zacuten rejected the explanations as insufficient, insisting that they did not amount to payment or remove the underlying obligation.
“A delay is not payment. An explanation is not payment. A public statement is not payment,” Ojinaka said.
The company is demanding a complete account of the transaction, independent confirmation of all funds allegedly transferred and a verifiable plan to settle the outstanding balance.
Zacuten also alleged that a Banc of California cashier’s cheque dated March 6, 2026, and valued at $2,780,208 was presented as evidence of available funds.
It claimed that attempts to verify the cheque subsequently raised questions about its authenticity.
Plaude’s Chief Technology Officer, Dayo Osikoya, reportedly disputed the allegation and maintained that the cheque was authentic and had been deposited into an account.
Neither version of events has been independently established or determined by a court.
The controversy has deepened following an official statement issued by the Police Special Fraud Unit on May 11, 2026.
The SFU announced that it had secured a Federal High Court forfeiture order affecting accounts and assets linked to Plaude Technologies, Omberra Commodities Limited and several individuals.
According to the Unit, the separate investigation involved allegations of conspiracy, fraudulent conversion, obtaining money by false pretence, stealing and money laundering totalling ₦8,585,852,300.
The SFU said it obtained the forfeiture order pending the conclusion of its investigation.
It also alleged that its findings raised concerns about Plaude Technologies’ operational and financial capacity to fulfil certain representations made to investors and business partners.
The forfeiture order is interim and does not constitute a final judicial declaration of guilt.
Zacuten said the SFU’s findings were relevant to its dispute because it entered the $13.07 million transaction on the understanding that Plaude possessed the financial and operational capacity to complete it.
“The question we are now forced to ask is whether the financial capacity and representations that formed the basis of our transaction were capable of supporting an obligation of this size,” Ojinaka said.
Zacuten also referred to a separate complaint reportedly filed by Prudent Energy & Services Limited against Plaude Inc. before the United States District Court for the Northern District of California.
The complaint reportedly concerns an alleged $2.75 million foreign exchange dispute. The allegations remain subject to judicial proceedings and have not resulted in a final finding of liability.
The company further cited an unverified social media complaint by a representative of Tubim Energy, alleging that Plaude received naira for a foreign exchange transaction but failed to remit the promised dollars.
Zacuten claimed it had received information suggesting that other businesses may have encountered similar unresolved transactions involving Plaude or associated individuals.
It said the additional claims could exceed $15 million but acknowledged that the information remained subject to verification and that some alleged claimants had not authorised public disclosure.
Zacuten urged businesses, investors and financial institutions contemplating major transactions with Plaude to independently verify the company’s financial capacity, source of funds, banking arrangements, payment instruments, regulatory status, beneficial ownership and history of commercial disputes.
Plaude and all individuals named in the allegations remain entitled to the presumption of innocence. The various allegations have not been finally determined by a court.
