Kudiwave Technologies Limited has petitioned the Inspector-General of Police, Olatunji Disu, over the alleged transfer and continued withholding of about ₦750 million from its PalmPay account, calling for an independent investigation into the Special Fraud Unit’s handling of the funds.
In the petition dated September 14, 2026, Kudiwave also disputed allegations that the money was connected to an alleged round-tripping transaction involving Master Solution Concept Limited, Kredilink Technologies Limited, Nexall Technologies Limited and other companies.
Through its lawyers, Tony Eseigbe & Co., Kudiwave said the Special Fraud Unit linked the funds in its account to money allegedly originating from United Bank for Africa Plc before passing through a number of companies.
Kudiwave rejected that account, insisting that the ₦750 million it received from Nexall Technologies Limited arose from a legitimate commercial transaction for which it supplied corresponding digital assets.
Kudiwave Explains Origin of Transaction
According to the petition, Kredilink founder Opeyemi Dairo was introduced to Master Solution Concept Limited on March 5, 2026. Master Solution allegedly presented itself as a merchant dealing with Nomba Bank and seeking fiat-to-digital-asset settlement services.
Kudiwave said a Know-Your-Business verification process was conducted, followed by a test transaction worth $3,556.18 before further dealings took place.
The petition also cited Nexall Technologies’ Operations Lead and co-founder, Ayandoye Pelumi Olawale, as stating that Kudiwave approached Nexall for liquidity on March 28, 2026, in exchange for USDT.
According to Kudiwave, Nexall obtained naira liquidity from several independent counterparties, including ₦200 million received from Kredilink through a Nom Bank MFB account.
The company maintained that Kredilink’s ₦200 million payment was only one of several deposits received by Nexall that day.
Other transactions identified in the petition included ₦199.8 million from Fintrix Technologies Limited, ₦282.4 million from Sturdi-Steel Nigeria Limited and ₦101,697,888 from GreatRex Global Concepts, bringing the identified inflows to ₦783,897,888.
Kudiwave said Nexall subsequently made three separate transfers of ₦250 million each to its PalmPay account, amounting to ₦750 million.
The company questioned why the entire ₦750 million was treated as proceeds allegedly linked to a UBA-related transaction when, according to its account of events, only ₦100 million from Kredilink’s ₦200 million transaction had been flagged.
Company Disputes Connection to UBA Case
Kudiwave also referred the IGP to a separate case before the Federal High Court, United Bank for Africa Plc v. Master Solution Concept Limited & 21 Ors, marked FHC/L/CS/680/2026.
According to the company, an April 1, 2026 order in the case related to an alleged erroneous transfer of ₦713,913,076.32.
Kudiwave stressed that neither it nor Nexall was listed as a defendant in the UBA case. It also argued that the ₦713.9 million mentioned in the suit was different from the ₦750 million subsequently transferred into its PalmPay account.
The company therefore urged investigators to trace the individual transactions involved rather than classify the entire ₦750 million as proceeds of an allegedly fraudulent transaction.
Questions Raised Over Movement of Funds
Kudiwave’s petition also questioned the transfer of the money to what it described as a Police Recovery Account despite a subsequent Federal High Court decision that, according to the company, set aside an earlier order and directed that restrictions on its account be removed.
The company said PalmPay informed the SFU in a July 28, 2026 letter that the Federal High Court had, on July 22, set aside the June 29 orders directing the reversal of funds from Kudiwave’s account.
According to the petition, PalmPay subsequently requested the return of ₦750,369,439.04 from the Police Recovery Account to Kudiwave’s PalmPay account.
Kudiwave is now asking the IGP to order a forensic review of the transactions, including an examination of the bank statements of the companies involved.
It is also seeking an investigation into the arrest and detention of its representatives and clarification of the legal basis for the continued withholding of the funds.
Lawyer Questions Timing of Transfer
Kudiwave’s counsel, Prince Kalu, said the decision to petition the IGP followed what he described as inconsistencies surrounding the transactions and subsequent movement of the money.
Kalu alleged that an earlier petition was referred to other parties for their response and that their explanation portrayed the funds as money transferred from Master Solution to Kredilink, then to Nexall and ultimately to Kudiwave.
He maintained that transaction records available to Kudiwave did not support that account.
Kalu argued that investigators should trace the specific amount suspected to be linked to an alleged fraud rather than seize the entire balance of an account simply because some disputed funds may have passed through related accounts.
The lawyer also alleged that a former Commissioner of Police attached to the SFU received the dollar equivalent of ₦5 million from him after promising that a post-no-debit restriction on Kudiwave’s account would be lifted. The allegation has not been independently verified.
According to Kalu, Kudiwave later learned from PalmPay that a court order had been obtained directing that the money be transferred to a police account.
He said 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 asking the court to set aside the directive.
Kalu said the application was heard on July 13 and a ruling scheduled for July 22. He alleged, however, that the ₦750 million was moved on July 15, before the court delivered its decision.
He further alleged that the funds were transferred not to the Police Exhibit Account specified in the June 29 order but to a PalmPay business account maintained with Access Bank.
Kalu said Kudiwave discovered the money was no longer in its account after the July 22 ruling when it attempted to access the funds following the court’s directive removing the restrictions.
He maintained that the court’s decision required the money to be returned to Kudiwave and rejected arguments that an appeal or application for a stay justified its continued withholding.
Kudiwave Calls for Independent Probe
Kudiwave is demanding an independent investigation to establish the precise source and destination of each transaction connected to the disputed funds.
Kalu argued that investigators should determine the movement of each payment and establish responsibility before treating the entire ₦750 million as proceeds of fraud.
PalmPay Seeks Court Intervention
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 money.
In a Motion on Notice dated September 4, 2026, PalmPay asked the court to restrain Kudiwave and those acting on its behalf from publishing or circulating statements relating to the transfer of ₦750,369,439.04 from Kudiwave’s account to the designated Police Recovery Account.
PalmPay had previously disputed Kudiwave’s position regarding the timing and effect of the court orders. The company maintained that the June 29 order remained valid when the transfer was carried out.
The disagreement is now the subject of court proceedings, while Kudiwave’s latest petition seeks an independent investigation by the Inspector-General of Police into the origin, movement and handling of the disputed ₦750 million.
