Palmpay defends N750m transfer, cites court order in dispute with Kudiwave
PalmPay Limited has responded to accusations from Kudiwave Technologies Limited regarding the alleged unauthorised debit of N750,369,439.04 from Kudiwave’s account. The fintech company insists the transfer was made in strict compliance with a valid order from the Federal High Court. Both companies’ solicitors have exchanged letters, referencing multiple court rulings and restrictions. The dispute has raised questions about the process and legality of the transaction, with both sides maintaining their positions on the matter.
TLDR
- Kudiwave Technologies Limited claims PalmPay Limited unlawfully debited N750,369,439.04 from its account on July 15, 2026, under the narration “Judicial Adjustment.”
- The account had previously been restricted following a court order obtained in April 2026, which was later lifted by the Federal High Court.
- PalmPay asserts the transfer was made in compliance with a court order delivered by Justice Ibrahim Kala on June 29, 2026, in Suit No. FHC/L/CS/795/2026, directing the funds be moved to a Police Recovery Account.
- Both parties’ solicitors exchanged letters, with Kudiwave threatening contempt proceedings and PalmPay maintaining it acted lawfully.
- PalmPay states it did not independently initiate or benefit from the transfer and is committed to following all valid court directives.
