Plaude Technologies Limited is facing mounting scrutiny over a disputed $13.07 million transaction after Zacuten Technologies alleged that more than $4 million remains unpaid and raised concerns over a payment instrument it described as fraudulent.
Zacuten said the transaction was valued at approximately $13.07 million and that Plaude has acknowledged that about $8.95 million was transferred, leaving an outstanding balance of between $4.1 million and $4.2 million.
The dispute has escalated beyond a commercial disagreement, with Zacuten pointing to what it says are questions surrounding payment representations, delays, the alleged use of a fraudulent cheque and other multi-million-dollar complaints involving Plaude and entities or individuals associated with the company.
“This is not a misunderstanding and it is not a media dispute,” said Godsreal Ojinaka, CEO of Zacuten Technologies. “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.”
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Zacuten said Plaude has attributed the failure to complete the transaction to banking restrictions, enhanced due diligence, payment-corridor difficulties and other operational challenges.
However, Zacuten said the explanations have failed to resolve the central issue: the outstanding balance.
“A delay is not payment. An explanation is not payment. A public statement is not payment,” Ojinaka said.
One of the most serious allegations raised by Zacuten concerns a Banc of California cashier’s cheque numbered 1874649, dated March 6, 2026, for $2.78 million and made payable to Plaude Inc.
Zacuten said the cheque was presented in connection with the transaction as evidence of available funds but that subsequent verification efforts with a bank representative raised questions about its legitimacy.
The company said the cheque, related communications and other transaction records are being reviewed and may be provided to relevant legal, financial and regulatory authorities.
The allegation has not been independently established, and Plaude’s response to the specific cheque allegation was not included in Zacuten’s statement.
The $13.07 million dispute comes against the backdrop of other legal and regulatory matters involving Plaude and associated entities.
In a separate case, Prudent Energy & Services Limited filed a complaint against Plaude Inc. in the United States District Court for the Northern District of California concerning allegations involving approximately $2.75 million in an alleged foreign-exchange fraud.
The allegations in that case remain subject to legal proceedings and do not, by themselves, establish liability against Plaude.
Zacuten has also cited a May 11, 2026 announcement by the Nigeria Police Special Fraud Unit concerning an investigation involving Plaude Technologies Limited, Omberra Commodities Limited and individuals associated with the entities.
The SFU said it secured a Federal High Court forfeiture order over accounts and assets linked to the entities and individuals pending the conclusion of its investigation.
According to the police, the investigation concerns allegations involving approximately ₦8.585 billion, including alleged conspiracy, fraudulent conversion, obtaining money by false pretence, stealing and money laundering.
The allegations remain subject to the relevant investigative and judicial processes.
For Zacuten, the SFU case has heightened questions about Plaude’s ability to meet significant financial obligations.
“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 stressed that it was not presenting the SFU investigation or the separate US complaint as proof of wrongdoing in its own case. Rather, the company said the matters warrant closer scrutiny when considered alongside its unresolved $4.2 million claim.
The company also claimed that it has received information concerning additional businesses that may have unresolved financial claims involving Plaude or individuals associated with the company.
Zacuten said the additional claims it is aware of could exceed $15 million, separate from its own outstanding claim. It stressed that those claims have not yet been fully verified or independently established.
If the claims are subsequently substantiated, Zacuten said the combined value of its own outstanding balance and the additional reported claims could exceed $22 million.
The company also referenced a public social-media appeal by Alikofowora of Tubim Energy directed at Obiageli Idowu, the wife of Plaude executive Olatomiwa Adebayo Idowu.
According to Zacuten, the appeal alleged that Plaude collected naira from Tubim Energy in July 2025 but failed to remit the promised dollar equivalent despite repeated assurances.
Those claims have not been independently verified.
The growing number of allegations has shifted attention from the original transaction to broader questions about Plaude’s financial dealings and ability to execute large cross-border transactions.
Zacuten said companies, investors and financial institutions considering significant transactions with Plaude Technologies Limited, Plaude Inc. or their executives should conduct enhanced due diligence.
It recommended independently verifying the source and availability of funds, banking arrangements, payment instruments, corporate and beneficial ownership structures, existing commercial disputes, regulatory issues and the counterparty’s demonstrated ability to complete transactions of similar size.
“Our experience demonstrates why businesses cannot rely solely on representations when substantial sums are involved,” Ojinaka said. “Financial capacity must be independently verified. Payment instruments must be independently verified. The ability to perform must be independently verified.”
The company said it remains focused on recovering the outstanding funds and will pursue available commercial and legal avenues.
For Zacuten, the dispute ultimately comes down to an unresolved financial obligation.
“A transaction was entered into. Money remains outstanding,” Ojinaka said. “The fundamental question remains: where is Zacuten’s money, and when will it be paid?”
