Kudiwave has petitioned IGP over ₦750m PalmPay Funds and questioned police handling of money.
NewsOnline Nigeria reports that 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, raising questions over the circumstances surrounding the movement of the funds and the handling of the matter by the Special Fraud Unit (SFU).
In a petition dated September 14, 2026, and filed through its lawyers, Tony Eseigbe & Co., the company called for an independent and forensic investigation into the transactions and disputed allegations that the funds were connected to an alleged round-tripping arrangement involving Master Solution Concept Limited, Kredilink Technologies Limited, Nexall Technologies Limited and other companies.
Kudiwave disputed the SFU’s account of the transaction, which allegedly linked funds in its account to money originating from United Bank for Africa Plc before passing through several companies.
The company maintained that the ₦750 million received from Nexall Technologies Limited represented payment for a legitimate commercial transaction involving the supply of corresponding digital assets, and questioned why the entire amount was subsequently treated as proceeds allegedly connected to the UBA-related matter.
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According to the petition, Kredilink founder Opeyemi Dairo was introduced to Master Solution Concept Limited on March 5, 2026. Master Solution allegedly represented 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 before a test transaction valued at $3,556.18 was completed, after which further transactions took place.
The company also cited a statement attributed to Nexall Technologies’ Operations Lead and co-founder, Ayandoye Pelumi Olawale, who reportedly said Kudiwave approached Nexall on March 28, 2026, for liquidity in exchange for USDT.
According to Kudiwave’s account, Nexall sourced naira liquidity from several independent counterparties, including ₦200 million received from Kredilink through a Nom Bank MFB account.
The company stressed that the Kredilink payment represented only one of several deposits received by Nexall on the same day.
Other inflows 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.
The identified inflows amounted to ₦783,897,888, according to Kudiwave.
Nexall subsequently transferred ₦250 million in three separate transactions to Kudiwave’s PalmPay account, bringing the total to ₦750 million.
This has become one of the central questions in Kudiwave’s petition: if only a portion of an earlier transaction was allegedly connected to the UBA-related matter, on what basis was the entire ₦750 million treated as proceeds of the alleged transaction?
Kudiwave argued that investigators should trace the specific flow of funds rather than classify the entire amount based on its passage through accounts belonging to companies under investigation.
The company also drew the IGP’s attention 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 Kudiwave, an April 1, 2026 order in the case concerned an alleged erroneous transfer of ₦713,913,076.32.
Kudiwave emphasised that neither it nor Nexall Technologies was listed as a defendant in the suit. It further argued that the ₦713.9 million referenced in the case was distinct from the ₦750 million later transferred into its PalmPay account.
The company therefore wants investigators to establish, transaction by transaction, whether and how the disputed ₦750 million was connected to the UBA case.
Another major issue raised in the petition concerns the circumstances under which the money was transferred to what Kudiwave described as a Police Recovery Account.
Kudiwave 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 asking the IGP to order a forensic examination of the transactions, including the bank statements of the companies involved, as well as an investigation into the arrest and detention of its representatives and the legal basis for the continued withholding of the funds.
Kudiwave’s counsel, Prince Kalu, said the petition followed what he described as inconsistencies in the explanation of how the money moved between the various companies.
Kalu alleged that an earlier petition was referred to other parties for their responses and that their explanation portrayed the funds as having moved from Master Solution to Kredilink, then to Nexall and ultimately to Kudiwave.
He maintained that transaction records available to Kudiwave did not support that sequence.
The lawyer argued that where a specific amount is suspected to be connected to an alleged fraud, investigators should trace that particular amount instead of withholding an entire account balance.
Kalu also made a separate allegation concerning a former Commissioner of Police attached to the SFU, claiming that the officer received the dollar equivalent of ₦5 million from him after allegedly 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 the transfer of the money 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, with a ruling scheduled for July 22, but alleged that the ₦750 million was transferred on July 15, before the court delivered its decision.
He further alleged that the money was 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 that the money was no longer in its account after the July 22 ruling, when it attempted to access the funds following the reported removal of the restrictions.
He maintained that the court’s decision required the funds to be returned to Kudiwave, while rejecting the argument that an appeal or application for a stay justified continued withholding of the money.
Kudiwave has consequently asked the IGP to establish the precise source, movement and destination of every transaction connected to the disputed funds and determine responsibility based on the evidence.
The company’s position is that a forensic tracing of the transactions should precede any conclusion that the entire ₦750 million represents proceeds of fraud.
However, the dispute has also moved into separate court proceedings involving PalmPay.
PalmPay Limited has approached the Lagos State High Court seeking an order restraining Kudiwave from making or circulating statements concerning the transfer of the funds.
In a Motion on Notice dated September 4, 2026, PalmPay asked the court to restrain Kudiwave and persons acting on its behalf from publishing or circulating statements concerning the transfer of ₦750,369,439.04 from Kudiwave’s account to the designated Police Recovery Account.
PalmPay had previously disputed Kudiwave’s interpretation of the timing and effect of the court orders, maintaining that the June 29 order remained valid when the transfer was carried out.
The competing positions now place the ₦750 million dispute before both the courts and the police authorities, with key questions remaining over the precise trail of the funds, the orders relied upon for their transfer, the destination of the money and the legal basis for its continued withholding.
Kudiwave’s latest petition seeks an independent investigation by the Inspector-General of Police, while PalmPay’s court action introduces a separate legal dispute over public statements concerning the transaction. The allegations made by the parties remain matters for investigation and determination by the appropriate authorities and courts.
