Kudiwave Technologies Limited has petitioned the Inspector-General of Police, Olatunji Disu, seeking an independent and forensic investigation into the alleged withholding and transfer of N750,369,439.04 belonging to the company from its PalmPay account.

In the petition dated September 14, 2026, and filed through its solicitors, Tony Eseigbe & Co., the company raised concerns over the handling of the funds by the Police Special Fraud Unit, Ikoyi, Lagos, while disputing allegations that the money formed part of an alleged “round-tripping” scheme involving Master Solution Concept Limited, Kredilink Technologies Limited, Nexall Technologies Limited and other entities.

The petition, reported by Punch, stated that Kudiwave received the disputed funds from Nexall Technologies Limited as part of what the company described as a legitimate commercial transaction involving digital-asset settlement.

Kudiwave urged the police to establish the actual source and movement of the money through documentary evidence, bank statements and other transaction records.

According to the petition, Kudiwave requested liquidity from Nexall on March 28, 2026, in exchange for USDT, after which Nexall allegedly sourced naira from several independent counterparties.

One of the identified counterparties was Kredilink Technologies Limited, which allegedly transferred N200 million to Nexall from an account with Nom Bank Microfinance Bank.

Kudiwave’s lawyers also identified other inflows into Nexall’s account on the same day, including approximately N199.8 million from Fintrix Technologies Limited, N282.4 million from Sturdi-Steel Nigeria Limited and N101.697 million from GreatRex Global Concepts.

The identified inflows amounted to approximately N783.9 million, after which Nexall transferred N750 million in three separate transactions to Kudiwave’s PalmPay account, according to the petition.

Kudiwave argued that the existence of multiple inflows from different entities made it necessary for investigators to establish a clear documentary trail before attributing the entire N750 million to any particular alleged source.

The company also questioned the alleged connection between the N750 million transferred to its PalmPay account and an alleged erroneous transfer of N713.913 million referenced in a separate Federal High Court matter involving United Bank for Africa Plc, Master Solution Concept Limited and others.

Kudiwave noted that neither it nor Nexall was joined as a defendant in that suit, insisting that the figures and transaction trails should be independently examined.

Dispute Over Court Orders And Transfer Of Funds

A major aspect of the petition concerns the subsequent restriction and transfer of the funds from Kudiwave’s PalmPay account.

Kudiwave referred to a Federal High Court ruling delivered on July 22, 2026, which it said set aside, vacated and discharged earlier orders made on June 29 concerning the funds in its PalmPay account and directed the removal of restrictions on the account.

The company further cited a July 28 letter from PalmPay to the Special Fraud Unit, in which PalmPay reportedly acknowledged the subsequent court ruling and requested that N750,369,439.04 standing in the designated Police Recovery Account be returned to Kudiwave’s PalmPay account.

Kudiwave is therefore asking the Inspector-General of Police to establish what happened to the money after the July 22 ruling and why, according to its account, the funds had not been restored.

The company is also demanding a complete accounting of all funds received into the designated Police Recovery Account in connection with the matter, including the legal instrument relied upon for each receipt, the dates the funds were received and their present location.

Kudiwave said its petition was not intended to obstruct any legitimate investigation into financial crime, but to ensure that any investigation was based on verifiable banking records and a clearly identifiable money trail.

The company is asking the IGP to order an independent forensic investigation into the disputed transactions, obtain and examine the bank statements of all relevant companies and accounts, establish the precise source and movement of each payment and investigate the conduct of officers of the Special Fraud Unit involved in the matter.

It also wants the police to determine the legal basis for the continued withholding of the funds and establish the whereabouts and status of the N750,369,439.04 identified in connection with the Police Recovery Account.

Kudiwave further requested appropriate action against any police officer found to have abused his or her office or unlawfully interfered with the company’s funds.

The petition also contains allegations concerning the conduct of a former Commissioner of Police attached to the Special Fraud Unit, including an allegation of a demand for money in connection with the restriction placed on Kudiwave’s account. The allegation has not been independently established.

PalmPay Seeks Court Protection

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 funds.

According to Punch, PalmPay’s Motion on Notice, dated September 4, 2026, relates to the transfer of N750,369,439.04 from Kudiwave’s account to the designated Police Recovery Account.

PalmPay has also disputed Kudiwave’s position concerning the timing and legal effect of the June 29 order, maintaining that the order remained valid and subsisting when the transfer was carried out.

The development has consequently brought renewed attention to the chronology of the court orders, the movement of the funds and the underlying banking transactions.

PalmPay had earlier maintained that it acted in compliance with the Federal High Court order and did not independently initiate the transfer.

Kudiwave’s counsel, Prince Kalu, said the company wanted the matter determined through an independent examination of the evidence rather than assumptions based solely on the movement of funds between companies.

Kalu argued that investigators should trace specific funds and establish their source and destination rather than treat the entire balance in an account as proceeds of an alleged transaction.

The central issue for Kudiwave, therefore, is the establishment of a demonstrable connection between the alleged UBA funds and the N750 million received by the company, rather than relying solely on the timing or proximity of transactions.

The company has consequently urged the Inspector-General of Police to ensure that all relevant banking records, court documents and transaction histories are secured and independently examined.

The competing positions of the parties are now before the relevant courts and investigative authorities, with the precise movement, legal status and ultimate destination of the N750,369,439.04 remaining central to the dispute.