KudiWave challenges Palmpay over disputed ₦750 million debit, questions destination of funds

KudiWave Technologies Limited disputed a ₦750,369,439.04 transfer from their Palmpay account, questioning the legal authority and the funds' destination. The transaction, recorded on July 15, 2026, under the narration "Judicial Adjustment," lacked their authorization or prior notification from Palmpay, despite relying on a June 29, 2026, Federal High Court order.

KudiWave had earlier challenged that order, which was later vacated by the same court on July 22. The company alleged the funds were transferred after filing its application, having already discovered the account was frozen while the transfer was taking place. Palmpay had moved and returned the funds on July 11 before the July 15 transfer, raising questions about the transaction's timing and destination.

KudiWave demanded disclosure of the beneficiary account, authorization instruction, the specific court order, and the reason for the differing fund destination. The dispute began when the Police Special Fraud Unit obtained an ex-parte order, leading to a 90-day Post-No-Debit restriction on KudiWave's Palmpay account. KudiWave rejected a ₦50 million demand made during the resolution process and is now pursuing further legal action to recover the disputed funds and clarify the parties' responsibilities.