Nigeria: Plaude Counters Claims Over Disputed $13.07m Currency Deal, Says $8.95m Was Settled, $1bn Processed in 2 Years
[Vanguard] Plaude Technologies Limited has rejected what it described as misleading and inaccurate claims arising from a disputed currency transaction involving Zacuten Technologies Limited and Crossbeam Financial Services Limited.
Plaude Technologies Limited has denied misleading claims regarding a disputed $13.07 million currency deal involving Zacuten Technologies Limited and Crossbeam Financial Services Limited. The company states that $8.95 million, or roughly 68% of the agreed value, was transferred successfully before banking disruptions impacted the settlement process.
Plaude, a regulated cross-border payments company, has processed over $1 billion in payouts since its establishment in 2023. The transaction, valued at $13,072,977.77, involved currency swap agreements from March 4 to March 10, 2026, with settlement due by March 12. Plaude maintains that the unresolved balance was affected by banking disruptions, including transaction delays, corridor restrictions, and account closures.
The dispute's timeline, with a March 21 police petition and earlier claims of a lien on Plaude's accounts, requires further examination. Plaude also questions the existence of a watchlist entry or arrest order at Nigerian ports, which was reported on March 19, 2026, but is not substantiated as federal public holidays fell on those dates.
The controversy extends to Plaude's regulatory status, with active registrations with FinCEN, FINTRAC, and the Bank of Canada, and operations through a CBN-licensed International Money Transfer Operator in Nigeria. The company has processed over $1 billion in payouts since its launch and faces ongoing legal challenges, including a potential defamation suit.
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