KudiWave Technologies Limited has raised questions over the transfer of N750,369,439.04 from its account with PalmPay Limited, seeking clarification on the timing, destination and circumstances surrounding the transaction.

In a statement sent to PM News on Tuesday, KudiWave said the disputed debit was recorded on July 15, 2026, under the narration “Judicial Adjustment”.

The company said it was not notified of, or did not authorise, the transaction.

According to KudiWave, it had already approached the Federal High Court in Lagos to challenge an earlier order affecting its account.

The company said its application, filed on July 3, sought to set aside the June 29 order and stay its execution.

“The motion was heard on July 13 and adjourned for ruling. Two days later, the N750.37 million was transferred out of the account,” the company said.

KudiWave further stated that PalmPay had been served with the application before the July 15 transaction and did not file a counter-affidavit opposing the application.

The company also raised questions about an earlier movement of funds on July 11, which it said became apparent after access to the account was restored.

According to KudiWave, its account records showed that the funds were moved on July 11 and returned the same day before another transfer was recorded on July 15.

“PalmPay moved the money on July 11 and sent it back that same day. They then took it out again on July 15. When the account was opened, we saw how the money had been moved around while the account was frozen and we were not aware of it,” the company said.

The dispute followed an ex parte order obtained by the Inspector General of Police through officers of the Police Special Fraud Unit in Ikoyi, which placed restrictions on accounts belonging to several parties, including KudiWave, pending investigation.

The restriction was subsequently implemented on KudiWave’s account with PalmPay.

Further proceedings were filed under Suit No. FHC/L/CS/795/2026 before Justice Ibrahim Ahmad Kala of the Federal High Court, Lagos Judicial Division, in relation to funds standing to KudiWave’s credit.

KudiWave said the court granted an application on June 29.

The company subsequently challenged the order, arguing that it had not been properly served with the processes leading to the decision and had not been effectively brought before the court when the application was heard.

According to KudiWave, Justice Kala considered the company’s subsequent application on July 22 and set aside, vacated and discharged the June 29 order.

The company said the court also directed that the restrictions placed on its account be removed.

KudiWave further stated that the court examined the circumstances surrounding the purported service of the processes and raised questions about whether leaving documents at a gate, without sufficient indication of the company’s specific address, amounted to effective service.

The company quoted the court as describing the circumstances surrounding the service as “very curious”.

KudiWave also said the ruling recognised the court’s inherent power to set aside its own decision where circumstances justify such intervention.

The July 22 ruling came after the July 15 transfer. KudiWave, however, said the transaction should be considered in the context of the fact that the June 29 order was already being challenged and that its application had been argued before the court two days earlier.

The company has also questioned the destination of the funds.

According to KudiWave, its understanding of the June 29 order was that the identified funds were to be transferred to a designated Police Recovery Account associated with the Police Special Fraud Unit.

The company said its account records instead indicated that the N750,369,439.04 was transferred to an Access Bank business account.

KudiWave said it wants clarification on the identity of the beneficiary, the instruction that authorised the transfer and the basis for the July 11 movement of funds.

“The issue for us is simple. If the order identified a particular account for the funds, there must be a clear explanation of why our records show the money going elsewhere and who ultimately received it,” the company said.

KudiWave said it was seeking a reconciliation of transactions carried out on its account during the restriction period and was considering further legal and regulatory steps in relation to the disputed transactions.

The company also said that, during earlier efforts to resolve the restriction, its Company Secretary, Barrister Prince Oko, met with officers of the Police Special Fraud Unit.

KudiWave alleged that a request for N50 million was made in connection with efforts to remove the restriction and said the company rejected the request.

The allegation has not been independently established and has not been determined by a court.

KudiWave maintained that its concerns do not relate to compliance with lawful court orders but to whether the transactions involving its funds were carried out in accordance with the terms of the relevant judicial directive.

The company said it wants clarification on the July 11 transactions, the subsequent N750,369,439.04 transfer on July 15, the destination of the funds and the circumstances surrounding the transactions.

PM News has contacted PalmPay for its response to the issues raised by KudiWave and will publish the company’s position if received.