Zacuten says $4m remains unpaid in $13.07m Plaude transaction, seeks full accounting

Zacuten Technologies Limited says more than $4 million remains outstanding from a $13.07 million currency transaction involving Plaude Technologies Limited, as the company seeks a full accounting of the deal and a clear timetable for payment.

The dispute centres on a transaction valued at $13,072,977.77 that was entered into in March 2026.

Zacuten says about $8.95 million was transferred but that the remaining balance of roughly $4.1 million to $4.2 million has not been received.

The company is now seeking documentary evidence establishing the status of the funds, independent verification of amounts transferred and a firm, verifiable plan for settling the outstanding balance.

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“This is not a media dispute. Zacuten entered into a transaction worth more than $13 million. Millions of dollars remain outstanding. We have asked for answers, documentation and a timeline for payment,” Zacuten CEO Godsreal Ojinaka told BusinessDay.

The dispute has persisted for months, with Zacuten saying explanations relating to banking restrictions and payment difficulties have not resolved its central concern: the balance it says remains unpaid.

Plaude has acknowledged that the transaction was not fully settled but says approximately $8.95 million was transferred, representing about 68 percent of the agreed value. The company has attributed the remaining settlement difficulties to banking disruptions, enhanced due diligence reviews, payment-corridor restrictions and account closures.

Zacuten says those explanations do not change the amount it says remains outstanding.

“A delay is not payment. An explanation is not payment. A public statement is not payment,” Ojinaka said.

Zacuten seeks answers on $4m balance

According to Zacuten, the commercial issue is straightforward, a transaction was agreed, part of the agreed amount was transferred and a substantial balance remains unresolved.

The company wants the parties to establish precisely how much was transferred, where the outstanding funds are, what prevented completion of the transaction and when the remaining amount will be paid.

Zacuten says it is particularly interested in independently verifiable documentation rather than assurances about the availability or movement of funds.

The company is seeking a complete reconciliation of the transaction and supporting records relating to the payment process.

It says the documentation should allow the parties to establish the precise amount outstanding and the steps required to conclude the transaction.

Why Zacuten is seeking wider scrutiny

Zacuten says its concerns have increased because of other publicly documented disputes and regulatory developments involving Plaude that it believes warrant examination alongside its own experience.

The company has specifically pointed to a May 2026 announcement by the Nigeria Police Special Fraud Unit concerning an investigation involving Plaude Technologies Limited, Omberra Commodities Limited and individuals associated with the companies.

According to the SFU’s public announcement, the investigation involved allegations relating to approximately N8.585 billion. The police said a Federal High Court had granted an interim forfeiture order over specified accounts and assets pending the conclusion of its investigation.

The allegations in that investigation remain subject to the relevant legal and judicial processes.

Zacuten is not presenting the SFU matter as proof of what happened in its own transaction. Rather, it says the existence of the investigation makes it more important to establish whether the financial and operational capacity represented to Zacuten at the time of its transaction was sufficient to support an obligation of that size.

“Our transaction was entered into on the understanding that the counterparty had the capacity to perform. For us, the relevant question is whether that capacity existed and what happened to the balance that remains outstanding,” Ojinaka said.

Company wants transaction records independently verified

Zacuten says it is also reviewing the documentation surrounding the transaction, including payment records and other financial documents exchanged during the settlement process.

The company says independent verification is particularly important where transactions involve several jurisdictions, currency conversions, offshore accounts and multiple financial institutions.

It is therefore calling for verification of the source and availability of funds, banking arrangements, payment instruments and documentation supporting material representations made during negotiations.

“Our experience demonstrates why businesses cannot rely solely on representations when substantial sums are involved. Financial capacity must be independently verified. Payment instruments must be independently verified. The ability to perform must be independently verified,” Ojinaka added.

Zacuten says the lesson extends beyond its own dispute because large cross-border transactions can leave counterparties exposed when settlement depends on multiple financial institutions and payment corridors.

Other claims remain unverified

Zacuten also says it has received information about other businesses that it believes may have experienced unresolved payment issues involving Plaude or individuals associated with the company.

However, the company says some of those parties have not authorised public disclosure of their identities or transaction details.

Zacuten therefore says it will not identify those businesses or publicly characterise their experiences until the information has been sufficiently documented and the affected parties have authorised disclosure.

The company says it is continuing to verify the information. That distinction is important because the existence and value of any additional claims have not been independently established.

Zacuten says focus should remain on the money. The dispute has increasingly spilled into arguments over media reports and the competing accounts of the transaction.

Zacuten says that should not obscure the underlying commercial question.

“Whether Plaude agrees with media reporting is a separate matter. The media did not create the transaction. The money was either paid or it was not,” Ojinaka posited.

Zacuten says it is not asking the public to determine the dispute but wants the financial records and relevant documentation to establish what happened.

The company says it remains willing to pursue appropriate commercial and legal channels to recover the outstanding amount.

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Plaude’s response

Plaude disputes any suggestion that the unsettled balance, by itself, establishes fraud or an intention not to pay.

The company says it transferred $8,949,815.38 in connection with the transaction and attributes the remaining settlement difficulties to banking and payment disruptions.

Plaude also says it has processed more than $1 billion in payouts since its establishment in 2023 and operates through regulated entities and licensed arrangements in several jurisdictions.

Those claims form part of Plaude’s response to the dispute.

The central issue, however, remains unresolved: Zacuten says it is still owed more than $4 million from the $13.07 million transaction. “The obligation remains unresolved,” Ojinaka said.

Zacuten says it will continue pursuing the matter through the appropriate commercial and legal channels while seeking documentary evidence to establish the final position of the transaction.