PalmPay Limited has reportedly claimed that the address of KudiWave Technologies Limited and the ownership of the account at the centre of their dispute are unknown.
The claim came after KudiWave sought explanations over the movement of N750,369,439.04 from its account and demanded details of the beneficiary and destination of the funds.
In response to PalmPay’s position, KudiWave has now presented photographs and correspondence showing previous dealings between both companies and PalmPay’s knowledge of the account connected to the dispute.
Among the evidence is a photograph from a March 18, 2026 visit to KudiWave’s Lagos headquarters by three top Chinese PalmPay officials who were accompanied by a Nigerian police escort.
KudiWave said the three officials and their police escort arrived at the office at about 8 p.m. and met representatives of the company at the Lagos address now being questioned.
“Three top Chinese PalmPay officials came to our Lagos office with a Nigerian police escort on March 18. We received them there and took a photograph during the visit. That visit happened at the same address that is now being described as unknown,” KudiWave said.
The company also said that before the dispute, PalmPay maintained a dedicated team of about 30 staff members handling matters and responding to enquiries relating to KudiWave.
KudiWave has also presented a July 6, 2026 correspondence bearing PalmPay’s name and addressed to the Office of the Commissioner of Police, Police Special Fraud Unit, Ikoyi.
The letter referred directly to funds standing to the credit of KudiWave and recorded that PalmPay had received a Motion on Notice filed by the company challenging the June 29 court order affecting the account.
PalmPay also stated in the correspondence that the account remained under strict restriction at the time and that no transaction had been permitted on it.
Another letter dated July 28, 2026 provides a more direct reference to KudiWave and the disputed account.
In the correspondence addressed to the Commissioner of Police, Special Fraud Unit, PalmPay identified KudiWave Technologies Limited alongside Account No. 8889232516 and referred to the July 22 ruling of the Federal High Court.
The letter stated that the June 29 order had been vacated by the court and requested that the Nigeria Police Force take steps to transfer N750,369,439.04 standing in the designated Police Recovery Account back to KudiWave Technologies Limited’s PalmPay account.
The July 28 correspondence therefore identifies KudiWave by name, specifies the account connected to the company and requests that the disputed funds be returned to that account.
“PalmPay’s own letter identifies KudiWave, identifies the account number and asks that the N750.37 million be returned to the same account. We want to understand how the ownership of that account can now be described as unknown,” KudiWave said.
Origin of the dispute
The disagreement grew out of a court process involving funds held in KudiWave’s account after an ex-parte order obtained through the Police Special Fraud Unit, Ikoyi, placed restrictions on the account.
Further proceedings concerning the funds later came before Justice Ibrahim Ahmad Kala of the Federal High Court, Lagos Judicial Division.
KudiWave challenged the June 29 order, maintaining that it had not been properly served with the processes leading to the decision.
The company filed an application on July 3 seeking to set aside the order and stay its execution.
The application was heard on July 13.
While the matter was awaiting the court’s decision, KudiWave’s account records show that PalmPay removed N750,369,439.04 from the account on July 15 under the narration “Judicial Adjustment,” even though the account was still under restriction.
The records also show that funds had earlier been moved from the account on July 11 and returned on the same day.
KudiWave has since sought a complete transaction trail showing the authority behind the movements and the destination of the N750.37 million.
Its records show the July 15 funds going to an Access Bank business account, while the court process concerning the transfer referred to a designated Police Recovery Account linked to the Police Special Fraud Unit.
Justice Kala delivered his ruling on July 22 and granted KudiWave’s application, setting aside, vacating and discharging the June 29 order.
The court also directed that restrictions placed on KudiWave’s account be removed.
Six days after the ruling, PalmPay wrote to the Police and requested that the N750,369,439.04 be transferred back to KudiWave Technologies Limited’s account.
The July 28 letter identified both KudiWave Technologies Limited and Account No. 8889232516 as the account to which the money should be returned.
KudiWave Secretary Barrister Prince Kalu Oko said the documents and the March office visit provide a clear record of the relationship between both companies before the present disagreement.
“PalmPay had direct dealings with KudiWave. Three of its top officials, all Chinese and accompanied by a Nigerian police escort, visited our office on March 18, it maintained a team handling our matters and its own correspondence identified KudiWave and the account connected to these funds. These records are available,” Barrister Prince said.
The photographs, the March office visit, the July 6 correspondence and the July 28 request for the return of the funds now form the evidence KudiWave is relying on to challenge PalmPay’s reported position.
With PalmPay’s own records identifying KudiWave, specifying its account number and requesting that N750,369,439.04 be returned to that account, the question remains how the company’s address and account ownership could now be described as unknown.
(Editor : Editor: Anoyoyo Ogiagboviogie)
