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PalmPay’s position is that the allegations circulating do not reflect the full sequence of court orders regarding KudiWave Technologies Limited’s account.
In April 2026, PalmPay was served with an order in Suit No. FHC/L/CS/470/2026 – IGP v. Guaranty Trust Bank Plc & 23 Ors, which placed a Post-No-Debit restriction on KudiWave’s account.
That order subsequently lapsed.
Separately, on June 29, 2026, the Federal High Court issued an order in Suit No. FHC/L/CS/795/2026 – IGP v. PalmPay Limited & KudiWave Technologies Limited.
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That order expressly directed PalmPay to disclose the balance standing to the credit of KudiWave’s account, transfer the disclosed funds to a designated Police Recovery Account, and remove the restriction on the account.
PalmPay notified KudiWave of the June 29 order before the transfer was effected, giving the company an opportunity to seek appropriate judicial relief if it wished to challenge the directive.
No order setting aside or suspending the June 29 order was received by PalmPay within the more than 36-hour period before the transfer was carried out.
PalmPay subsequently complied with the order by disclosing the account balance and transferring ₦750,369,439.04 to the designated Police Recovery Account on July 15, 2026.
At the time the transfer was effected, the June 29 order remained valid and had not been set aside. PalmPay therefore did not transfer the funds on its own initiative, but acted pursuant to the express directive of the Federal High Court.
PalmPay subsequently communicated the actions taken pursuant to the court order to Kudiwave and its solicitors.
As a regulated financial institution, PalmPay is required to comply with valid and subsisting orders issued by courts of competent jurisdiction.
