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PalmPay Limited has reportedly stated that the address of KudiWave Technologies Limited and the ownership of the account linked to their ongoing dispute are unknown, a position KudiWave is challenging with records of previous dealings between both companies.
KudiWave has released a photograph from a March 18, 2026 visit to its Lagos headquarters which it says involved three top PalmPay officials. The visit took place at about 8 p.m. at KudiWave’s Lagos office, providing what the company says is evidence that PalmPay had previously engaged with it at the location now being questioned.
“Three top PalmPay officials, all Chinese with their Nigerian Police escort were physically at our Lagos office on March 18. We hosted them there and took a photograph during the visit. We therefore want to understand how the same address can now be treated as unknown,” KudiWave said.
The company also provided 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 refers directly to KudiWave and funds standing to its credit. In the letter titled “Investigation Activity,” PalmPay referred to an order served on it on July 1 concerning the disclosure of funds standing to KudiWave’s credit and their transfer to a designated Police Recovery Account.
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The correspondence further acknowledged that PalmPay had received a Motion on Notice filed by KudiWave on July 3 challenging the June 29 order and seeking to stay its execution. PalmPay also stated in the letter that the pending application before the Federal High Court made it appropriate to await the court’s determination before taking further steps under the order.
The document added that the account remained under strict restriction as of July 6 and that no transaction had been permitted on it at the time. The references contained in the correspondence are significant because PalmPay identified KudiWave by name and directly connected the company to the funds held in the account.
A second PalmPay letter dated July 28, 2026 provides an even more direct reference to KudiWave’s ownership of the account. The correspondence, addressed to the Commissioner of Police, Special Fraud Unit, followed the July 22 ruling of the Federal High Court setting aside the June 29 order.
In the letter, PalmPay identified KudiWave Technologies Limited and Account No. 8889232516, stating that the court had ordered the removal of restrictions placed on the account. PalmPay also requested that the Nigeria Police Force take immediate steps to transfer N750,369,439.04 from the designated Police Recovery Account back to KudiWave Technologies Limited’s PalmPay account in compliance with the July 22 ruling. The July 28 letter therefore provides a written record in which PalmPay identified KudiWave by name, identified the account number linked to the company and requested that the disputed funds be returned to that account.
“PalmPay’s own correspondence identifies KudiWave, identifies our account and asks that the N750.37 million be returned to that account. We are therefore asking how the ownership of the same account can now be treated as unknown,” KudiWave said.
KudiWave also said that prior to the dispute, PalmPay maintained a dedicated team of about 30 staff members handling matters and responding to enquiries relating to the company.
Taken together, the March office visit, the previous working relationship and PalmPay’s July correspondence are now being presented by KudiWave as evidence of PalmPay’s prior knowledge of both the company and the account relationship.
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The latest disagreement is connected to an earlier dispute over N750,369,439.04 which KudiWave alleged was moved from its account by PalmPay. According to court documents, KudiWave had approached the Federal High Court in Lagos to challenge a June 29 order affecting the funds. The company filed its application on July 3 seeking to set aside the order and stay its execution, with the matter coming before Justice Ibrahim Ahmad Kala on July 13.
The court heard KudiWave’s application and reserved its decision. KudiWave alleged that while the matter was still awaiting ruling, PalmPay removed N750.37 million from the company’s account two days later, on July 15, under the narration “Judicial Adjustment.”
According to KudiWave’s account records, PalmPay had also moved funds from the account on July 11 and returned them the same day.
PalmPay, however, has disputed any suggestion that it acted independently in transferring the funds, maintaining that the July 15 transaction was carried out pursuant to the June 29 court order.
The legal position changed on July 22 when Justice Kala delivered his ruling and granted KudiWave’s application. The court set aside, vacated and discharged the June 29 order and directed that restrictions placed on KudiWave’s account be removed. Six days after the ruling, PalmPay wrote to the Police acknowledging that the June 29 order had been vacated and requesting the return of the N750,369,439.04 to KudiWave Technologies Limited’s account.
KudiWave has since continued to seek clarification over the movement and handling of the N750,369,439.04.
According to KudiWave’s account records, the funds went to an Access Bank business account, while the court process concerning the money referred to a designated Police Recovery Account linked to the Police Special Fraud Unit. The company is seeking disclosure of the beneficiary account, the instruction behind the transfer and a complete record of how the funds moved from its account.
PalmPay’s reported position concerning KudiWave’s address and account ownership has now added another dimension to the dispute, with KudiWave pointing to the March visit by three top PalmPay officials and PalmPay’s July 6 and July 28 correspondence as records of its previous direct dealings with the company.
