Kudiwave Technologies Limited has formally petitioned Inspector-General of Police Olatunji Disu, demanding an independent investigation into the transfer and continued withholding of N750 million from its PalmPay account by the Special Fraud Unit (SFU) in Ikoyi, Lagos.
In a petition dated September 14, 2026, and filed through its solicitors Tony Eseigbe & Co., the company rejected claims linking the funds to an alleged “round-tripping” scheme and insisted the money formed part of legitimate commercial transactions.
According to the petition, the SFU connected the N750 million in Kudiwave’s account to funds said to have originated from United Bank for Africa (UBA) Plc and passed through other firms. Kudiwave disputed this, stating it received the money from Nexall Technologies Limited in exchange for digital assets (USDT) under a normal business arrangement.
How the Transactions Unfolded
The company outlined the sequence of events beginning March 5, 2026, when Kredilink founder Opeyemi Dairo was introduced to Master Solution Concept Limited, which presented itself as a merchant needing fiat-to-digital-asset settlement services via Nomba Bank.
After completing Know-Your-Business checks and a test transaction of $3,556.18, further deals followed. On March 28, 2026, Kudiwave requested liquidity from Nexall. Nexall’s operations lead and co-founder, Ayandoye Pelumi Olawale, sourced naira from several independent counterparties. These included N200 million from Kredilink (via a Nom Bank MFB account), N199.8 million from Fintrix Technologies Limited, N282.4 million from Sturdi-Steel Nigeria Limited, and about N101.7 million from GreatRex Global Concepts — totalling roughly N783.9 million.
Nexall then transferred N750 million in three tranches to Kudiwave’s PalmPay account. Kudiwave argued that only a portion of Kredilink’s N200 million had been flagged, making it unjustified to treat the entire N750 million as tainted proceeds linked to UBA.
Court Case Disconnect
Kudiwave pointed to a separate Federal High Court suit (FHC/L/CS/680/2026) filed by UBA against Master Solution Concept Limited and 21 others over an alleged erroneous transfer of N713.9 million. The company stressed that neither it nor Nexall was joined as a party, and the amount and transactions differed from the N750 million it received. It urged police to trace individual flows rather than seize the full balance.
Dispute Over Movement of Funds
The petition raised further concerns about the transfer of the money into a Police Recovery Account. Kudiwave said a Federal High Court order on July 22, 2026, by Justice Kala set aside earlier June 29 directives and ordered the removal of restrictions on its account. PalmPay reportedly wrote to the SFU on July 28 requesting the return of N750,369,439.04.
Counsel to Kudiwave, Prince Kalu, alleged inconsistencies in the police handling of the matter. He claimed an earlier petition was referred to other parties, whose responses portrayed the funds as recycled through Master Solution, Kredilink, Nexall and finally Kudiwave — an explanation he said the transaction records do not support.
“If you say N100m went to A, you cannot jump to C and say because the money is now in C, take the whole money in C. That is not how tracing of funds works,” Kalu stated.
He further alleged that the N750 million was moved on July 15, 2026 — while a ruling on an application to set aside the June 29 order was still pending — and not into the specific Police Exhibit Account named in the order, but into a PalmPay business account at Access Bank. Kudiwave discovered the funds were gone only after the July 22 ruling lifted the restrictions.
Kalu called for a forensic examination of all related bank statements and an independent probe into the arrest and detention of company representatives, as well as the legal basis for continued withholding of the money. An allegation that a former SFU commissioner collected the dollar equivalent of N5 million in exchange for lifting a restriction remains unproven.
PalmPay Heads to Court
Meanwhile, PalmPay Limited has filed a motion at the Lagos State High Court seeking to restrain Kudiwave, its agents and associates from making or circulating statements about the transfer of the N750 million to the Police Recovery Account. The application, dated September 4, 2026, and filed by a team led by Dr Babatunde Ajibade, SAN, of S.P.A. Ajibade & Co., maintains that the June 29 order was still in force when the funds were moved.
The dispute remains before the courts, while Kudiwave’s petition asks the IGP to subject both the original transactions and the subsequent handling of the N750 million to a thorough, independent investigation.