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KudiWave Technologies Limited has raised compliance concerns over the alleged transfer of N750,369,439.04 from its account by PalmPay Limited, asking for a full explanation of the authority behind the transaction, the beneficiary account, and the movement of funds while the account was under restriction.

The dispute centres on alleged transactions recorded on 11 July and 15 July 2026, during ongoing proceedings before the Federal High Court in Lagos.

KudiWave said a review of its account records after access was restored showed that funds were moved from the account on July 11 and returned on the same day. Another transaction involving N750,369,439.04 was allegedly recorded on July 15 under the narration “Judicial Adjustment.”

The company maintains that it was not notified before the alleged transactions were carried out and did not authorise the movement of the funds.

The July transactions followed an earlier restriction imposed on KudiWave’s account pursuant to an ex parte order obtained through the Police Special Fraud Unit, Ikoyi.

The order, made under Motion No. FHC/L/MISC/470/2026, placed restrictions on accounts belonging to listed parties, including KudiWave Technologies Limited, for 90 days pending investigation.

KudiWave said it made efforts to establish the basis of the restriction and subsequently became aware that the action was linked to an investigation involving officers of the Police Special Fraud Unit.

Further proceedings were later brought under Suit No. FHC/L/CS/795/2026 concerning funds standing to the credit of KudiWave.

The matter came before Justice Ibrahim Ahmad Kala of the Federal High Court, Lagos Judicial Division, on 29 June 2026.

Counsel appeared for the Police Special Fraud Unit and PalmPay. KudiWave was not represented during the proceedings.

The Police moved its application concerning funds described in the proceedings as suspected proceeds of crime and the court granted the application.

An earlier motion filed on 20 April 2026, was subsequently withdrawn by the Police and struck out by the court.

KudiWave later challenged the June 29 order, maintaining that it had not been properly served with the processes leading to the decision.

The company filed a Motion on Notice on July 3 seeking to set aside the order and stay its execution. The application was served on PalmPay and the Police.

KudiWave maintains that PalmPay did not file a counter affidavit against the application and did not contest the motion when it was heard on July 13.

The matter was then adjourned for ruling. Two days later, on July 15, N750,369,439.04 was transferred from KudiWave’s account.

The timing has become one of the main compliance issues raised by the company because the challenge to the June 29 order had already been placed before the court and heard before the transaction was completed.

KudiWave has also raised questions about the July 11 movement of funds, which it said took place while the account remained under restriction.

The company is seeking the instruction that authorised that transaction and an explanation of why the money was moved from the account and returned on the same day.

The legal position changed on July 22 when Justice Kala granted KudiWave’s application challenging the June 29 order.

The court set aside, vacated and discharged the June 29 order and directed that restrictions placed on KudiWave Technologies Limited’s account be removed.

In reviewing the application, the court examined the circumstances surrounding the service of the earlier processes on KudiWave.

The ruling questioned whether leaving court documents at a gate without sufficient identification of KudiWave’s specific address could reasonably have brought the proceedings to the company’s attention.

The court described the circumstances surrounding the service as “very curious.”

The July 22 ruling did not prevent the Police from commencing criminal proceedings against any person found culpable of an offence.

KudiWave’s compliance concerns extend beyond the timing of the alleged July 15 transfer.

The company maintains that the June 29 judicial process contemplated the transfer of identified funds to a designated Police Recovery Account linked to the Police Special Fraud Unit.

Its account records indicate that the N750,369,439.04 was allegedly transferred to an Access Bank business account.

KudiWave is therefore seeking disclosure of the beneficiary account, the identity of the account holder and the documentation authorising payment to that destination.

The company wants the transaction trail reconciled against the specific terms of the judicial process relied upon for the transfer.

KudiWave has also stated that during earlier attempts to resolve the restriction, its Company Secretary, Barrister Prince Oko, met officers of the Police Special Fraud Unit, including CSP Aliyu Hussaini Musa and Inspector Bolaji.

The company said that an alleged demand for N50 million was made to facilitate the removal of the restriction.

KudiWave said it rejected the demand.

The company is now seeking a complete reconciliation of all transactions carried out on the account during the restriction period, together with the underlying instructions and beneficiary information.

It is also considering further legal and regulatory steps aimed at recovering the N750,369,439.04 and establishing responsibility for the handling of the funds.

From a compliance standpoint, KudiWave’s challenge now rests on several documented issues. The company wants the July 11 activity explained, the authority behind the July 15 transaction disclosed and the final beneficiary of the N750.37 million identified.

It is also seeking clarity on whether the destination of the funds matched the account contemplated in the judicial process and why the alleged transfer proceeded after its challenge to the June 29 order had already been heard.

Until those records are fully reconciled, KudiWave maintains that material questions remain over the handling of its funds and the compliance process followed in executing the transactions.