Kudiwave Petitions IGP Over Alleged Withholding of ₦750m From PalmPay Account
Kudiwave Technologies has asked the Inspector-General of Police to order an independent investigation into the transfer and continued withholding of ₦750 million from its PalmPay account. The company disputes claims that the money was linked to an alleged round-tripping scheme involving several firms. Kudiwave says it received the funds from Nexall Technologies as payment for a legitimate digital-asset transaction. It argues that investigators should trace each payment separately, rather than treat the entire ₦750 million as proceeds of an alleged fraudulent transfer involving UBA. The company also alleges that the funds were moved to a police recovery account before a court ruling that removed restrictions on its account. PalmPay maintains that the earlier transfer order was still valid when the money was moved and has sought a court order restraining Kudiwave from circulating statements about the dispute. The matter is now before the courts, while Kudiwave seeks a forensic review of the transactions, the detention of its representatives and the legal basis for retaining the funds.
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