Kudiwave Protests Police Over N750M PalmPay Fund Transfer

Kudiwave Technologies Nigeria Limited held a protest at the Force Headquarters in Abuja on September 18, demanding an independent investigation by Inspector-General of Police Olatunji Disu regarding the alleged transfer of N750,339,399.99 from its PalmPay account. The protestors, including company staff and supporters, accused the Police Special Fraud Unit (PSFU) and PalmPay of restricting access to the funds.

Kudiwave's Company Secretary, Prince Oko Kalu, stated that the account had been under a Post-No-Debit (PND) restriction since April, which prevented access to the funds. Kalu alleged that a police officer requested N50 million to lift the restriction, and after negotiations, N5 million was paid, yet the restriction remained.

A Federal High Court order obtained on June 29 directed the movement of the funds, but Kudiwave challenged this order. On July 22, the court vacated the order, but Kudiwave discovered that the funds had already been transferred on July 15.

PalmPay disputed Kudiwave's claims, asserting compliance with the court order during the transaction.