KudiWave Challenges ₦750M Debit from Palmpay Account
KudiWave Technologies Limited has raised concerns over a ₦750.37 million debit from its account with Palmpay Limited, which appeared on July 15, 2026, labeled as “Judicial Adjustment.” KudiWave claims the transaction was unauthorized and cites a Federal High Court order from June 29, 2026, related to an investigation by the Inspector-General of Police. This order was later vacated on July 22, 2026, after KudiWave contested the circumstances of its issuance.
The court found that KudiWave had not been properly served regarding the June 29 order. Following the ruling, which removed restrictions on KudiWave’s account, the company questioned the legitimacy of the July 15 transaction.
It noted that Palmpay had previously transferred the funds on July 11, returned them the same day, and then processed the debit on July 15. The court's decision did not prevent the police from pursuing criminal proceedings if warranted.
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