PalmPay Denies N750m Debit Allegations by Kudiwave

PalmPay Limited has refuted claims made by Kudiwave Technologies Limited that it unlawfully debited N750,369,439.04 from Kudiwave's account on July 15, 2026. Kudiwave, represented by its solicitor Tony Eseigbe & Co., alleged that the transfer was unauthorized and occurred under the narration "Judicial Adjustment," following the lifting of a Post-No-Debit restriction by the Federal High Court in Lagos.

The restriction had been imposed in April 2026 by the Special Fraud Unit. Kudiwave's legal team called for an investigation into the transaction, suggesting possible collusion involving PalmPay and other entities.

PalmPay, in a letter dated July 22, 2026, confirmed compliance with the court's directive to lift the restriction, referencing a ruling by Justice Ibrahim Kala on June 29, 2026, in Suit No. FHC/L/CS/795/2026.

The letter, signed by legal counsel Caleb Aluya, stated that PalmPay was represented during the court proceedings and that the restriction had been lifted as per the court's order.