PalmPay Limited has denied allegations by Kudiwave Technologies Limited that it unlawfully debited N750,369,439.04 from the company’s account, insisting that the transfer was carried out in compliance with a subsisting order of the Federal High Court.
Kudiwave, through its solicitor, Tony Eseigbe & Co., had accused the fintech company of unlawfully withdrawing the sum from its account on July 15, 2026, under the narration, “Judicial Adjustment,” weeks after the Federal High Court in Lagos lifted a Post-No-Debit restriction earlier placed on the account.
According to the company, it neither authorised the transfer nor received prior notice of the debit. The solicitor explained that the account had initially been placed under a Post-No-Debit restriction following an order obtained in April 2026 by officers of the Special Fraud Unit, Ikoyi, but argued that the Federal High Court subsequently set aside the restriction before the funds were transferred.
“Kudiwave Technologies Limited said PalmPay Limited unlawfully debited N750,369,439.04 from its account on July 15, 2026, under the narration ‘Judicial Adjustment’,” the statement read. “Kudiwave stated that it never authorised the transfer and was never notified of it.”
