KudiWave Technologies Limited has raised questions over the transfer of ₦750.37 million from its account with PalmPay Limited, days after the Federal High Court in Lagos set aside an order that had restricted the company’s account.

The disputed sum of ₦750,369,439.04 was debited from the account on July 15, 2026, under the narration “Judicial Adjustment”.

KudiWave said the transaction was carried out without prior notice to the company and without its authorisation.

The company is also questioning the timing of the transfer, saying it occurred two days after the Federal High Court had heard its application challenging the order under which restrictions were placed on its account.

The dispute followed an ex parte application by the Inspector General of Police, through officers of the Police Special Fraud Unit, Ikoyi, which resulted in an order restricting accounts belonging to several parties, including KudiWave, for 90 days pending investigation.

The restriction was subsequently placed on KudiWave’s account with PalmPay.

KudiWave later approached the Federal High Court in Lagos to challenge the order. Its application, filed on July 3, sought to set aside the June 29 order and stay its execution.

The application was heard on July 13 and adjourned for ruling.

KudiWave said PalmPay had been served with the processes relating to its challenge before the application was heard and did not file a counter-affidavit opposing the application.

Two days after the hearing, however, the ₦750.37 million was transferred out of the account.

The company has also drawn attention to an earlier transaction recorded on July 11.

According to KudiWave, account records showed that the funds were moved out of the account on July 11 and returned the same day before being transferred again on July 15.

“PalmPay moved the money on July 11 and sent it back that same day. They then took it out again on July 15. When the account was opened, we saw how the money had been moved around while the account was frozen and we were not aware of it,” the company said.

The matter is before the court under Suit No. FHC/L/CS/795/2026.

Following the June 29 order, KudiWave challenged the proceedings on the grounds that it had not been properly served with the relevant processes and had not been effectively brought before the court when the application was heard.

Justice Ibrahim Ahmad Kala of the Federal High Court, Lagos Judicial Division, revisited the matter on July 22 and granted KudiWave’s application.

The court set aside, vacated and discharged the June 29 order and directed that the restrictions placed on KudiWave’s account be removed.

In considering the circumstances surrounding service of the court processes, the court questioned whether leaving documents at a gate, without sufficient indication of the company’s specific address, could reasonably have brought the proceedings to KudiWave’s attention.

The court described the circumstances surrounding the purported service as “very curious”.

The ruling also recognised the court’s inherent jurisdiction to set aside its own order where the circumstances warrant such intervention.

Although the July 22 ruling came after the disputed July 15 transfer, KudiWave argues that the transaction should be considered against the background that the June 29 order was already being challenged and that its application had been argued before the court two days earlier.

The company has also questioned the destination of the ₦750.37 million.

According to KudiWave, the June 29 order contemplated the transfer of the identified funds into a designated Police Recovery Account associated with the Police Special Fraud Unit.

However, the company’s account records, according to its account, show that the funds were transferred to a business account domiciled with Access Bank.

KudiWave is therefore seeking clarification on the beneficiary account, its owner, the instruction authorising the transfer and the basis for the earlier movement of the funds on July 11.

“The issue for us is simple. If the order identified a particular account for the funds, there must be a clear explanation of why our records show the money going elsewhere and who ultimately received it,” the company said.

KudiWave has also alleged that its Company Secretary, Barrister Prince Oko, was asked for ₦50 million to facilitate the removal of the restriction on the account during earlier efforts to resolve the matter.

The company said it rejected the demand.

The allegation has not been established by a court.

KudiWave further said Oko had met officers of the Police Special Fraud Unit, including CSP Aliyu Hussaini Musa and Inspector Bolaji, during attempts to address the restriction.

The company is seeking a reconciliation of transactions carried out on its account during the period it was restricted and is considering further legal and regulatory steps concerning the disputed funds.

KudiWave said its position was not opposed to compliance with lawful court orders, but was centred on whether the actions taken against its funds complied with the terms of the judicial directive and whether the money was transferred to the account specified in the proceedings.

The central questions now surrounding the dispute are the movement of the funds on July 11, the subsequent ₦750.37 million transfer on July 15, the destination of the money and the circumstances in which the transactions were carried out while KudiWave’s challenge to the underlying order was before the Federal High Court.