KudiWave Technologies Limited has challenged a reported claim by PalmPay Limited that the company’s address and ownership of an account at the centre of a dispute between the two firms are unknown, citing photographs and correspondence which it says demonstrate a previous working relationship between them.

The dispute centres on ₦750,369,439.04 which KudiWave says was moved from its PalmPay account while restrictions were in place during court proceedings involving the Police Special Fraud Unit (PSFU), Ikoyi.

KudiWave has demanded an explanation of the transaction, including the identity of the beneficiary and the complete trail of the funds.

In response to the reported questions over its address, KudiWave said three senior Chinese PalmPay officials, accompanied by a Nigerian police escort, visited its Lagos headquarters on March 18, 2026, at about 8 p.m.

The company released a photograph which it said was taken during the visit.

“Three top Chinese officials from PalmPay came to our Lagos office with a Nigerian police escort on March 18. We received them there and took a photograph during the visit. That is why we are asking how the same address can now be described as unknown,” KudiWave said.

KudiWave also claimed that PalmPay previously maintained a team of about 30 employees responsible for handling matters and enquiries relating to the company.

It said the relationship, alongside correspondence exchanged during the dispute, contradicts any suggestion that PalmPay was unaware of KudiWave or the account involved.

Among the documents cited by KudiWave is a letter dated July 6, 2026, bearing PalmPay’s name and addressed to the Office of the Commissioner of Police, Police Special Fraud Unit, Ikoyi.

According to KudiWave, the correspondence, titled “Investigation Activity,” referred to funds standing to the credit of the company.

The letter also stated that PalmPay had been served on July 3 with a Motion on Notice filed by KudiWave challenging a June 29 court order affecting the account and seeking a stay of execution.

According to the contents of the letter provided by KudiWave, PalmPay stated that the pending application before the Federal High Court required it to await the court’s determination before taking further steps pursuant to the June 29 order.

The correspondence also stated that KudiWave’s account remained under restriction as of July 6 and that no transaction had been permitted on it at the time.

“The July 6 letter is PalmPay’s own correspondence. It names KudiWave, refers to funds standing to our credit and acknowledges the court application we filed concerning the account. These are not assumptions. They are written records,” KudiWave said.

The company is also relying on another letter dated July 28, which it says contains a direct reference to KudiWave and the disputed account.

The correspondence, addressed to the Commissioner of Police, Special Fraud Unit, identified KudiWave Technologies Limited alongside an account number which the company says belongs to it.

The letter followed a July 22 ruling of the Federal High Court in Lagos which, according to KudiWave, set aside the June 29 order affecting the funds and directed that restrictions placed on its account be removed.

KudiWave said PalmPay acknowledged in the July 28 correspondence that the June 29 orders had been vacated and were no longer legally effective.

The letter subsequently requested that the Nigeria Police Force take steps to transfer ₦750,369,439.04 standing in a designated Police Recovery Account back to KudiWave Technologies Limited’s PalmPay account, according to the company.

KudiWave argues that the correspondence is significant because it identifies the company by name, specifies an account and requests that the disputed funds be returned to it.

“PalmPay’s own letter identifies KudiWave Technologies Limited and identifies our account number. It also asks that ₦750,369,439.04 be returned to that same account. We therefore want PalmPay to explain how ownership of the account can now be treated as unknown,” the company said.

The disagreement forms part of a wider dispute over the handling of KudiWave’s funds following an ex-parte court process connected with an investigation by the Police Special Fraud Unit.

KudiWave challenged a June 29 order concerning the funds, arguing that it had not been properly served with the processes leading to the decision.

It filed an application on July 3 seeking to set aside the order and stay its execution.

According to the company, Justice Ibrahim Ahmad Kala of the Federal High Court in Lagos heard the application on July 13 and reserved his ruling.

KudiWave alleges that while the matter was awaiting the court’s decision, ₦750,369,439.04 was removed from its account on July 15 with the transaction narration “Judicial Adjustment.”

It further claims that its account records show an earlier movement of funds on July 11, which was reversed the same day.

KudiWave maintains that it did not authorise the transactions and was not informed before they occurred.

The company said Justice Kala subsequently delivered his ruling on July 22, granting its application, setting aside the June 29 order and directing that restrictions on the account be removed.

PalmPay’s July 28 correspondence requesting the return of the ₦750.37 million followed that ruling, according to documents cited by KudiWave.

KudiWave’s Secretary, Barrister Prince Kalu Oko, said the records being presented demonstrate the extent of the previous relationship between the companies.

“The evidence is straightforward. Three top Chinese PalmPay officials visited our office with a Nigerian police escort, PalmPay had a dedicated team handling matters relating to KudiWave, its own correspondence identified KudiWave and its account, and it later wrote to the Police asking that the money be returned to that account,” Oko said.

KudiWave is also seeking what it describes as a complete transaction trail for the ₦750.37 million.

The company claims its account records show the funds being transferred to an Access Bank business account, while documents connected with the judicial process referred to a designated Police Recovery Account associated with the PSFU.

It said PalmPay’s July 28 correspondence subsequently described the ₦750,369,439.04 as standing in the designated Police Recovery Account.

KudiWave wants the records reconciled to establish the movement of the funds from its account and how they reached the destination identified in subsequent correspondence.

“We are asking for clarity based on records that already exist. If PalmPay knew KudiWave well enough to have three top Chinese officials visit our office with a Nigerian police escort, maintain a team handling our enquiries, identify our account in official correspondence and request the return of ₦750.37 million to that account, then its present position requires a clear explanation,” KudiWave said.

The company said it is seeking clarification from PalmPay on the apparent discrepancy between its reported position concerning KudiWave’s address and account ownership and the earlier correspondence cited in the dispute.

The Guardian has reached out to PalmPay for comment.