Kudiwave Technologies Limited yesterday took its dispute with PalmPay over N750.36 million to the streets, staging a protest at the payment platform’s office on Opebi Road, Ikeja, Lagos, and demanding answers over the whereabouts of the funds.

The company is demanding the immediate return of N750,369,439.04, which it said was transferred from its PalmPay settlement account on July 15, 2026, while its challenge to a court order authorising the transfer was still pending.

PalmPay, however, denied any wrongdoing, insisting that it acted strictly in compliance with a valid Federal High Court order directing it to transfer funds in Kudiwave’s account to a designated Nigeria Police Force Microfinance Bank account.

The controversy centres on Kudiwave’s PalmPay account, number 8889232516, from which the company said the entire balance was debited at 3:38:31am on July 15.

Kudiwave’s Company Secretary, Prince Oko Kalu, said the transaction statement described the debit as: “Judicial Adjustment – Cash_Access Bank_0552 Business_Account.”

He said Kudiwave had challenged the order, and its application was argued on July 13, with the court reserving a ruling.

Kalu said the company was therefore surprised that the funds were transferred two days later.

He said Kudiwave wanted to know who authorised the transaction, where the money was sent and why it had not been returned after the court subsequently set aside the order.

The company’s solicitors, Onwumere & Co, also wrote to PalmPay on July 29, demanding details of the beneficiary, including the account name, account number and Bank Verification Number, as well as the authority relied upon for the transfer.

The lawyers demanded immediate reversal of the N750,369,439.04, with interest at 21 per cent per annum from July 15 until full payment.

The dispute followed a June 29 order obtained by the Nigeria Police Force, through the Police Special Fraud Unit, from the Federal High Court, Lagos.

The order, in Suit No. FHC/L/CS/795/2026, directed PalmPay to disclose the balance in Kudiwave’s account and “forthwith recover, reverse, and/or transfer” funds standing to the company’s credit to the Nigeria Police Force Microfinance Bank – Special Fraud Unit Account No. 0020269175, described as the Police Exhibit Account.

Kudiwave said it became aware of the order on July 2 and applied for it to be set aside and its execution stayed.

According to documents supplied by the company, the court on July 22 set aside, vacated and discharged the June 29 order and directed that restrictions on Kudiwave’s account be removed.

PalmPay acknowledged the ruling and said the account restriction had been lifted.

But the return of the money remains unresolved.

PalmPay’s Legal Counsel, Caleb Aluya, said the June 29 order was valid, binding and enforceable when the transfer occurred, leaving the company with no discretion to disregard it.

He said PalmPay acted “strictly in compliance with the express terms of the Court’s Order and not on its own initiative.”

PalmPay maintained that the funds were transferred to the designated Police Recovery Account and that, following the July 22 ruling, it engaged the police over implementation of the decision.

It argued that since the police were the current custodians of the funds, further steps concerning their return should be directed to the Nigeria Police Force.

Kudiwave has also filed a separate fundamental rights action against the police, alleging that restrictions on its account disrupted its operations and that some officers demanded N50 million in alleged bribes. The allegations have not been established by a court.

At the protest, Kudiwave said the affected account also processed money belonging to customers, including traders, freelancers, students and small business owners.

Kalu called for an independent investigation and appealed to the Inspector-General of Police, Olatunji Disu, to ensure recovery of the funds and disclose where they were transferred and who authorised the transaction.