PHOTOS: Kudiwave Protests ₦750m PalmPay Debit At Police HQ Abuja
Staff and supporters of Kudiwave Technologies Nigeria Limited gathered at the Police Force Headquarters in Abuja to protest the alleged illegal removal of ₦750.3 million from the company’s PalmPay account.
Dressed in solemn attire and carrying placards, the demonstrators submitted a formal petition directly to the Inspector-General of Police, Olatunji Disu.
They are demanding an immediate and thorough investigation into the exact circumstances that led to the restriction of their account and the subsequent unauthorized movement of their corporate funds.
The protesters are specifically urging the Inspector-General of Police to probe the actions of the Police Special Fraud Unit (PSFU) based in Ikoyi, Lagos. They suspect foul play regarding the unit’s involvement in the financial dispute and are calling for full accountability to recover the missing millions. By taking their grievances directly to the police leadership in Abuja, the fintech firm’s representatives hope to expose any internal misconduct and ensure a transparent resolution to the high-stakes asset freeze.
PalmPay countered the allegations by stating that it did no wrong , maintaining that it acted strictly in compliance with a valid and enforceable Federal High Court order issued on June 29 . According to the fintech platform, the judicial directive required them to transfer the disputed ₦750.3 million out of the account. PalmPay emphasized that the funds were subsequently placed directly into the custody of the police. They argued that the transfer occurred well before the court later decided to set aside the restriction on July 22, meaning they were legally bound to follow the active order at the time.
Meanwhile, the demonstrators made their grievances highly visible by displaying placards with direct appeals and sharp accusations. Their signs bore messages such as “IGP save our business,” “PalmPay and PSFU return our N750m,” and “Kudiwave is not a fraudulent organisation” . Through these inscriptions, as well as placards reading “Stop extortion of fintech companies,” the protesters aimed to publicly defend the company’s integrity while putting pressure on top police leadership to halt what they characterize as institutional extortion.
Addressing reporters, Company Secretary of Kudiwave Technologies, Prince Oko Kalu, said the company’s account had been placed on a Post-No-Debit (PND) restriction since April, preventing it from accessing its funds.
The representative, Kalu , explained that Kudiwave discovered an initial account restriction tied directly to the Police Special Fraud Unit (PSFU), prompting company officials to approach the unit for urgent clarification. To safeguard their assets, Kudiwave proactively filed a legal stay of execution on July 3 to challenge the June 29 court order that PalmPay claimed to rely on. Following this challenge, a Federal High Court judge officially set aside, vacated, and discharged the original order on July 22, ruling that all operational restrictions on the fintech firm’s account be lifted immediately.
Despite the court officially nullifying the restriction, Kudiwave contends that the ₦750.3 million has still not been returned to its corporate account. The company argues that because the underlying judicial order was completely invalidated, both PalmPay and the PSFU are legally obligated to return the debited funds—a directive they have yet to comply with. Kudiwave maintains that the money remains missing from their platform balance, rendering the post-ruling court instructions unfulfilled.
The company secretary, Kalu , explained that Kudiwave initially traced a restriction on its settlement account directly to the Police Special Fraud Unit (PSFU) and approached the unit for urgent clarification. Despite making a specific payment as allegedly demanded, the account remained tightly restricted. Kudiwave later discovered that the police had secretly obtained a broader judicial order on July 1 directing that all funds within the account be moved entirely into a police exhibit account. In response, the fintech firm proactively filed a legal stay of execution on July 3 to challenge the directive, leading a Federal High Court judge to officially vacate, discharge, and set aside the restriction order on July 22.
However, Kudiwave encountered a severe hurdle when it approached PalmPay with the fresh court ruling to resume normal business operations. Upon attempting to access the platform, officials realized that the account had been completely emptied. Kudiwave’s financial records revealed that a staggering ₦750,339,399.99 had been drained from the account on July 15—a full week before the court explicitly nullified the restriction.
Adding to the controversy, Kudiwave contends that the massive sum was not transferred to the official Police Exhibit Account mandated by the initial July 1 directive. Instead, the company’s internal audit showed that the money had been routed directly into a private commercial business account held with Access Bank. Questioning the unusual timing, lack of notice, and the exact narration of the transaction, Kalu strongly urged the Inspector-General of Police to order an independent investigation into where the funds actually went and who authorized the movement.
Kudiwave’s representative, Kalu , strongly rejected accusations that the fintech company operated without a verifiable business address , calling the claims completely baseless. He revealed that PalmPay personnel had not only conducted official physical site visits to Kudiwave’s office in the past but had also held formal corporate meetings on the premises. Kalu questioned how a financial institution could legally onboard a corporate client without verifying their operational base, pointedly asking, “How will you open an account for a customer that you have no KYC [Know Your Customer] of?”
Frustrated by the ongoing impasse, Kudiwave disclosed that it has already submitted four separate petitions to the Inspector-General of Police, Olatunji Disu , pleading for an independent investigation into the matter. Kalu emphasized that the peaceful demonstration at the Force Headquarters was a vital step to draw public awareness to their plight and demand direct accountability from leadership. “Let the public hear us. Let the IGP come out from his seat… and appoint an independent investigation over this matter,” he urged outside the facility.
Addressing the demonstrators directly, the Commissioner of Police in charge of Federal Operations, Wilson Akpan , formally received the petition and assured the protesters that the apex police authority would critically examine the case. Akpan explicitly urged the group to remain calm, noting that the Inspector-General is a highly skilled investigator who will ensure an objective review of the dispute. “This matter you have brought before the head of the force will be critically looked into and solved,” Akpan promised. “Whatever is due to you, you will get it. Just have that at the back of your mind.”
Following their demonstration at the Police Force Headquarters, the protesters marched to the Central Bank of Nigeria (CBN) . There, they officially submitted a duplicate copy of their petition to the apex bank, explicitly seeking the financial regulator’s urgent intervention in the escalating escrow dispute. Kudiwave’s representatives believe the central bank’s regulatory oversight is crucial to addressing the operational vulnerabilities and massive fund movements affecting the fintech sector.
In a detailed response signed by its Legal Counsel, Caleb Aluya, PalmPay defended its actions , maintaining that the ₦750.36 million transfer was executed solely in obedience to a valid Federal High Court order issued on June 29. PalmPay asserted that this judicial directive remained fully active, binding, and legally enforceable when the funds were moved on July 15. The digital bank firmly rejected Kudiwave’s narrative, stating that it acted strictly under the express terms dictated by the judiciary and never on its own corporate initiative.
PalmPay also dismissed Kudiwave’s reliance on a previous communication where the payment platform had suggested waiting for the court’s final ruling on a pending motion before taking action. The company clarified that this statement was merely a goodwill gesture intended to mitigate the legal consequences of non-compliance and give Kudiwave a window to secure a formal stay of execution. PalmPay stressed that this courtesy was never an admission that its absolute legal obligation to comply with the existing court order had been suspended or waived.
Addressing the massive debit directly, PalmPay reiterated its commitment to regulatory compliance , emphasizing that it has consistently honored all valid court orders served upon it. The company added that Kudiwave was explicitly covered as a respondent under the earlier ex-parte order, leaving PalmPay with no choice but to move the assets. Following the subsequent July 22 court ruling that vacated the restriction, PalmPay stated it has already formally engaged the Nigeria Police Force to request compliance and facilitate the next legal steps.
