750m Dispute: Kudiwave Petitions IGP, Demands Forensic Investigation

   Kudiwave Technologies Limited has petitioned the Inspector-General of Police, Olatunji Disu, over the alleged transfer and continued withholding of N750 million from its PalmPay account.

The company, through its solicitor, Tony Eseigbe & Co., in a petition dated September 14, 2026, is seeking an independent and forensic investigation into the circumstances surrounding the movement of the funds by the Special Fraud Unit (SFU), Ikoyi, Lagos.

Kudiwave also challenged allegations linking the money to an alleged “round-tripping” transaction involving funds purportedly originating from United Bank for Africa Plc (UBA).

According to the company, the N750 million was received from Nexall Technologies Limited as part of a legitimate commercial transaction in exchange for digital assets.

Kudiwave alleged that the SFU, however, linked the funds in its PalmPay account to money purportedly originating from UBA and subsequently moving through several companies.

How the N750m Transaction Began

Kudiwave said the transaction originated after Kredilink founder, Opeyemi Dairo, was introduced to Master Solution Concept Limited on March 5, 2026.

According to the petition, Master Solution had presented itself as a merchant dealing with Nomba Bank and requiring fiat-to-digital-asset settlement services.

The company said it subsequently completed a Know-Your-Business process with the merchant, after which a test transaction worth $3,556.18 was conducted.

Kudiwave said further transactions followed, with Nexall Technologies later becoming involved in the provision of naira liquidity in exchange for USDT.

The petition quoted Nexall Technologies’ Operations Lead and co-founder, Ayandoye Pelumi Olawale, as saying that Kudiwave requested liquidity from Nexall on March 28, 2026.

According to the account, Nexall sourced the naira from several independent counterparties, including N200 million received from Kredilink through a Nom Ban