We, at Kudiwave Technologies Limited, have called on the Inspector-General of Police, Olatunji Disu, to initiate an independent and comprehensive investigation into the circumstances surrounding the alleged transfer and continued withholding of approximately N750 million belonging to us.
Through our legal representatives, Tony Eseigbe & Co., we submitted a petition dated September 14, 2026, to the Inspector-General of Police, requesting a thorough examination of the transactions and the actions surrounding our funds.
We believe this investigation is necessary because of the circumstances surrounding funds transferred into our PalmPay account and the subsequent movement of those funds into a designated Police Recovery Account.
Our Position on the N750m Transaction
Our position is straightforward: the disputed funds arose from a legitimate commercial transaction involving Nexall Technologies Limited, from whom we received naira liquidity in exchange for USDT.
On March 28, 2026, Nexall received funds from several entities, including Kredilink Technologies Limited, Fintrix Technologies Limited, Sturdi-Steel Nigeria Limited and GreatRex Global Concepts, before transferring approximately N750 million to our PalmPay account through three separate transactions.
We are therefore asking the relevant authorities to establish, through the available banking records, the precise source and movement of the funds.
We believe that allegations concerning the money should be determined by evidence and a clear transaction trail, rather than assumptions based solely on the timing of different transactions.
Every naira involved in this matter should be traceable. We want investigators to establish where the funds originated, how they moved and the parties involved at every stage of the transactions.
Our Concerns Over the Police Recovery Account
We are also seeking clarification concerning the transfer of N750,369,439.04 from our PalmPay account into a designated Police Recovery Account.
We have referred in our petition to proceedings before the Federal High Court and the ruling delivered on July 22, 2026, which, according to our legal representatives, set aside earlier orders relating to the funds and directed the removal of restrictions affecting our account.
We further referenced a letter dated July 28, 2026, from PalmPay to the Special Fraud Unit concerning the court’s ruling and the funds standing in the designated Police Recovery Account.
We are asking the Inspector-General of Police to establish the current status and whereabouts of the N750,369,439.04 and the legal basis for its continued withholding.
We also want a complete accounting of all funds received into the designated Police Recovery Account in connection with this matter, including when the funds were received, the legal instrument relied upon for their receipt and where the funds are currently held.
Our Request to the Inspector-General of Police
We have specifically requested that the Inspector-General of Police:
Order an independent forensic investigation into the transactions involving the disputed funds.
Obtain and examine the relevant bank statements of all companies and accounts connected to the transactions.
Establish the precise source, movement and destination of the funds.
Determine the legal basis for the transfer and continued withholding of our funds.
Establish the current location and status of the N750,369,439.04 transferred into the designated Police Recovery Account.
Investigate any allegations of misconduct involving officers connected to the handling of the matter.
Take appropriate action if the investigation establishes that any individual acted outside the law.
We Welcome a Transparent Investigation
We want to make it clear that we do not oppose legitimate investigations into financial transactions. On the contrary, we welcome a transparent, independent and evidence-based investigation because we believe that a proper examination of the banking records will provide clarity.
We have nothing to hide.
Our request is simple: follow the money, examine the documentation and establish the facts.
We are prepared to cooperate with any lawful investigation and provide relevant documentation required by the appropriate authorities.
We also believe that all parties involved should allow the appropriate authorities and courts to determine the issues based on documentary evidence and applicable law.
Our primary concern is the protection of our funds, our business interests and the interests of our stakeholders. We remain committed to conducting our operations lawfully and cooperating with the relevant institutions to ensure that this matter is resolved transparently and in accordance with due process.
