PalmPay has sued Kudiwave over claims surrounding a N750m transfer, seeking retractions, apologies and N370m in damages
PalmPay Sues Kudiwave Over N750m Transfer Claims, Demands N370m Damages
By Lukman OMIKUNLE
PalmPay has fired back at Kudiwave Technologies Limited over the controversy surrounding the transfer of N750,369,439.04 from Kudiwave’s account, filing a defamation suit at the High Court of Lagos State and demanding N370 million in damages.
The legal action comes after Kudiwave petitioned Inspector-General of Police, Olatunji Disu, over the transfer and continued withholding of N750 million from its PalmPay account by the Special Fraud Unit (SFU) in Ikoyi, Lagos.
In its September 14, 2026 petition filed through its solicitors, Tony Eseigbe & Co., Kudiwave rejected allegations linking the funds to an alleged round-tripping scheme. The company maintained that the money was received from Nexall Technologies Limited as payment for digital assets, including USDT, in what it described as a legitimate commercial transaction.
PalmPay, however, has challenged Kudiwave’s public claims, insisting that statements made concerning the transfer are false and defamatory.
In a writ of summons filed at the Lagos High Court, PalmPay is seeking a declaration that Kudiwave’s publications concerning the N750.3 million transfer were false and had unlawfully injured the company’s reputation.
The fintech company is also asking the court to order Kudiwave to immediately remove, retract and delete the disputed publications and issue a full and unequivocal apology in at least five national newspapers, online platforms and social media accounts where the allegations appeared.
PalmPay is further seeking an order restraining Kudiwave, its agents or representatives from publishing further statements concerning the disputed transfer or sponsoring protests against the company.
Its financial claims include N100 million in general damages, N250 million in aggravated damages, N10 million in exemplary damages and another N10 million for injurious falsehood, bringing the total damages claimed to N370 million, apart from legal costs.
PalmPay also filed a motion seeking an interim order restraining Kudiwave from publishing or circulating statements concerning the N750.3 million transfer pending the determination of the substantive suit.
In a September 8 cease-and-desist notice, PalmPay warned against the publication, republication, sharing or dissemination of what it described as false, misleading, defamatory or unverified statements about the company and the pending dispute.
The company urged publishers and other persons discussing the matter to exercise due diligence in verifying information and to avoid commentary that could prejudice the ongoing court proceedings.
PalmPay further warned that individuals or organisations that continued to publish or facilitate the spread of allegedly defamatory material could face separate legal action.
The dispute is now before the courts, and the claims contained in PalmPay’s suit remain allegations by the claimant pending determination by the court. The documents provided do not establish that the court has made a final ruling on the competing claims.
