KudiWave Disputes ₦750m Debit from PalmPay Account

In Short

• KudiWave is disputing a ₦750.37 million debit from its PalmPay account.
• The debit was labelled “Judicial Adjustment” and KudiWave says it was not authorised.
• A Federal High Court order cited for the debit was later set aside by the same court.

What Happened

KudiWave says ₦750,369,439.04 was transferred from its account with PalmPay on July 15, 2026. The company says the transfer appeared with the narration “Judicial Adjustment” and that it did not receive prior notification or give authorisation.

KudiWave says PalmPay relied on a Federal High Court order in Lagos dated June 29, 2026. But KudiWave says it had already filed a motion on July 3 to set aside that order and to stop any execution. It also says the motion was served on both PalmPay and the Police, and was heard on July 13.

KudiWave further alleges the funds were moved on July 11 and returned the same day, then moved out again on July 15. It says this happened while the account was frozen, and it only discovered the movements after the restrictions were later lifted.

On July 22, Justice Ibrahim Ahmad Kala reportedly ruled in favour of KudiWave. The court set aside the June 29 order and directed that restrictions on KudiWave’s account be removed.

Why It Matters

This dispute matters for Nigeria’s fintech and digital payments sector because “judicial adjustments” are a sensitive area where fintechs and banks must balance compliance with court orders and customer protections.

KudiWave is also questioning the destination of the funds. It says the June 29 order contemplated moving the money into a Police Recovery Account or a Police Special Fraud Unit exhibit account. But it claims its records show the money went to an Access Bank business account.

KudiWave is asking PalmPay to disclose the beneficiary identity, the instruction that triggered the debit, the exact court order relied upon, and why the destination account allegedly differed from what the court process described. The outcome could shape how payment firms handle account freezes, reversals, and disputed enforcement actions at scale.