Protesters Storm Police HQ Over Alleged ₦750M PalmPay Fund Movement and ₦50M Bribe Scandal
ABUJA, NIGERIA — A major scandal is brewing as protesters stormed the Police Headquarters and the Central Bank of Nigeria (CBN), demanding an immediate investigation into the alleged illegal freezing and subsequent movement of over ₦750 million belonging to a fintech firm, Kudi Wave Technologies.
The demonstrators are calling on the Inspector General of Police, Olatunji Disu, to probe the actions of the Police Special Fraud Unit (SFU) and fintech platform PalmPay.
They allege that rogue police officials demanded a ₦50 million bribe to lift a restriction on the company’s account and later moved the ₦750 million in defiance of a direct court order.
How the ₦750M Fund Dispute Began
According to Kudi Wave Technologies, the crisis began in April when PalmPay placed a Post-No-Debit (PND) restriction on its corporate account. The freeze was reportedly instigated by the Police Special Fraud Unit based in Ikoyi, Lagos.
The company’s secretary, Prince Okokalo, stated that repeated attempts to uncover the legal basis for the restriction yielded no satisfactory explanation. Instead, individuals allegedly connected to the SFU approached the firm, demanding a ₦50 million bribe to facilitate the release of the frozen funds.
Okokalo claimed that the company eventually paid a portion of the bribe—the equivalent of ₦5 million converted into US dollars—but the account remained strictly restricted.
Alleged Defiance of Court Order and Vanishing Funds
The situation escalated after Kudi Wave Technologies successfully obtained a valid court ruling setting aside an earlier order that restricted the funds.
Despite the court explicitly granting a go-ahead for the release of the money, the company discovered that over ₦750 million had already been completely moved out of the PalmPay account.
Kudiwave alleges that the SFU flagrantly disobeyed the judiciary by failing to respect the vacation of the freeze order.
Protesters Take Demands to CBN
Desperate for accountability, the protesters marched from the Police Headquarters to the Central Bank of Nigeria (CBN). They officially submitted a formal petition calling for the apex bank’s urgent intervention to investigate PalmPay’s role in moving the disputed funds without due process.
Kudi Wave Technologies is demanding a fully independent investigation, the immediate return of the ₦750 million, and justice for its clients. The company notes that its business operations have been entirely paralyzed since April, leaving the livelihoods of its stakeholders in limbo.
