PalmPay Limited has denied allegations that it unlawfully transferred, misappropriated or improperly handled funds belonging to KudiWave Technologies and its customers.
In a statement signed by PalmPay Management, the fintech company said its actions in the matter were carried out in compliance with a valid and subsisting order of the Federal High Court in Lagos.
PalmPay cited Suit No. FHC/L/CS/795/2026 Inspector General of Police v. PalmPay Limited & Anor as the basis for its actions.
The company said, as a licensed financial institution, it was legally required to comply with orders issued by judicial and law-enforcement authorities.
“PalmPay does not have the discretion to act outside the terms of a valid court order, regardless of the preferences of any party involved,” the company said.
PalmPay acknowledged the difficulties faced by KudiWave and its customers but rejected what it described as allegations and misleading representations about its handling of the funds.
The fintech firm also condemned attempts to “misrepresent facts or spread misleading information”, urging members of the public to rely on verified information while allowing the legal process to run its course.
It said the matter remains before the court and that it would continue to address what it considers inaccurate or misleading claims through appropriate legal and regulatory channels.
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