Kudiwave Technologies Limited has challenged the alleged transfer of ₦750.37 million from its account following a court order obtained by the Police Special Fraud Unit, PSFU.
The company’s Secretary, Prince OI Kalu, said the police initially obtained an order restricting Kudiwave’s account for 90 days, despite the company not being listed as a party to the case.
Kalu said the company subsequently filed applications seeking to be joined in the suit and to have the restriction order set aside, arguing that the action had disrupted its business operations.
According to him, the police later withdrew a motion seeking the transfer of the entire balance in the account but subsequently secured another order directing the movement of the funds.
He said the bank received the order on July 1, prompting Kudiwave to file an application seeking to set it aside and stay its execution.
Kalu said that on July 22, the court ruled in favour of Kudiwave, setting aside the order and directing that all restrictions on the company’s account be lifted.
However, he said the company later discovered that ₦750,369,439.04 had already been transferred to an Access Bank account allegedly operated as a holding account.
Kudiwave is demanding an explanation from the police and its banker on the whereabouts of the funds, insisting that the court order authorising the transfer had been set aside and that the money should be returned.
The company said some of its clients were already demanding the return of their funds, as uncertainty persists over the whereabouts of the disputed amount.