Kudiwave Technologies Limited has demanded the immediate intervention of the Central Bank of Nigeria (CBN) and Kayode Egbetokun, Inspector General of Police (IGP), over the alleged continued withholding of N750.37 million belonging to the company, despite a Federal High Court order directing that restrictions on its accounts be lifted.
Prince Oko Kalu, company secretary of Kudiwave Technologies Limited, made the demand while addressing newsmen on Thursday in Abuja, where he tendered copies of court documents and orders in support of the company’s claims.
Kalu urged Egbetokun to direct Leho Edwin, Commissioner of Police in charge of the Police Special Fraud Unit (SFU), Lagos, to investigate the circumstances surrounding the restriction and subsequent movement of the funds.
He said Kudiwave became entangled in a police investigation into funds reportedly traced from accounts belonging to customers of United Bank for Africa (UBA), despite the company not being a party to the original court proceedings.
According to him, UBA obtained a Federal High Court order imposing post-no-debit restrictions on accounts linked to 22 defendants, but Kudiwave was not listed among the parties.
Kalu said Kudiwave’s account with Pampay Microfinance Bank was nevertheless restricted because the bank was listed as a respondent.
He said the company subsequently applied to be joined as a party and to set aside the restriction, insisting it had no connection with the alleged fraudulent transactions.
He said the police later sought to transfer the entire balance in Kudiwave’s account, amounting to N750,369,439.40, to an SFU account instead of isolating any specific amount allegedly linked to the investigation.
Kalu said the police withdrew the application on June 29 but subsequently obtained an order directing the transfer of the entire balance. He said Kudiwave challenged the order on July 3, arguing that it had neither been served with the relevant processes nor given an opportunity to be heard.
He said the court ruled in the company’s favour on July 22 and ordered all restrictions on its accounts lifted. However, he said N750.37 million had alread been transferred to an Access Bank account on July 15.
He said Kudiwave had petitioned the IGP and written the CBN seeking intervention, but was yet to receive a satisfactory response.
Kalu called for the immediate return of the funds.
“We urge the CBN and the IGP to wade into the matter and help resolve the situation,” Kalu said.
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