Zacuten Technologies has alleged that more than $4 million remains unpaid from a $13.07 million cross-border transaction involving Plaude Technologies Limited and Plaude Inc., citing documents and developments including a Police Special Fraud Unit (SFU) investigation and a separate court filing in the United States.
The company said Plaude had publicly acknowledged that the transaction was valued at approximately $13.07 million and that about $8.95 million had been transferred.
Zacuten, however, said the outstanding balance, estimated at between $4.1 million and $4.2 million, had yet to be settled.
Godsreal Ojinaka, Chief Executive Officer of Zacuten Technologies, said the company was seeking a full accounting of the transaction, independent verification of payments allegedly made and a verifiable timeline for the settlement of the outstanding balance.
“This is not a misunderstanding and it is not a media dispute,” Ojinaka said.
“Zacuten entered into a transaction worth more than $13 million. Millions of dollars remain outstanding. We have asked for answers, documentation and a timeline for payment.
“The fundamental question remains: where is Zacuten’s money, and when will it be paid?”
Zacuten said Plaude had attributed the delay in completing the settlement to banking restrictions, enhanced due diligence, payment-corridor difficulties and other operational challenges.
However, the company said the explanations did not, in its view, resolve the underlying obligation.
“A delay is not payment. An explanation is not payment. A public statement is not payment,” Ojinaka said.
“The obligation remains unresolved.”
Zacuten also raised concerns over a Banc of California cashier’s cheque, numbered 1874649 and dated March 6, 2026, for $2,780,208, which it alleged was presented in connection with the transaction as evidence of available funds.
The cheque was made payable to Plaude Inc.
The company said its subsequent attempts to verify the instrument raised questions about its authenticity.
Zacuten said it had documentation relating to the instrument and the circumstances surrounding its presentation, which it said might be relevant to appropriate legal, financial and regulatory authorities.
The authenticity of the cheque and any alleged wrongdoing in connection with it remain subject to independent verification and any applicable legal or regulatory processes.
The company also alleged that some individuals associated with Plaude had become difficult to reach following the dispute.
Zacuten specifically alleged that Olatomiwa Adebayo Idowu, described as the Chief Executive Officer of Plaude, had been largely unresponsive to efforts to resolve the outstanding obligation.
The company further alleged that other executives and persons associated with Plaude had not meaningfully engaged in efforts to resolve the matter.
These claims are allegations by Zacuten and have not, based on the information provided, been established by a court as findings of wrongdoing.
Zacuten said its concerns had increased following the emergence of other high-value complaints and investigations involving Plaude and individuals associated with the company.
It cited a complaint filed by Prudent Energy & Services Limited against Plaude Inc. at the United States District Court for the Northern District of California concerning allegations involving approximately $2.75 million in an alleged foreign-exchange fraud.
Zacuten said it was not presenting the complaint as a finding of liability.
The claims contained in the filing remain allegations subject to the relevant judicial process.
“We initially treated this as a transaction that had encountered difficulties,” Ojinaka said.
“But when you begin to see other multi-million-dollar complaints and official investigations involving the same corporate network and individuals, it becomes necessary to ask whether Zacuten’s experience was truly an isolated incident.”
Meanwhile, Zacuten also cited a public announcement issued by the Police Special Fraud Unit concerning a separate investigation involving Plaude Technologies Limited and individuals associated with the company.
According to Zacuten and the SFU’s May 11, 2026 public announcement, the unit said it had obtained a Federal High Court forfeiture order over accounts and assets linked to Plaude Technologies Limited, Omberra Commodities Limited and individuals named in the investigation, pending the conclusion of its probe.
The SFU said the investigation involved allegations relating to approximately N8.585 billion, including allegations of conspiracy, fraudulent conversion, obtaining money by false pretence, stealing and money laundering.
The allegations remain subject to investigation and judicial determination.
According to the SFU’s public statement, the investigation also raised concerns regarding the alleged operational and financial capacity of some of the entities and persons under investigation.
Zacuten said the SFU announcement was relevant to its experience because its own transaction was entered into on the understanding that its counterparty had the financial and operational capacity to fulfil the obligation.
“That is why the SFU’s public statement is relevant to Zacuten’s experience,” Ojinaka said.
“The question we are now forced to ask is whether the financial capacity and representations that formed the basis of our transaction were capable of supporting an obligation of this size.”
He said Zacuten was not asking the public to substitute opinion for due process.
“The SFU investigation is separate, and the allegations remain subject to investigation and judicial process,” he said.
“But an official investigation resulting in a Federal High Court forfeiture order and findings concerning alleged financial and operational capacity cannot simply be ignored.”
Zacuten said information available to it suggested that other businesses and counterparties might have experienced difficulties in transactions involving Plaude or individuals associated with the company.
The company said it was aware of additional claims involving alleged losses or unresolved obligations exceeding $15 million, separate from its own claim.
However, Zacuten said the information remained subject to further verification and documentation and that it would not disclose the identities of additional parties without sufficient evidence and authorisation.
The company also referred to a public Instagram appeal by an individual associated with Tubim Energy, which contained allegations that naira had been paid for a foreign-currency transaction that was not completed as promised.
Those allegations have not been independently established as findings of wrongdoing and remain claims attributed to the person who made them.
Zacuten urged companies, investors, financial institutions and other stakeholders considering significant transactions with Plaude Technologies Limited, Plaude Inc. or their executives to conduct enhanced due diligence.
It recommended independent verification of counterparties’ financial capacity and transaction history, sources and availability of funds, banking arrangements, payment instruments, corporate ownership structures, existing disputes and relevant regulatory or legal issues.
“Our experience demonstrates why businesses cannot rely solely on representations when substantial sums are involved,” Ojinaka said.
“Financial capacity must be independently verified. Payment instruments must be independently verified. The ability to perform must be independently verified.”
Zacuten said it remained willing to pursue appropriate commercial and legal channels to recover the funds it alleged remained outstanding.
It also called on media organisations reporting on the matter to distinguish between verified financial records, statements made by parties, allegations contained in legal proceedings and claims that remain subject to investigation.
The company said its position remained that the transaction was entered into, payments remained outstanding and questions surrounding the transaction required resolution.
Plaude’s position on the allegations contained in Zacuten’s statement was not included in the materials provided for this report.
Ravenewsonline reports that the various allegations cited by Zacuten, including those relating to the disputed transaction, the alleged payment instrument and other commercial dealings, should be treated as claims unless independently established through verifiable records, regulatory findings or final judicial decisions.
