Plaude Technologies has urged Zacuten Technologies to allow the Nigeria Police to conclude its investigation into the dispute between the two companies, saying Zacuten itself initiated the police process and should refrain from “litigating through the media.”
Plaude, in a detailed response to allegations made by Zacuten, also denied allegations of dishonesty, diversion of funds and deliberate attempts to deprive the company of its money.
The company said the dispute, involving a transaction with an overall value of approximately $13.07 million, was currently the subject of litigation in the United States and investigation by the Nigeria Police.
Plaude said it was therefore exercising caution in commenting on matters before the relevant judicial and investigative authorities.
According to the company, there had been no threats against media organisations, adding that its objection was only to what it described as “hit pieces, deliberate lies and defamation.”
“We have no problem with the truth and facts being stated,” the company said.
On the status of the parties involved, Plaude rejected suggestions that anyone connected with the dispute had gone into hiding or absconded.
It said, “No one has been incommunicado or absconded. Everyone continues to live as they did before the existence of this transaction.”
Plaude further stated that Zacuten had filed a complaint with the Nigeria Police and that subsequent communication between the parties had passed through the police because the matter was no longer a mutual commercial disagreement.
It urged Zacuten and its principal to follow the process they had initiated rather than attempting to resolve the dispute through media statements.
Plaude also disputed allegations concerning an alleged fake cheque, telex and wire fraud.
It maintained that the issues could be independently verified and established by the relevant law enforcement authorities and courts.
The company said none of the authorities had found it or its officers guilty of wrongdoing, arguing that portraying the allegations as established facts would be defamatory.
On the approximately $13.07 million transaction, Plaude acknowledged the overall value but said about $8.95 million had been transferred in connection with the transaction.
It disputed the characterisation of the difference as money unlawfully withheld or misappropriated.
According to the company, the transaction involved complex cross-border payment arrangements, banking processes and regulatory and compliance considerations, with the parties holding different positions regarding their respective obligations.
It said the outstanding issues were being addressed through the appropriate legal channels and that it remained committed to resolving its legitimate contractual obligations in accordance with the applicable legal and contractual framework.
Plaude attributed the delay and difficulties surrounding the transaction to banking restrictions, enhanced due-diligence requirements and challenges associated with relevant international payment corridors.
It explained that cross-border transactions of such magnitude were subject to banking, compliance and regulatory requirements, including reviews by financial institutions and restrictions that could affect the movement of funds.
The company said it was prepared to provide relevant information to the appropriate authorities but declined to release detailed banking records, correspondence, transaction documents and other sensitive financial information publicly while the matter remained before the US courts and under investigation by the Nigeria Police.
On the alleged $2.78 million Banc of California cashier’s cheque, identified as cheque number 1874649 and dated March 6, 2026, Plaude said it was aware of Zacuten’s allegation but rejected the latter’s characterisation of the circumstances surrounding the instrument.
It said the authenticity, purpose, presentation and status of the financial instrument should be established through documentary evidence and, where necessary, independent verification by the relevant financial institution and investigative authorities.
Plaude said it would cooperate with the authorities and provide any documentation properly required during the proceedings, but would not “litigate the issue through the media.”
The company also addressed references to an investigation by the Police Special Fraud Unit and proceedings concerning certain accounts and assets.
Plaude stressed the need to distinguish between an allegation, an investigation, an interim or interlocutory order and a final judicial determination of wrongdoing.
It maintained that the existence of an investigation or court order did not, by itself, establish that the company or any of its officers had committed fraud or another offence.
The company said it would cooperate fully with the Nigeria Police and other duly constituted investigative or regulatory authorities examining the matter.
Plaude also sought to distance Oladotun Steve Idowu from its ownership and management structure, stating that he was “neither a principal, shareholder, nor director, directly or indirectly” of Plaude Technologies or any associated company.
Addressing concerns that the dispute could affect customers, investors and business partners, Plaude said it took its contractual, commercial and regulatory obligations seriously.
It maintained that the dispute with Zacuten was a specific commercial matter being contested through appropriate legal processes and should not be construed as evidence that the company was generally incapable of meeting its obligations.
Plaude, however, declined to provide details of any specific repayment timetable or settlement arrangement concerning Zacuten, citing the ongoing litigation and investigation.
It said any resolution or settlement would be communicated through the appropriate channels and in accordance with applicable legal and contractual obligations.
The company also challenged claims concerning other alleged liabilities involving Plaude or individuals associated with it.
It noted that Zacuten itself had acknowledged that alleged additional claims exceeding $15 million required verification.
Plaude said it was not in a position to validate claims that had not been properly presented, established or adjudicated, and urged media organisations to exercise caution before publishing allegations that could unfairly damage the reputation of the company or individuals associated with it.
The company concluded by urging the media to distinguish between allegations and facts that had been finally determined by a competent court.
“The appropriate forum for establishing the facts remains the courts and the relevant investigative authorities, rather than media speculation or competing public statements,” Plaude said.
