Zacuten Technologies says it is owed more than $4 million after a disputed $13.07 million transaction involving Plaude Technologies Limited and Plaude Inc., raising questions over payment representations, financial capacity and other multi-million-dollar claims.
In a press release, the Lagos-based company said Plaude has acknowledged that the transaction was valued at approximately $13.07 million and that about $8.95 million was transferred.
Zacuten said the remaining $4.1 million to $4.2 million has not been paid.
Godsreal Ojinaka, CEO of Zacuten Technologies, said the company had sought answers, supporting documentation and a clear payment timeline but remained without a satisfactory resolution.
“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.”
Plaude has attributed the failure to complete the settlement to banking restrictions, enhanced due diligence, payment-corridor difficulties and other operational challenges. Zacuten said those explanations, which it says have persisted since March, do not resolve the outstanding payment.
The company is seeking a complete accounting of the transaction, independent verification of funds it says were transferred, documentary evidence supporting the explanations for the delay and a verifiable plan to settle the outstanding balance.
“A delay is not payment. An explanation is not payment. A public statement is not payment,” Ojinaka said. “The obligation remains unresolved.”
Zacuten raises questions over $2.78m cheque
Zacuten also alleged that a Banc of California cashier’s cheque numbered 1874649, dated March 6, 2026, and made payable to Plaude Inc., was presented as evidence of available funds.
The company said the cheque was for $2,780,208 and that subsequent efforts to verify it with a bank representative raised questions about its legitimacy.
Zacuten said the cheque and related communications form part of documentation it is reviewing and may be relevant to legal, financial and regulatory authorities.
The company also raised concerns over other disputes involving Plaude and associated individuals.
It cited a separate complaint by Prudent Energy & Services Limited in the United States District Court for the Northern District of California involving allegations concerning approximately $2.75 million in an alleged foreign-exchange fraud.
Zacuten stressed that the allegations in that case have not been presented as findings of liability and remain subject to legal proceedings.
SFU investigation cited
Zacuten further pointed to a May 11, 2026 announcement by the Police Special Fraud Unit (SFU) of the Nigeria Police.
According to Zacuten, the SFU announced that it had secured a Federal High Court forfeiture order covering accounts and assets linked to Plaude Technologies Limited, Omberra Commodities Limited and individuals named in its investigation.
The police unit said the investigation involved allegations relating to approximately ₦8.585 billion, including conspiracy, fraudulent conversion, obtaining money by false pretence, stealing and money laundering.
Zacuten said the SFU also raised concerns about Plaude Technologies’ alleged operational and financial capacity to meet certain obligations and representations made to investors and business partners.
The company said the investigation is separate from its own dispute and acknowledged that the allegations remain subject to investigation and judicial process.
“An official investigation resulting in a Federal High Court forfeiture order and findings concerning the company’s alleged financial and operational capacity cannot simply be ignored,” Ojinaka said.
Company claims wider pattern
Zacuten said it has received information about other businesses and counterparties that may have experienced difficulties involving Plaude or individuals associated with the company.
It said some of those parties had not authorised the publication of their identities or transaction details.
According to Zacuten, information currently available to the company points to additional claims involving more than $15 million in losses or unresolved obligations, separate from its own claim. It said those claims remain subject to verification.
If verified, Zacuten said the combined value of its own outstanding claim and other reported claims could exceed $22 million.
The company also referred to a public Instagram appeal by Alikofowora of Tubim Energy to Obiageli Idowu, wife of Plaude executive Olatomiwa Adebayo Idowu.
Zacuten said the appeal alleged that Plaude collected naira from Tubim Energy in July 2025 but failed to remit the promised dollars despite repeated assurances. The allegations have not been independently verified by Zacuten.
Zacuten calls for enhanced due diligence
The company urged businesses, investors, financial institutions and other stakeholders considering major transactions with Plaude Technologies Limited, Plaude Inc. or their executives to conduct enhanced due diligence.
It recommended independently checking counterparties’ financial capacity and transaction history, the source and availability of funds, banking arrangements, payment instruments, corporate ownership structures, existing disputes and 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 remains prepared to pursue available commercial and legal channels to recover the outstanding funds.
The company also called for caution in media reporting, urging organisations covering the dispute to distinguish between verified records, statements from the parties, allegations contained in legal proceedings and claims still under investigation.
Zacuten said its central issue remains the recovery of the money it says is outstanding.
“This is no longer simply about a delayed transaction,” Ojinaka said. “For Zacuten, this is about recovering millions of dollars that remain unpaid and establishing whether our experience forms part of a wider pattern that other businesses need to understand before they commit their money to Plaude.”
