By Martin Ekpeke
A high-value cross-border financial dispute has erupted between fintech firm Zacuten Technologies Limited and cross-border payment provider Plaude Technologies Limited over an unresolved $13.07 million currency swap transaction.
At the center of the conflict is an unpaid balance of approximately $4.1 million, which Zacuten alleges is part of a broader pattern of fraudulent conduct, while Plaude maintains that the delay stems strictly from operational and banking corridor disruptions.
The transaction, valued at $13,072,977.77 was executed through a series of currency swap agreements between March 4 and March 10, 2026, with settlement required into designated offshore USD/USDC accounts by March 12.
Both parties confirm that Plaude transferred approximately $8.95 million, roughly 68 percent of the agreed sum within the settlement window. However, the remaining $4.1 million balance remains unpaid, sparking intense legal and public debate.
Zacuten Technologies claims it is the victim of cross-border fraud and is calling for widespread scrutiny into Plaude’s financial capacity and executive conduct. Godsreal Ojinaka, CEO of Zacuten Technologies, emphasized that neither media disputes nor public explanations alter the fundamental issue. Millions of dollars remain owed.
Zacuten’s core allegations and concerns include:
- Zacuten asserts that Plaude’s CEO, Olatomiwa Adebayo Idowu has gone incommunicado and failed to engage meaningfully to settle the debt, attempting resolution only through alleged fake cheques, fake telexes, and wire fraud. Other key Plaude executives mentioned by Ojinaka include co-founder ‘Dayo Osikoya, Chief Commercial Officer Onyeka Akumah, Country Director Oladipupo Ojo, and Oladotun Steve Idowu, saying they have allegedly absconded.
- Zacuten states that a Banc of California cashier’s cheque (No. 1874649, dated March 6, 2026) for $2,780,208 made payable to Plaude Inc. was presented as proof of funds. But subsequent verification attempts with bank representatives raised severe doubts regarding its legitimacy.
- Zacuten highlights a May 11, 2026 public announcement by the Police Special Fraud Unit of the Nigeria Police, securing a Federal High Court forfeiture order over accounts and assets linked to Plaude Technologies Limited, Omberra Commodities Limited and associated individuals. According to Zacuten, the SFU’s ₦8.585 billion investigation involves allegations of conspiracy, fraudulent conversion, stealing, and money laundering, alongside findings that Plaude lacked the operational and financial capacity to fulfill obligations to partners.
- Zacuten references a separate lawsuit filed by Prudent Energy & Services Limited against Plaude Inc. in the U.S. District Court for the Northern District of California alleging $2.75 million in foreign-exchange fraud. Zacuten also points to public allegations from Tubim Energy regarding unremitted dollar settlements from July 2025, as well as unverified claims from other businesses that could bring total unresolved obligations linked to Plaude to over $22 million.
Ojinaka stressed that Zacuten is not substituting public opinion for due process but argues that official law enforcement findings and parallel complaints indicate its experience was not an isolated incident. Consequently, Zacuten has urged financial institutions, investors, and prospective partners to perform stringent, independent due diligence on Plaude’s liquidity, payment instruments and regulatory standing before committing funds.
Meanwhile, Plaude Technologies Limited has strongly rejected suggestions of fraud, criminal intent, or an inability to pay, attributing the unresolved balance to severe, systemic banking disruptions rather than bad faith.
In a response published in Vanguard newspaper and dated August 17, 2026, Plaude outlined its defense as follows:
- Plaude emphasizes that it successfully processed and transferred $8,949,815.38 representing 68% of the deal within the agreed timeframe, proving its commitment to performing the contract before external disruptions occurred.
- The firm contends that the settlement stalled due to mid-2025 banking industry headwinds, including enhanced due diligence reviews, corridor restrictions, extended account holds and sudden account closures, disclosing that it has initiated legal proceedings in the United States to recover funds currently subject to extended banking holds.
- Operating since 2023, Plaude highlights that it is a fully regulated financial entity serving over 50 countries. It holds active Money Services Business (MSB) registration with the U.S. Financial Crimes Enforcement Network (FinCEN, active since December 2024), registration with Canada’s FINTRAC, a Bank of Canada Payment Service Provider license, and operates as a Central Bank of Nigeria (CBN)-licensed International Money Transfer Operator (IMTO). The company notes it has successfully processed over $1 billion in payouts to date.
- Plaude points out timeline discrepancies in law enforcement actions, noting a four-day gap between a police petition dated March 21, 2026, and media reports of account liens dating back to March 17. It also denies receiving any formal watchlist or arrest orders, adding that dates cited fell on public holidays. Regarding referenced FBI complaints, Plaude clarified that an IC3 filing is self-submitted, no regulatory body or court has found the company or its officers culpable, and no criminal charges have been filed.
Through its solicitors, Duale, Ovia & Alex-Adedipe, Plaude said it issued pre-action notices for alleged defamation against media outlets covering the dispute, arguing that reporting relied heavily on single-source allegations without adequately capturing its operational defense.
While Zacuten continues to seek documentary verification, an immediate payment timeline, and full accounting through legal and regulatory channels, Plaude maintains that it remains committed to clearing the outstanding balance once banking and commercial recovery processes run their course.