By Innocent Anaba
Plaude Technologies Limited has rejected what it described as misleading and inaccurate claims arising from a disputed currency transaction involving Zacuten Technologies Limited and Crossbeam Financial Services Limited.
Documentary evidence shows that it substantially performed its obligations before banking disruptions affected the settlement process.
An examination of documents relating to a disputed $13.07 million currency transaction involving Plaude Technologies Limited, Zacuten Technologies Limited and Crossbeam Financial Services Limited has revealed that about $8.95 million, roughly 68 percent of the agreed value—was transferred before banking disruptions affected the settlement process.
Plaude, a regulated cross-border payments and trade finance company serving businesses across more than 50 countries enables companies to move money and finance trade across African and North American corridors.
The company is registered as a Money Services Business with the United States Financial Crimes Enforcement Network, FinCEN, holds FINTRAC registration and a Payment Service Provider licence from the Bank of Canada, and operates in Nigeria as a Central Bank of Nigeria, CBN,-licensed International Money Transfer Operator. Plaude has processed more than US$1 billion in payouts since its establishment in 2023.
The transaction, valued at $13,072,977.77, was conducted through a series of currency swap agreements entered between March 4 and March 10, 2026, with settlement required into designated offshore USD/USDC accounts by March 12. Documentary evidence cited in Plaude’s defence indicates that $8,949,815.38 was transferred to the agreed accounts within the stipulated settlement window.
The transaction, equivalent at the stated value to approximately N18.29 billion, subsequently became the subject of a dispute over the unpaid balance and the circumstances surrounding the failed completion of the settlement.
Records shows that Plaude does not dispute the existence of an outstanding obligation, but contests any suggestion that the unresolved balance, on its own, amounts to fraud or demonstrates an intention not to pay.
According to the company, the remaining balance was affected by serious disruptions to its banking relationships, including enhanced due diligence reviews, transaction delays, corridor restrictions and account closures. The disruptions reportedly affected Plaude’s ability to move funds within the agreed timeframe, while the company maintains that it continued efforts to resolve the outstanding obligation and recover funds affected by account closures.
The chronology surrounding the dispute also raises questions.
Documents presented by Plaude show that Crossbeam Financial Services’ petition to the Nigerian Police was dated March 21, 2026, while reports had referred to a purported lien on Plaude’s accounts as early as March 17. That four-day discrepancy, according to Plaude’s legal position, requires closer examination of the sequence of events and the basis upon which restrictions were allegedly imposed on its accounts.
Plaude has also challenged reports concerning an alleged watchlist entry or arrest order at Nigerian ports of entry said to have been dated March 19, 2026.
No such document, the company maintains, was produced or served on Plaude or its legal representatives. It further noted that March 19 and 20 were federal public holidays for Eid-ul-Fitr.
The controversy has also extended to Plaude’s regulatory status.
Documentary records cited by the media indicate that its Money Services Business registration with the United States Financial Crimes Enforcement Network (FinCEN) has been active since December 2024. The company also points to FINTRAC registration and a Payment Service Provider licence from the Bank of Canada, while its Nigerian operations are conducted through a Central Bank of Nigeria-licensed International Money Transfer Operator.
Plaude says it has processed more than $1 billion in payouts since its establishment in 2023 and provides cross-border payment and trade finance services across more than 50 countries.
Questions have also been raised over an FBI Internet Crime Complaint Center complaint referenced in earlier reports.
Plaude maintains that the complaint was self-submitted and does not, by itself, establish that an FBI investigation or criminal charge exists. The financial institution said it has received no contact from the FBI concerning the complaint and that neither it nor its officers have been charged in connection with the disputed transaction.
Further documentary evidence shows that Plaude Technologies’ solicitors, Duale, Ovia & Alex-Adedipe, responded to enquiries from Technext in a letter dated April 11, 2026, setting out what they considered inaccuracies and providing information relevant to the proposed report.
Plaude subsequently questioned the description of the publication as an “exclusive investigation”, arguing that the report relied substantially on a single source and did not sufficiently reflect its response.
The company said neither it nor its officers had been found culpable by a competent court in relation to the transaction.
It added that it has reserved its legal rights over the publication and confirmed that its lawyers have issued a pre-action notice against the publishers in respect of alleged defamation of character.
Beyond the immediate dispute, records indicate that Plaude had experienced banking challenges since mid-2025, prompting it to strengthen its payment infrastructure and reduce its dependence on individual banking relationships. The company has also disclosed legal steps in the United States concerning funds subject to extended banking holds, as well as efforts to establish additional banking and payment partnerships.
The proceedings remain ongoing and subject to confidentiality, while maintaining that the disputed transaction should be viewed in the context of its wider operational record, including more than US$1 billion in payouts processed since 2023.
Plaude said it remains committed to resolving the outstanding balance and protecting the confidence of its customers and partners while the commercial and regulatory processes surrounding the dispute run their course.
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