Zacuten demands $4m outstanding from Plaude, urges firms to verify financial capacity before committing funds
By Eberechi Obinagwam
Zacuten Technologies has demanded payment of more than $4 million it said remains unpaid from a $13.07 million cross-border currency transaction with Plaude Technologies Limited and related entities, while warning other companies and investors to conduct enhanced due diligence before entering similar deals.
In a statement issued on 21 August 2026, Zacuten said the March 2026 transaction was valued at approximately $13.07 million. The company stated that Plaude has acknowledged transferring about $8.95 million, leaving an outstanding balance of roughly $4.1 million to $4.2 million. Zacuten’s chief executive, Godsreal Ojinaka, said the firm has repeatedly sought documentation, answers and a clear payment timeline without 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. 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 attributed the difficulty in resolving the matter primarily to Plaude chief executive Olatomiwa Adebayo Idowu, whom it described as largely unresponsive, and named other Plaude-linked executives as difficult to reach. The company also alleged that certain payment instruments presented during the transaction, including a Banc of California cashier’s cheque dated 6 March 2026 for $2,780,208, raised questions about legitimacy after verification attempts.
According to the statement, Plaude has previously acknowledged the overall transaction value and the transfer of approximately $8.95 million. It has attributed the incomplete settlement to banking restrictions, enhanced due diligence reviews, payment-corridor difficulties and related operational challenges, and has rejected any suggestion that the outstanding balance itself constitutes fraud or an intention not to pay. Plaude has stated that it has processed more than $1 billion in payouts since 2023.
Zacuten placed its experience alongside other developments involving Plaude. It pointed to a May 11, 2026 announcement by the Nigeria Police Special Fraud Unit (SFU) that the unit had secured a Federal High Court interim forfeiture order over accounts and assets linked to Plaude Technologies Limited, Omberra Commodities Limited and named individuals. The SFU said the matter involved allegations relating to approximately ₦8.585 billion, including conspiracy, fraudulent conversion, obtaining money by false pretence, stealing and money laundering. The police statement also said investigators found that Plaude allegedly lacked the operational and financial capacity to fulfil certain claimed obligations. Those allegations remain subject to ongoing investigation and judicial process.
For Zacuten, that finding is particularly significant. The company said that its own transaction was entered into on the understanding that Plaude had the financial and operational capacity to perform its obligations. Instead, Zacuten says it is now pursuing more than $4 million that remains unpaid.
“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.” “We are not asking anyone to substitute public opinion for due process. The SFU investigation is separate, and the allegations remain subject to investigation and judicial process. But 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.”
The company further noted a separate complaint filed by Prudent Energy & Services Limited against Plaude Inc. in the United States District Court for the Northern District of California concerning allegations involving roughly $2.75 million. Zacuten stressed that the claims in that case have not been determined as findings of liability.
Zacuten said it is aware of additional unresolved high-value matters involving Plaude or associated individuals that, if verified, could involve combined claims exceeding $15 million beyond its own outstanding balance. It said it would not name further parties without sufficient documentary evidence and authorisation.
The company is now urging businesses, investors, financial institutions and other stakeholders considering significant transactions with Plaude Technologies Limited, Plaude Inc. or their executives to conduct enhanced due diligence before committing funds. It specifically recommended independent verification of counterparty financial capacity and transaction history, the source and availability of funds, banking arrangements and payment instruments, the legitimacy of financial documentation, the ability to complete cross-border transactions, existing commercial disputes, regulatory and legal issues, corporate ownership structures, and documentary support for material representations made during negotiations.
“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. Due diligence should happen before millions of dollars are committed—not after a company finds itself trying to recover money that should have been paid.”
Zacuten said it remains willing to pursue all appropriate commercial and legal channels to recover the outstanding funds. No final determination of liability has been reached in the Zacuten matter, the SFU investigation or the referenced US complaint. The positions outlined reflect the statements of the parties involved.
