Zacuten Accuses Plaude of Withholding Over $4m, Issuing Allegedly Fake Payment Documents
Zacuten Technologies has accused Plaude Technologies Limited and Plaude Inc. of failing to pay an outstanding balance of over $4 million from a $13.07 million transaction due for settlement in March 2026. According to Zacuten, Plaude paid approximately $8.95 million but failed to remit the balance, estimated at between $4.1 million and $4.2 million, despite repeated demands and assurances.
The Chief Executive Officer of Zacuten Technologies, Godsreal Ojinaka, said the company initially believed Plaude was experiencing temporary banking and operational difficulties. He explained that the matter became more troubling after several promised payment dates passed without settlement, while Plaude allegedly continued to provide explanations instead of a definite and verifiable payment plan.
Zacuten alleged that Plaude presented cheques and wire-transfer documents as evidence that payments were being processed. One of the instruments cited by the company was a Banc of California cashier’s cheque numbered 1874649, dated March 6, 2026, for $2,780,208 and made payable to Plaude Inc. Zacuten claimed that attempts to verify the cheque with a bank representative raised serious questions about its authenticity.
The company also alleged that some wire-transfer records presented during the transaction could not be independently confirmed. It described the documents as delay tactics intended to create the impression that the outstanding payment was on its way. Zacuten said the cheque, transfer records and related correspondence have been preserved and may be submitted to financial institutions, law enforcement agencies and other relevant authorities for investigation.
Ojinaka said Zacuten repeatedly requested a full account of the transaction, documentary evidence of the transfers and a clear timeline for settling the balance. He alleged that Olatomiwa Adebayo Idowu, the Chief Executive Officer of Plaude, and other executives associated with the company later stopped communicating meaningfully with Zacuten. “The fundamental question remains: where is Zacuten’s money, and when will it be paid?” he asked.
Plaude had reportedly attributed the delayed settlement to banking restrictions, enhanced due diligence requirements, challenges with international payment channels and other operational issues. Zacuten, however, maintained that the explanations had continued since March without producing the outstanding money. “A delay is not payment. An explanation is not payment. A public statement is not payment,” Ojinaka said.
Zacuten said its concerns increased after it became aware of a separate complaint filed by Prudent Energy and Services Limited against Plaude Inc. before the United States District Court for the Northern District of California. The case reportedly involves allegations connected to approximately $2.75 million in a foreign-exchange transaction. The claims remain allegations before the court and have not resulted in a finding of liability against Plaude.
The company also referred to a May 11, 2026 announcement by the Nigeria Police Special Fraud Unit concerning a separate investigation involving Plaude Technologies Limited, Omberra Commodities Limited and some associated individuals. According to the SFU statement cited by Zacuten, a Federal High Court granted an interim forfeiture order over certain accounts and assets linked to the parties pending the conclusion of an investigation involving approximately ₦8.585 billion. The allegations, which reportedly include conspiracy, obtaining money by false pretence, fraudulent conversion, stealing and money laundering, are yet to be conclusively determined by a court.
Zacuten further cited a public appeal by a representative of Tubim Energy, who reportedly alleged that Plaude collected naira from the company in July 2025 but failed to deliver the agreed dollars despite repeated assurances. Zacuten claimed it had received information about other businesses with similar unresolved transactions involving more than $15 million, although it acknowledged that the identities, documents and amounts relating to those claims were still being verified.
The company said it would pursue available commercial and legal options to recover its money while urging businesses and investors considering high-value transactions with Plaude or its executives to conduct enhanced due diligence. It advised them to independently verify financial capacity, sources of funds, banking arrangements, payment instruments, transaction history and existing disputes before releasing money or completing transactions. The allegations made by Zacuten have not been judicially established, and Plaude and the individuals named remain entitled to respond and present their account of the transaction.
