On March 9, 2026, two currency swap deals were executed between Zacuten Technologies Limited and Plaude Technologies Limited, involving a total of ₦11.3 billion in naira transferred from Zacuten's account in exchange for over $8 million in US dollars. The trades, ticketed ZACTR006NGN and ZACTR007NGN, were settled at ₦1,406 per dollar, with payments due on March 12 and March 13. Plaude received the naira through accounts at Providus Bank and First Bank of Nigeria but delivered only partial compensation—$842,976.87 in USDC stablecoin across two transfers—falling short by $4.23 million. On March 17, Plaude CEO Olatomiwa Adebayo Idowu emailed Zacuten's treasury team, acknowledging an outstanding balance of $4.23 million and outlining a repayment plan in three tranches, though timestamps on the records show a date of September 13, 2025, six months before the actual transactions.
A Nigerian Federal High Court has issued an arrest warrant for Idowu, who is believed to be in the United States, where the warrant cannot be enforced. The court also ordered the blacklisting of his Bank Verification Number under a Category 99 watchlist until July 17, 2026. Nigerian authorities including the Police Special Fraud Unit, Department of State Security, Nigeria Immigration, Nigeria Customs, and ten banks have been drawn into the case. The FBI's Internet Crime Complaint Centre has been notified. Plaude's Chief Technology Officer, Dayo Osikoya, confirmed awareness of the dispute and described the disputed cheque as authentic, but referred further inquiries to legal representatives. No substantive response was received from Idowu or Plaude before publication.
The repayment plan was dated months before the transaction occurred, raising questions about its validity. This undermines the credibility of the proposed settlement. Authorities face jurisdictional limits if Idowu remains in the United States.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
