Plaude demands takedown, apology over $4.2m cross-border transaction report

Plaude Technologies Limited and its Director, Mr. Olatomiwa Idowu, have issued a stern demand for the immediate removal, retraction, and public apology concerning a Technext report about an alleged $4.2 million cross-border transaction. The company is threatening to initiate a N500 million libel lawsuit should these demands not be satisfied within 48 hours.

The demand, detailed in a letter dated August 18, 2026, from legal practitioners Adejumo & Ekisola, responds to a Technext publication titled, “EXCLUSIVE: What happened to $4.2 million in a cross-border transaction involving Plaude Technologies?” The lawyers also referenced subsequent social media posts by Technext and journalist David Afolayan that echoed similar allegations.

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That representation is false.

Plaude's legal team described the publications as false, misleading, and defamatory. They asserted that their clients had previously responded to Technext's request for comments via a Cease and Desist Notice dated April 11, 2026. At that time, Plaude and Idowu indicated the matter was under investigation and preferred not to make further comments that could prejudice the process, warning against publications that could distort facts or prejudge the issue.

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It is improper and legally prejudicial for your publication to present the facts in a manner calculated to create the impression that our clients have been found culpable, when it is not so.

The lawyers criticized Technext for publishing the report despite being aware of their clients' position, calling the representation that Plaude and Idowu failed to respond "false." They argued that the report created an improper and legally prejudicial impression that their clients had been found culpable, stating, "An investigation is not a conviction. A complaint is not proof of guilt. An allegation does not constitute a finding of fact."

According to Plaude's counsel, the publication led ordinary readers to believe their clients committed financial crimes and absconded with funds while evading investigation. They contend this portrayal is capable of causing significant damage to their clients' reputations, businesses, and relationships.

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An investigation is not a conviction. A complaint is not proof of guilt. An allegation does not constitute a finding of fact.