TeamApt Limited, operators of the Monnify payment platform, has been dragged before the Federal High Court in Lagos over the alleged withholding of ₦4.218 million belonging to Tradova Solutions and restrictions placed on the company’s merchant account.
Tradova Solutions is asking the court to compel the fintech firm to release ₦4,218,036.14 or any portion it cannot legally justify retaining.
The plaintiff is also demanding ₦10 million in exemplary damages, alongside legal fees and other expenses incurred in pursuing the case.
In the suit, marked FHC/LAG/CS/1326/2026, the company is challenging the restrictions that have allegedly prevented it from accessing its funds and operating its merchant account.
It is seeking an order lifting the Post No Debit (PND) instruction, settlement restrictions, deactivation and other measures affecting the account, except where they are legally or contractually justified.
In an affidavit supporting the suit, Tradova Solutions’ Chief Executive Officer, Francisca Chinenye Nwafor, said the disputed money accrued from transactions processed through the company’s Monnify merchant account.
She stated that the account was restricted around May 10, 2026, followed by a business deactivation notification issued the next day.
According to the affidavit, the company made several attempts to resolve the dispute, including compliance escalations and formal demands between May and July, but the funds remained inaccessible.
Monnify reportedly responded on July 21, alleging that Tradova Solutions was associated with activities linked to a suspected Ponzi scheme connected to the website rising-yealds.com.
The response also reportedly cited chargebacks, suspicious transactions and other risks as concerns surrounding the account.
Tradova Solutions, however, said it did not admit the allegations, while acknowledging that payment providers could investigate suspected fraud and protect themselves against legitimate chargebacks and other liabilities where permitted by law and contract.
The company’s central grievance is that Monnify has allegedly failed to establish a sufficient legal or contractual basis for retaining the entire sum indefinitely.
It is asking the court to order the fintech firm to provide a detailed breakdown of the withheld funds, including the transactions involved, chargebacks, refunds, fees, penalties and reserves.
The plaintiff also wants Monnify to identify the specific contractual provisions supporting any deductions and produce copies of any court order, law enforcement directive or regulatory instrument relied upon to justify the continued restrictions.
TeamApt Limited is yet to file a defence to the suit, according to the information provided in the court filing.
Justice Deinde Dipeolu has fixed December 14, 2026, for the matter to be mentioned.
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