Tradova Solutions has sued TeamApt Limited, the operators of Monnify payment platform, before the Federal High Court in Lagos over the alleged withholding its N4.218 million belonging to the business and restrictions placed on its merchant account.
In an originating summons filed in suit number FHC/LAG/CS/1326/2026, the plaintiff is seeking an order directing the fintech company to release the sum of N4,218,036.14, or any portion it cannot establish a lawful basis for retaining.
The company is also asking the court to order Monnify to lift the Post No Debit (PND), settlement restrictions, deactivation and other measures preventing it from accessing and operating its merchant account, except where such restrictions are legally or contractually justified.
Tradova Solutions is further seeking N10 million in exemplary damages, alongside the cost of the action, including solicitor’s fees and litigation expenses.
In an affidavit supporting the suit, the company’s Chief Executive Officer, Francisca Chinenye Nwafor, said the funds became due to the business from transactions processed through its Monnify merchant account.
According to the affidavit, the account was restricted around May 10, 2026, followed by a business deactivation notification dated May 11, 2026.
Nwafor said the company made several attempts to resolve the dispute, including compliance escalations and formal demands issued between May and July 2026, but the funds remained withheld.
The affidavit stated that Monnify, in a response dated July 21, 2026, alleged that Tradova Solutions was associated with activities connected to an alleged Ponzi scheme linked to the website rising-yealds.com. The response also reportedly cited chargebacks, suspicious transactions and other risks.
Tradova Solutions said it did not admit the allegations but acknowledged that payment providers could investigate suspected fraud and protect themselves against legitimate chargebacks and other liabilities where authorised by contract and law.
Its principal complaint, however, is that Monnify has allegedly failed to establish the legal or contractual basis for retaining the entire sum indefinitely.
The plaintiff is asking the court to compel the defendant to provide a detailed account of the withheld funds, identifying relevant transactions, chargebacks, refunds, fees, penalties and reserves, as well as the contractual provisions supporting each deduction.
It is also seeking copies of any court order, law enforcement directive or regulatory instrument relied upon to justify the continued restrictions.
The defendant, TeamApt Limited, is yet to file any defence to the suit. While Justice Deinde Dipeolu has fixed December 14, 2026, for mention.