Olivier Marquee-Pouey, the owner of Accompagnement Service, says he met Wade in 2000 and established his small company on the back of an exclusive deal to provide the African leader with transport when he was visiting Paris.
All went well until Wade lost power in 2012 and moved to the French capital, where he allegedly continued to use the company's services without paying.
"The bills from April to December 2012 add up to €350,000, and are the equivalent of half our turnover," Marqueze-Pouey said. "I've lost a lot of money and I have been forced to cut staff," he told AFP.
The company's owner started legal proceedings to recover the money on April 9th.
Wade was not available to comment, while the Senegalese embassy in Paris said the affair was not a matter for the current government.