The Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the apex bank’s Director of Legal Services, Salam-Alada Kofo, have been dragged before the Federal High Court in Abuja in a contempt suit for allegedly refusing to fully comply with a Supreme Court judgment.
The case, filed by Melrose General Services, is marked FHC/ABJ/CS/532/2025. It lists Cardoso, Kofo, the CBN, the Economic and Financial Crimes Commission, and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, as respondents.
According to the applicant, the respondents have failed to release a sum of N220 million, despite a definitive judgment by the Supreme Court that overturned the previous forfeiture order and directed the full release of the funds.
According to The PUNCH, the case arises from the long-running controversy surrounding the Paris Club refund, particularly the payments due to consultants engaged by the Nigerian Governors’ Forum.
In June 2024, the Supreme Court reversed an earlier forfeiture ruling that had affected Melrose General Services Limited. It ordered the release of frozen funds, including N1.22 billion held in Melrose’s bank account and an additional N220 million that had been transferred to Wasp Network Limited and Thebe Wellness Services as loans and investments.
The court concluded that the EFCC had failed to establish that the funds were proceeds of fraud, and ruled that the entire amounts be returned to the rightful beneficiaries.
However, nearly a year after the judgment, Melrose is accusing the CBN and other relevant authorities of failing to fully implement the court’s order. The firm claimed that while the CBN had refunded the N1.22 billion, the N220 million remains unpaid.
Through its counsel, Senior Advocate of Nigeria Chikaosolu Ojukwu, Melrose argued that the continued refusal to pay the remaining N220 million amounts to contempt of court. The firm insisted that partial compliance with the Supreme Court judgment undermines the authority of the apex court.
“At this stage, the refusal of the CBN and other parties to comply fully with the Supreme Court’s clear directive cannot be excused. It constitutes contempt,” Ojukwu submitted.
In its response, the CBN’s legal team, led by Abdulfatai Oyedele, contended that the Supreme Court’s judgment directed the payment of the N220 million to the original accounts of Wasp Network Limited and Thebe Wellness Services, and not directly to Melrose.
Oyedele explained that Wasp Network had made a formal request for the release of N200 million, while Thebe Wellness had yet to claim the remaining N20 million.
Meanwhile, the EFCC, represented by M.A. Babatunde, has filed a motion seeking to be removed from the suit, arguing that the anti-graft agency was wrongly joined in the matter.
Justice Inyang Ekwo of the Federal High Court in Abuja is set to resume hearing on the case on June 4, 2025.
