The Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the CBN’s Director of Legal Services, Salam-Alada Kofo, are facing contempt proceedings for allegedly failing to comply with a Supreme Court Judgement that reversed the forfeiture of N1.22 billion and N220 million.
The applicant, Melrose General Services, filed a contempt suit listing Cardoso, Kofo, the CBN, the Economic and Financial Crimes Commission and the Minister of Finance and Coordinating Minister of Economy, Wale Edun, as respondents.
The applicant claims that the respondents failed to release their N220m, despite the Supreme Court’s judgment reversing the earlier forfeiture of the funds.
The suit stems from the controversial Paris Club refund, which involved payments to consultants who rendered services to the Nigerian Governors’ Forum.
In June 2024, the Supreme Court overturned a previous forfeiture order affecting Melrose General Services Limited, directing the release of frozen funds, including N1.22bn held in Melrose’s bank account and N220m transferred to Wasp Networks and Thebe Wellness as loans and investments.
The court ruled that the EFCC failed to prove the funds were proceeds of fraud as alleged, and ordered the release of the full amounts to the rightful owners.
However, nearly a year after the Supreme Court’s decision, Melrose alleged that while the CBN had refunded N1.22bn, the N220m remained unpaid.
Through its counsel, Chikaosolu Ojukwu, SAN, Melrose argued that the refusal to comply with the court’s directive constituted contempt of court.
The firm contends that the partial compliance undermines the authority of the Supreme Court.
In its defence, the CBN’s legal team, led by Abdulfatai Oyedele, claimed that the Supreme Court directed payment of the N220m to the original accounts of Wasp Network Limited and Thebe Wellness Services, not to Melrose.
Oyedele further argued that Wasp Network had requested N200m, while Thebe Wellness had yet to claim N20m.
The EFCC, represented by M.A. Babatunde, filed a motion for misjoinder, asserting it should not be a party to the case.
Justice Inyang Ekwo of the Federal High Court in Abuja will resume hearing on the matter on June 4, 2025, to determine whether the CBN and its officials willfully disobeyed the Supreme Court’s directive, or if their actions are justified based on the interpretation of the said judgment.
