Governor of the Central Bank of Nigeria, Olayemi Cardoso, along with the apex bank’s Director of Legal Services, Salam-Alada Kofo, is facing contempt proceedings at the Federal High Court in Abuja.
The suit, filed by Melrose General Services, accuses both officials of disobeying a Supreme Court judgment by withholding N220 million due to the company.
The contempt case, marked FHC/ABJ/CS/532/2025, also lists the CBN, the Economic and Financial Crimes Commission (EFCC), and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, as respondents.
Melrose General Services claims that despite a Supreme Court ruling that nullified an earlier forfeiture order, only part of the money due has been refunded.
The company alleges that while N1.22 billion was paid, the additional N220 million remains unreleased.
The background of the dispute traces back to the controversial Paris Club refund, which involved the payment of fees to consultants engaged by the Nigerian Governors’ Forum.
In June 2024, the Supreme Court reversed a forfeiture order involving Melrose General Services and ruled that “the EFCC failed to prove the funds were proceeds of fraud.”
The apex court directed that the funds, including “N1.22bn held in Melrose’s bank account and N220m transferred to Wasp Networks and Thebe Wellness as loans and investments,” be returned.
Through its counsel, Chikaosolu Ojukwu, SAN, Melrose argued that the continued refusal to release the N220 million amounts to defiance of a binding Supreme Court order.
“The partial compliance undermines the authority of the Supreme Court,” the counsel asserted in court.
In response, the CBN’s legal team, led by Abdulfatai Oyedele, maintained that the bank acted in accordance with the judgment.
“The Supreme Court directed payment of the N220m to the original accounts of Wasp Network Limited and Thebe Wellness Services, not to Melrose,” Oyedele explained.
He added that “Wasp Network had requested N200m, while Thebe Wellness was yet to claim N20m.”
Meanwhile, the EFCC, represented by M.A. Babatunde, filed a motion seeking to be removed from the suit, arguing that the commission was wrongly joined in the matter.
Justice Inyang Ekwo is set to resume hearing on the case on June 4, 2025.
