The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the CBN Director of Legal Services, Salam-Alada Kofo, are facing contempt proceedings for allegedly failing to comply with a Supreme Court judgment that reversed the forfeiture of N1.22 billion and N220 million in an appeal by Melrose General Services.
Justice Inyang Ekwo of the Federal High Court in Abuja, who is presiding over the matter, will resume hearing the case—instituted by Melrose General Services Limited, a firm linked to the Paris Club Refund—on June 4, 2025.
In June 2024, the Supreme Court overturned a previous forfeiture order against Melrose’s funds, which had been frozen following an investigation by the Economic and Financial Crimes Commission (EFCC).
The disputed sums include N1,222,384,857.84 in Melrose’s Access Bank account and N220 million paid by the company to Wasp Networks and Thebe Wellness as loans and investments.
The Supreme Court, aligning with Melrose’s legal team, ruled that the EFCC had failed to prove the funds were proceeds of fraud. It then set aside the lower courts’ forfeiture orders and directed that the funds be released to their rightful owners.
Melrose’s lawyers alleged at the trial court that the CBN and its top officials only partially complied with the ruling, noting that while the N1.22 billion was refunded, the outstanding N220 million remains unpaid.
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The company, through its counsel Chikaosolu Ojukwu (SAN), filed a contempt suit (FHC/ABJ/CS/532/2025) against the CBN Governor, the Director of Legal Services, the EFCC, and the Minister of Finance. The suit argues that their refusal to release the full amount constitutes contempt of court and undermines the Supreme Court’s authority.
Ojukwu told the court that the EFCC, through the CBN, made only a partial refund, accusing CBN officials of failing in their legal obligations regarding the remaining funds.
He cited the Supreme Court’s judgment: “The appellant’s application (Melrose General Services Limited) to set aside the order of interim forfeiture of the sum of N1,222,384,857.84 in the appellant’s account with Access Bank Plc and N220,000,000.00 in the accounts of the 2nd and 3rd respondents (Wasp Networks and Thebe Wellness) is hereby granted.”
On March 27, 2025, Justice Ekwo granted Melrose’s request to serve contempt warnings (Form 48 and Form 49) on the CBN Governor and Director of Legal Services, giving all respondents seven days to respond.
At the April 10 hearing, Melrose’s counsel, Segun Fiki, confirmed that all parties—except the Ministry of Finance—had responded.
The CBN’s legal team, represented by Abdulfatai Oyedele, filed a preliminary objection and a counter-affidavit. They argued that the Supreme Court did not direct the payment of N220 million to Melrose’s account, but rather to the accounts of Wasp Network Limited and Thebe Wellness Services, where the funds were originally forfeited.
The CBN noted that solicitors for Wasp Network had requested the release of N200 million, while Thebe Wellness had yet to claim its N20 million. The bank maintained that it had acted in compliance with the judgment and denied any misconduct.
The EFCC, represented by M. A. Babatunde, filed a motion for misjoinder, arguing that it should not be a party to the contempt case.
Hearing continues on June 4, 2025, when the court is expected to determine whether the CBN and its officials have willfully disobeyed the Supreme Court’s order, or if their actions were justified based on their interpretation of the judgment.
The dispute stems from the controversial Paris Club Refund, a settlement involving payments to consultants for services rendered to the Nigerian Governors’ Forum.
NIGERIAN TRIBUNE