The Governor of Nigeria’s Central Bank (CBN), Olayemi Cardoso, and the bank’s Director of Legal Services, Salam-Alada Kofo, have been charged with contempt for allegedly defying a Supreme Court judgment that overturned the seizure of N1.22 billion and N220 million.
Melrose General Services, the petitioner, initiated contempt proceedings against the officials, naming Cardoso, Kofo, the CBN, the Economic and Financial Crimes Commission (EFCC), and Finance Minister Wale Edun as respondents in the case.
The petitioner claims that the respondents failed to release their N220m, even though the Supreme Court’s judgment had earlier reversed the seizure 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 reversed an earlier seizure of funds affecting Melrose General Services Limited, mandating the release of frozen funds, including N1.22 billion held in Melrose’s bank account and N220 million transferred to Wasp Networks and Thebe Wellness as loans and investments.
The court had 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 ruling, Melrose alleged that while the CBN had refunded N1.22 billion, the N220 million remained unpaid.
Melrose’s counsel, Chikaosolu Ojukwu, SAN, argued that the refusal to comply with the court’s ruling constituted contempt of court, stating that the partial compliance undermines the authority of the Supreme Court.
In its defense, 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 also 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 reconvene proceedings on June 4, 2025, to determine whether the CBN and its officials deliberately defied the directives of the Supreme Court, or if their actions are justified based on the interpretation of the said judgment
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