The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the bank’s Director of Legal Services, Salam-Alada Kofo, are facing contempt proceedings for allegedly failing to comply with a Supreme Court judgment regarding the controversial Paris Club refund.
Melrose General Services Limited, the applicant, filed the contempt suit at the Federal High Court in Abuja, listing Cardoso, Kofo, the CBN, the Economic and Financial Crimes Commission (EFCC), and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, as respondents.
According to the application, the respondents failed to fully comply with a June 2024 Supreme Court ruling that reversed the forfeiture of N1.22 billion and N220 million belonging to Melrose. The apex court had ordered that the funds, which had been frozen as part of an EFCC probe into payments made to consultants by the Nigerian Governors’ Forum, be returned to the firm and its associates.
While the CBN has reportedly refunded the N1.22 billion, Melrose alleges that the N220 million—transferred to Wasp Network Limited and Thebe Wellness Services as loans and investments—remains unreleased, nearly a year after the judgment.
Through its counsel, Chikaosolu Ojukwu (SAN), Melrose argued that the CBN’s refusal to release the remaining N220 million constitutes a willful disobedience of the Supreme Court’s order and undermines the integrity of the judicial system.
However, the CBN, represented by legal counsel Abdulfatai Oyedele, contended that the Supreme Court did not direct the N220 million be paid to Melrose, but rather to the original recipient accounts—Wasp Network and Thebe Wellness. According to Oyedele, Wasp has only claimed N200 million, while Thebe Wellness has yet to request its N20 million share.
The EFCC, through its representative M.A. Babatunde, filed a motion challenging its inclusion in the suit, arguing that it is not a necessary party in the contempt proceedings.
Justice Inyang Ekwo has adjourned further hearing on the matter to June 4, 2025. The court will determine whether the CBN and its officials acted in defiance of the Supreme Court’s directive or if their interpretation of the judgment offers a valid legal defense.
