Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the CBN Director of Legal Services, Salam-Alada Kofo, are facing contempt proceedings over alleged failure to comply with a Supreme Court judgment that reversed the forfeiture of N1.22b and N220m.
The Federal High Court in Abuja presided over by Justice Inyang Ekwo, will resume hearing in the case on June 4, 2025 as instituted by Melrose General Services Limited, a firm linked to the Paris Club Refund.
In June 2024, the Supreme Court overturned a previous forfeiture order against Melrose General Services Limited’s funds, which had been frozen following an Economic and Financial Crimes Commission (EFCC) investigation.
The disputed sums included N1,222,384,857.84 in Melrose’s bank account and N220 million paid by the company to Wasp Networks and Thebe Wellness as loan and investment.
The Supreme Court, siding with Melrose’s legal team, ruled that the EFCC had not proven the funds were proceeds of fraud, as alleged.
The court set aside the lower courts’ forfeiture orders, directing the release of the funds to their rightful owners.
Despite the Supreme Court’s decision, Melrose’s lawyers filed a lawsuit at the trial court, alleging that the CBN and its top officials have only partially complied.
Melrose stated before Justice Inyang Ekwo that while the N1.22 billion was refunded, the outstanding N220 million remains unpaid.
The company, through its counsel Chikaosolu Ojukwu (SAN), filed a contempt suit (FHC/ABJ/CS/532/2025) against the CBN Governor, Director of Legal Services, the EFCC, and the Minister of Finance, arguing that their refusal to release the full amount constitutes contempt of court and undermines the Supreme Court’s authority.
Ojukwu informed the court that the EFCC, via the CBN, had only made a partial refund, and accused the CBN officials of neglecting their legal obligations regarding the remaining funds.
He cited Supreme Court judgement which states: “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.”
Recall that on March 27, 2025, Justice Ekwo granted Melrose’s request to serve contempt warnings (Form 48 and Form 49) on the CBN Governor and Legal Director, giving all respondents seven days to reply.
At the April 10 hearing, Melrose’s counsel, Segun Fiki Esq confirmed that all parties except the Ministry of Finance had responded to the court documents.
The CBN’s legal team, represented by Abdulfatai Oyedele, filed a preliminary objection and counter-affidavit, arguing that the Supreme Court did not direct payment of N220 million to Melrose’s account, but rather to the accounts of Wasp Network Limited and Thebe Wellness Services, from which the money was originally forfeited.
The CBN noted that Wasp Network’s solicitors had requested payment of N200 million, while Thebe Wellness had yet to claim their N20 million share.
The CBN maintained it had acted in compliance with the judgment and that there was no unethical conduct.
The EFCC, represented by M. A. Babatunde, filed a motion for misjoinder, asserting it should not be a party to the contempt case.
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