Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the bank’s Director of Legal Services, Salam-Alada Kofo, have landed in hot legal waters over their alleged failure to comply fully with a Supreme Court judgment involving a hefty sum of money.
The legal challenge, filed by Melrose General Services, accuses top CBN officials — alongside the Economic and Financial Crimes Commission (EFCC) and Minister of Finance, Wale Edun — of contempt for refusing to release N220 million, which Melrose claims is rightfully theirs.
The case originates from a long-standing dispute over payments tied to the Paris Club refund — a controversial saga involving consultancy fees to firms that advised the Nigerian Governors’ Forum.
In a landmark decision in June 2024, the Supreme Court ruled that the EFCC failed to provide sufficient evidence that the money in question was linked to fraudulent activities. The judgment ordered the release of frozen assets, including N1.22 billion held in Melrose’s bank account and an additional N220 million that had been distributed to third parties as loans or investments.
While Melrose has since received the N1.22 billion, it says the N220 million remains in limbo — a situation its lawyer, Chikaosolu Ojukwu, SAN, described as a “clear act of contempt.”
“Partial compliance undermines the authority of the Supreme Court,” Ojukwu argued, insisting the judgment covered both the N1.22bn and the N220m.
But the CBN is pushing back. Its legal counsel, Abdulfatai Oyedele, argued that the court’s order required the funds to be returned to the original recipients — Wasp Network Limited and Thebe Wellness Services — not to Melrose directly. According to him, Wasp had requested its N200 million, while Thebe has yet to step forward for its N20 million.
The EFCC, for its part, has requested to be removed from the suit entirely, with its lawyer M.A. Babatunde filing a motion for misjoinder, saying the commission has no further role in the matter.
All eyes now turn to Justice Inyang Ekwo of the Federal High Court in Abuja, who is scheduled to continue hearing the case on June 4, 2025. The judge will determine whether Cardoso and other top officials defied the Supreme Court’s ruling — or whether, as they argue, they’re simply following the letter of the judgment.
