![Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. [PHOTO CREDIT: Official Twitter handle of the CBN | https://twitter.com/cenbank/status/1732683169898324325/photo/1]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2024/01/Yemi-Cardoso-e1707210763335.jpeg?fit=1500%2C845&ssl=1)
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 alleged non-compliance with a Supreme Court judgement ordering the release of funds to a firm linked to the controversial Paris Club Refund.
The contempt suit was filed by Melrose General Services Limited, which claims the CBN has failed to fully implement a June 2024 Supreme Court judgement that reversed the forfeiture of its funds.
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Judge Inyang Ekwo of the Federal High Court in Abuja has scheduled the next hearing for 4 June.
The Supreme Court had overturned an earlier forfeiture order obtained by the Economic and Financial Crimes Commission (EFCC) against Melrose’s assets, ruling that the anti-graft agency failed to prove the funds were proceeds of fraud.
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Specifically, the Supreme Court ordered the release of N1.22 billion in Melrose’s Access Bank account and an additional N220 million, which had been paid out by Melrose to Wasp Networks and Thebe Wellness as loan and investment.
While the CBN has refunded the N1.22 billion, Melrose alleges the N220 million remains unpaid.
Contempt proceedings begin
In response, Melrose’s legal team, led by Chikaosolu Ojukwu, a Senior Advocate of Nigeria (SAN), filed a contempt suit marked FHC/ABJ/CS/532/2025 against the CBN governor, the Legal Services Director, the EFCC, and the Minister of Finance.
The company argues that the continued withholding of the N220 million constitutes a willful violation of the Supreme Court judgement, thus undermining the authority of the judiciary.
Mr Ojukwu cited the Supreme Court’s ruling which granted Melrose’s application to set aside the forfeiture of both the N1.22 billion and the N220 million, emphasising that full compliance is legally required.
Court orders
On 27 March, Mr Ekwo granted Melrose permission to serve contempt notices (Forms 48 and 49) on the CBN officials through substituted means.
The court also approved similar services for the Minister of Finance.
In addition, Mr Ekwo issued an order attaching N220 million in the Federation Account or any other CBN-managed account pending further court directives.
The respondents were given seven days from the date of service to respond.
Disputed interpretation
But at the resumed hearing on 10 April, Melrose’s counsel, Segun Fiki, confirmed that all parties except the Ministry of Finance had responded to the contempt filings.
The CBN, represented by lawyer Abdulfatai Oyedele, filed a preliminary objection and counter-affidavit.
The lawyer argued that the Supreme Court did not mandate payment of the N220 million directly to Melrose but rather to the accounts of Wasp Networks and Thebe Wellness, where the funds were initially forfeited.
According to the CBN, Wasp Network’s solicitors have requested N200 million, while Thebe Wellness has yet to claim the remaining N20 million.
The bank maintained that it has complied with the judgement and denied any wrongdoing.
The EFCC, represented by M. A. Babatunde, also filed a motion challenging its inclusion in the contempt proceedings, describing it as a misjoinder.
The case has been adjourned till 4 June, with the court expected to determine whether the CBN and its officials have defied the Supreme Court’s ruling or whether their actions are defensible based on their interpretation of the judgement.
Background
The controversy is rooted in the multi-billion-dollar Paris Club Refund, which involved payments to consultants and contractors engaged by state and local governments to recover excess deductions made by the federal government between 1995 and 2002.
In March 2019, the EFCC alleged that former Senate President Bukola Saraki and some of his aides laundered a N3.5 billion Paris Club loan refund.
The N3.5 billion was allegedly part of the N522 billion loan refund disbursed to all the states of the federation in December.
The EFCC had sent a report to former President Muhammadu Buhari alleging that the said amount was paid by the Nigeria Governors’ Forum (NGF) into the bank account of Melrose General Services, a company owned by Robert Mbonu, an associate of Mr Saraki.
NGF had reportedly hired Mr Mbonu as its consultant on the deal.
PREMIUM TIMES reported that several entities, including Melrose, claimed they were entitled to significant compensation for services rendered.
However, legal disputes arose over the legitimacy of the claims and the payments made, culminating in a series of court battles involving the Nigerian Governors’ Forum, the EFCC, and other stakeholders.
