Governor of the Central Bank of Nigeria, Olayemi Cardoso, along with the bank’s Director of Legal Services, Salam-Alada Kofo, is facing legal action over alleged refusal to comply with a judgment delivered by the Supreme Court.
A contempt suit has been filed against them before the Federal High Court in Abuja by Melrose General Services Limited.
The legal action, registered as suit number FHC/ABJ/CS/532/2025, also lists the Central Bank itself, the Economic and Financial Crimes Commission (EFCC), and the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, as co-defendants.
Melrose is accusing the parties of failing to release N220 million, part of a larger sum that the apex court had ordered to be refunded.
Although the CBN is said to have returned N1.22 billion to the company, the remaining N220 million has reportedly not been released.
This dispute originates from the long-running Paris Club refund issue, particularly involving consultancy fees paid through the Nigerian Governors’ Forum.
In June 2024, the Supreme Court nullified an earlier forfeiture order and directed that the total funds, including the disputed N220 million—which had been disbursed to Wasp Network Limited and Thebe Wellness Services—be restored to their legitimate owners.
Representing Melrose, Senior Advocate of Nigeria Chikaosolu Ojukwu argued that the continued withholding of the N220 million defies the Supreme Court’s ruling and amounts to contempt, thereby undermining the judiciary’s authority.
The Central Bank’s legal representative, Abdulfatai Oyedele, however, contended that the Supreme Court did not direct the payment of the N220 million to Melrose. According to him, the judgment ordered the money to be credited back to the original recipients—Wasp Network and Thebe Wellness.
He explained that while Wasp Network had submitted a request for N200 million, Thebe Wellness had not yet come forward to claim the remaining N20 million.
Meanwhile, the EFCC, represented in court by counsel M.A. Babatunde, has submitted a motion seeking to be removed from the case. The commission argues that it has been wrongly joined in the matter.
Justice Inyang Ekwo has adjourned the case until June 4, 2025, for continued proceedings.