The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the apex bank’s Director of Legal Services, Salam-Alada Kofo, are currently facing a contempt of court suit at the Federal High Court in Abuja. The suit, filed by Melrose General Services Limited, accuses the CBN and its top officials of failing to fully comply with a Supreme Court judgment mandating the release of funds totaling N220 million.
The contempt case, marked FHC/ABJ/CS/532/2025, also lists the Economic and Financial Crimes Commission (EFCC), the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the CBN itself as co-respondents.
Melrose General Services alleges that despite a clear ruling by the Supreme Court in June 2024 ordering the reversal of a previous forfeiture and the refund of funds totaling over N1.4 billion, the CBN has only partially complied. The company claims that while N1.22 billion was refunded, a balance of N220 million remains unpaid nearly one year after the judgment.
The disputed funds originate from the controversial Paris Club refund disbursements, a matter that has generated significant legal wrangling in recent years. Melrose General Services had been contracted as a consultant by the Nigerian Governors’ Forum and was among several entities entangled in litigation over the payment structure and alleged misappropriation.
According to the Supreme Court ruling, the EFCC had failed to substantiate claims that the funds in Melrose’s accounts were proceeds of fraud. The court therefore ordered the immediate release of all seized sums, including N1.22 billion in Melrose’s corporate account and N220 million transferred to two firms—Wasp Network Limited and Thebe Wellness Services—as part of loan agreements and investments.
However, in its latest legal move, Melrose contends that the non-payment of the N220 million constitutes willful contempt of court. Through its legal counsel, Chikaosolu Ojukwu, SAN, the company is seeking punitive measures against Cardoso and Kofo, arguing that their actions undermine the supremacy of the judiciary.
“The refusal to fully obey the Supreme Court’s directive is not only a breach of the law but an insult to the authority of the judiciary,” Ojukwu stated.
In its defence, the Central Bank claims it acted within the confines of the judgment. Representing the CBN, counsel Abdulfatai Oyedele stated that the Supreme Court’s order specified that the N220 million should be paid directly into the accounts of Wasp Network and Thebe Wellness—not to Melrose General Services. According to Oyedele, Wasp Network has formally requested N200 million, but Thebe Wellness has yet to come forward to claim its N20 million share.
Meanwhile, the EFCC, through its lawyer M.A. Babatunde, has filed a motion for misjoinder, arguing that it should not be party to the contempt suit since it no longer holds any of the disputed funds or authority over their disbursement.
Justice Inyang Ekwo, presiding over the matter, has scheduled the next hearing for June 4, 2025. Legal observers say the outcome of the case could have significant implications for the enforcement of Supreme Court judgments in Nigeria, especially when compliance involves major government institutions.
Legal experts have expressed concern about the increasing trend of executive institutions allegedly flouting court judgments, warning that it could erode public confidence in the judicial process.
“Court orders are not optional suggestions; they are binding directives that must be obeyed by all arms of government,” said Barrister Linda Eze, a legal analyst based in Abuja. “This case could set an important precedent for accountability and rule of law in Nigeria’s financial and legal systems.”
As the case continues to generate public attention, civil society groups have called on the Tinubu-led administration to ensure that its officials uphold the rule of law and respect judicial authority. They argue that selective compliance with court rulings not only undermines democracy but also discourages investor confidence.
The Central Bank has yet to release an official statement on the ongoing legal battle, but insiders suggest that the institution is treading carefully, wary of any public fallout that may arise from the accusations.
The June 4 court date is now highly anticipated, as stakeholders await clarity on how the judiciary will handle the alleged contempt and the outstanding payment of the N220 million.