CBN GOVERNOR FACES CONTEMPT CHARGES OVER FAILURE TO FULLY COMPLY WITH SUPREME COURT ORDER

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the CBN’s Director of Legal Services, Salam-Alada Kofo, are under legal pressure as they face contempt proceedings for alleged failure to fully comply with a Supreme Court judgment that overturned the forfeiture of significant funds belonging to Melrose General Services Limited.
The case, which is being heard by Justice Inyang Ekwo of the Federal High Court in Abuja, stems from a June 2024 Supreme Court ruling which nullified the seizure of N1.22 billion and N220 million. These funds were previously frozen by the Economic and Financial Crimes Commission (EFCC) amid a controversial investigation into the Paris Club Refund scheme.
While the CBN has refunded N1.22 billion to Melrose General Services, the company argues that it has yet to receive the outstanding N220 million. Through its senior advocate, Chikaosolu Ojukwu (SAN), Melrose filed a contempt suit (FHC/ABJ/CS/532/2025) alleging that the CBN, EFCC, and the Ministry of Finance have failed to honor the Supreme Court’s judgment, thereby undermining judicial authority.
Justice Ekwo had earlier issued a seven-day notice for all parties to respond to the contempt warnings. At the last hearing on April 10, Melrose’s counsel confirmed that all respondents—except the Ministry of Finance—had acknowledged the court’s summons.
The CBN’s legal representative, Abdulfatai Oyedele, argued in court that the Supreme Court’s directive was not for the money to be paid directly to Melrose, but to Wasp Networks and Thebe Wellness Services, the entities that had originally received the N220 million as loans or investments from Melrose. According to the CBN, Wasp Networks has since requested N200 million, while Thebe Wellness has not yet made any claim for their N20 million portion.
The EFCC, meanwhile, is seeking to be struck out from the case entirely. Represented by M. A. Babatunde, the anti-graft agency filed a motion for misjoinder, arguing that it should not be party to a contempt suit since the funds in question are now in the CBN’s purview.
The next hearing in the case is scheduled for June 4, 2025. As the legal battle continues, the outcome is poised to test the enforceability of Supreme Court decisions and the accountability of high-level government institutions.