CBN Governor Hit with N220 Million Contempt Lawsuit
CBN Governor Hit with N220 Million Contempt Lawsuit
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, along with the bank’s Director of Legal Services, Salam-Alada Kofo, is facing a contempt of court lawsuit at the Federal High Court in Abuja. The suit arises from allegations that they have not fully complied with a Supreme Court ruling.
The plaintiff, Melrose General Services, has filed the contempt suit, which is registered as FHC/ABJ/CS/532/2025. In addition to Cardoso and Kofo, the respondents include the CBN, the Economic and Financial Crimes Commission (EFCC), and the Minister of Finance and Coordinating Minister of Economy, Wale Edun.
Melrose claims that the respondents have failed to release its N220 million despite the Supreme Court’s decision reversing a previous forfeiture of the funds. In June 2024, the Supreme Court annulled the prior forfeiture order related to Melrose General Services Limited, instructing the release of frozen funds, including N1.22 billion that was held in the company’s bank account and N220 million that had been transferred as loans and investments to Wasp Networks and Thebe Wellness.
The court found that the EFCC did not provide sufficient evidence to substantiate claims that the funds were proceeds of fraud and mandated their release to the rightful owners.
Nearly a year after the Supreme Court ruling, Melrose asserts that, while the CBN has refunded the N1.22 billion, the N220 million remains unpaid. Through its counsel, Chikaosolu Ojukwu, SAN, Melrose argues that the non-compliance with the court order represents contempt of court and undermines the authority of the Supreme Court.
In response, the CBN’s legal team, led by Abdulfatai Oyedele, contends that the Supreme Court’s order specified payment of the N220 million to the original accounts of Wasp Network Limited and Thebe Wellness Services, and not directly to Melrose. Oyedele added that Wasp Network had requested N200 million, while Thebe Wellness had yet to claim its N20 million.
The EFCC, represented by M.A. Babatunde, has filed a motion arguing that it should not be included as a party in this case due to misjoinder.
Justice Inyang Ekwo of the Federal High Court in Abuja is scheduled to continue hearing the case on June 4, 2025.
