The Federal High Court in Abuja has fixed June 23, 2025, to hear a contempt suit filed against the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over alleged disobedience of a Supreme Court judgment.
The suit, filed by Melrose General Services Limited, follows a June 2024 Supreme Court decision that overturned the interim forfeiture of ₦1.22 billion and ₦220 million—funds previously frozen by the Economic and Financial Crimes Commission (EFCC). The apex court ruled in favor of Melrose, ordering the release of the funds, which had been held in accounts linked to Melrose, Wasp Network Limited, and Thebe Wellness Services.
Despite the judgment, Melrose claims the CBN has only released ₦1.22 billion, while withholding the ₦220 million meant for the two other entities. Representing Melrose, senior advocate Chikaosolu Ojukwu argued that the refusal by the CBN Governor, the bank’s Legal Director, and the institution itself to fully comply with the ruling amounts to contempt of court.
“The CBN, acting through the EFCC, has only partially complied with the Supreme Court’s directive,” Ojukwu told the court. “The outstanding ₦220 million remains unpaid, despite instructions from the EFCC and Ministry of Finance.”
However, counsel to the CBN, Abdulfatai Oyedele, argued that the bank has acted in line with the Supreme Court judgment. He maintained that the directive did not require payment of ₦220 million to Melrose but rather to Wasp Network Limited and Thebe Wellness Services, from whose accounts the funds were initially seized. He cited a letter from the law firm Duale, Ovia & Alex-Adedipe—representing Wasp Network—claiming ₦200 million from the judgment sum.
Oyedele added, “With the greatest respect, the CBN has complied with the Supreme Court order. The demand by Melrose for funds designated to other entities is unfounded.”
During the court session, Ojukwu challenged the CBN’s affidavit, claiming it omitted a critical EFCC memo instructing the bank to release the funds. He argued that producing the memo would clarify the bank’s obligations under the judgment.
The presiding judge, Justice G. Umar, adjourned the case to June 23 for further hearing and ordered that a hearing notice be served on all defendants.
Background
The EFCC had previously alleged that Melrose received ₦3.5 billion fraudulently for a purported consultancy contract with the Nigerian Governors’ Forum. Melrose, however, argued that the payment was part of a legitimate agreement.
In its ruling, the Supreme Court sided with Melrose, stating the EFCC failed to prove the funds were illicit and overturned earlier forfeiture orders, paving the way for the return of the money.
