The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, alongside the bank’s Director of Legal Services, Kofo Salam-Alada, is facing a contempt of court suit for allegedly failing to fully comply with a Supreme Court judgment regarding the controversial Paris Club refund. The case revolves around a ₦220 million sum that was part of a broader ₦1.44 billion judgment in favor of Melrose General Services Limited. The Supreme Court had in 2024 ordered the release of these funds, which had previously been seized by the Economic and Financial Crimes Commission (EFCC) under claims of fraud.
While the CBN has reportedly refunded ₦1.22 billion to Melrose, the company insists that ₦220 million, which had been invested through Wasp Networks and Thebe Wellness, remains outstanding. According to Melrose, this delay in full compliance constitutes contempt of court and undermines the integrity of the judiciary. The company, through its counsel Chikaosolu Ojukwu (SAN), is now pursuing legal action to compel the CBN to release the remaining funds.
The CBN, however, maintains that it is adhering to the Supreme Court’s directive. The bank argues that the court did not order the ₦220 million to be paid directly to Melrose but rather to the original recipients of the funds—Wasp Networks and Thebe Wellness. The apex bank states that while Wasp Networks has made a claim for ₦200 million, Thebe Wellness has yet to claim the remaining ₦20 million.
The matter has sparked fresh concerns over accountability and the interpretation of judicial orders by state institutions. Legal analysts note that the situation could set a significant precedent for how judgments are enforced in Nigeria, especially in cases involving public institutions. The controversy also adds another layer of complexity to the long-running Paris Club refund saga, which has seen multiple litigations and allegations of mismanagement over the years.
Justice Inyang Ekwo of the Federal High Court in Abuja is presiding over the contempt case, with the next hearing scheduled for June 4, 2025. The outcome of the proceedings could have implications not just for the CBN leadership but also for broader issues around compliance with court orders in Nigeria’s public sector.
