CBN Governor Hit with N220m Contempt Go well with
Central Financial institution of Nigeria Governor, Olayemi Cardoso, and the CBN’s Director of Authorized Providers, Salam-Alada Kofo, have been sued for contempt of court docket on the Federal Excessive Court docket in Abuja over their alleged refusal to conform absolutely with a Supreme Court docket judgment.
The applicant, Melrose Basic Providers, filed a contempt go well with marked: FHC/ABJ/CS/532/2025 itemizing Cardoso, Kofo, the CBN, the Financial and Monetary Crimes Fee and the Minister of Finance and Coordinating Minister of Economic system, Wale Edun, as respondents.
The applicant claims that the respondents did not launch its N220m, regardless of the Supreme Court docket’s judgment reversing the sooner forfeiture of the funds.
Financial Confidential gathered that the go well with stems from the controversial Paris Membership refund, which concerned funds to consultants who rendered companies to the Nigerian Governors’ Discussion board.
Learn Additionally:
In June 2024, the Supreme Court docket overturned a earlier forfeiture order affecting Melrose Basic Providers Restricted, directing the discharge of frozen funds, together with N1.22bn held in Melrose’s checking account and N220m transferred to Wasp Networks and Thebe Wellness as loans and investments.
The court docket dominated that the EFCC did not show the funds have been proceeds of fraud as alleged, and ordered the discharge of the total quantities to the rightful house owners.
Nevertheless, almost a yr after the Supreme Court docket’s choice, Melrose alleged that whereas the CBN had refunded N1.22bn, the N220m remained unpaid.
By its counsel, Chikaosolu Ojukwu, SAN, Melrose argued that the refusal to adjust to the court docket’s directive constituted contempt of court docket.
The agency contends that the partial compliance undermines the authority of the Supreme Court docket.
In its defence, the CBN’s authorized crew led by Abdulfatai Oyedele, claimed that the Supreme Court docket directed fee of the N220m to the unique accounts of Wasp Community Restricted and Thebe Wellness Providers, to not Melrose.
Oyedele additional argued that Wasp Community had requested N200m, whereas Thebe Wellness was but to assert N20m.
The EFCC, represented by M.A. Babatunde, filed a movement for misjoinder, asserting it shouldn’t be a celebration to the case.
Justice Inyang Ekwo of the Federal Excessive Court docket in Abuja will resume listening to on the matter on June 4, 2025.
