The Federal High Court in Abuja has fixed June 23 for the hearing of a contempt proceeding filed against the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, over alleged disobedience to a Supreme Court judgment.
Justice M.G. Umar fixed the date after brief arguments were presented by Chikaosolu Ojukwu, SAN, counsel for the applicant, and Abdulfatai Oyedele, representing the CBN.
The News Agency of Nigeria reports that in June 2024, the Supreme Court overturned a previous forfeiture order affecting funds belonging to Melrose General Services Limited, which had been frozen following an investigation by the Economic and Financial Crimes Commission, EFCC.
The contested funds included ₦1,222,384,857.84 in Melrose’s account and ₦220 million that had been transferred to Wasp Networks and Thebe Wellness as loan and investment.
The apex court held that the EFCC had failed to prove the funds were proceeds of fraud, as alleged, and therefore directed that the money be returned to their rightful owners.
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Despite this ruling, Melrose’s lawyers returned to the trial court, alleging partial compliance by the CBN. They claimed that while the ₦1.22 billion had been refunded, the ₦220 million remained unpaid.
Melrose’s counsel filed a contempt suit against CBN Governor Cardoso, CBN’s Director of Legal Services Salam-Alada Kofo, the EFCC, and the Minister of Finance, accusing them of willfully defying the Supreme Court and undermining its authority.
When the case was heard, Ojukwu argued that the EFCC had issued a memo to the CBN instructing compliance with the court’s judgment, but alleged that this memo was deliberately omitted from CBN’s affidavit before the court.
“That memo from EFCC is not even attached to the CBN’s affidavit before the Court,” Ojukwu said, suggesting that if it had been included, the court would better understand the situation.
He added that if the payment had been fully made, Melrose would not have returned to court.
In response, CBN’s counsel Oyedele contended that the bank had fully complied with the Supreme Court’s directive, stressing that the funds were paid to Melrose and Wasp, while the third beneficiary had yet to submit a claim.
“With the greatest respect, the CBN has complied with the order of the Supreme Court. We are not in contempt,” he said.
After hearing both sides, Justice Umar adjourned the case to June 23 and ordered that hearing notices be served to all defendants.
The case originates from the controversial Paris Club refund, a settlement involving payment to consultants for services to the Nigerian Governors’ Forum.
The EFCC had alleged that ₦3.5 billion was fraudulently paid to Melrose under the guise of consultancy. However, the Supreme Court ruled in favor of Melrose, determining that the EFCC had not proven its case, and set aside all lower court forfeiture orders.
NAN
