OMG! CBN Governor, legal director face N220m contempt suit

• The politician of the Central Bank of Nigeria and the CBN's manager of ineligible services are being held successful contempt
• They are accused of ignoring a Supreme Court determination that reversed the forfeiture of N1.22 cardinal and N220 million, respectively
• The Paris Club reimbursement, which progressive paying consultants who worked for the Nigerian Governors' Forum, is the taxable of the complaint

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Olayemi Cardoso, the politician of the Central Bank of Nigeria, and Salam-Alada Kofo, the manager of ineligible services for the CBN, are being held successful contempt for allegedly disobeying a Supreme Court ruling that overturned the forfeiture of N1.22 cardinal and N220 million, respectively.

The Federal High Court successful Abuja volition statesman proceeding connected the lawsuit connected June 4, 2025. Photo Credit: CBN
Source: Getty Images

Cardoso, Kofo, the CBN, the Economic and Financial Crimes Commission, and the Minister of Finance and Coordinating Minister of Economy, Wale Edun, were named arsenic respondents successful a contempt suit filed by the petitioner, Melrose General Services.

Despite the Supreme Court's ruling overturning the earlier seizure of the cash, the applicant alleges that the respondents did not merchandise their N220 million.

The suit is related to the contentious Paris Club reimbursement, which entailed paying consultants who worked for the Nigerian Governors' Forum.

The Supreme Court reversed a anterior forfeiture ruling that affected Melrose General Services Limited successful June 2024, ordering the merchandise of frozen funds, including N1.22 cardinal that was kept successful Melrose's slope relationship and N220 cardinal that had been fixed to Wasp Networks and Thebe Wellness arsenic loans and investments.

The tribunal decided that the EFCC had not demonstrated that the money was, arsenic claimed, the proceeds of fraud and ordered that the afloat amounts beryllium returned to the morganatic owners.

But aft a twelvemonth aft the Supreme Court's ruling, Melrose claimed that although the CBN had reimbursed N1.22 billion, the remaining N220 cardinal was inactive unpaid.

Melrose contended done its attorney, Chikaosolu Ojukwu, SAN, that the nonaccomplishment to travel the court's bid amounted to contempt of court.

The steadfast argues that the Supreme Court's authorization is undermined by the constricted compliance.

The CBN's ineligible team, headed by Abdulfatai Oyedele, argued successful its defence that the Supreme Court ordered the N220 cardinal to beryllium paid to Wasp Network Limited and Thebe Wellness Services' archetypal accounts alternatively than Melrose.

Oyedele added that Thebe Wellness had not yet claimed N20m, whereas Wasp Network had asked for N200m.

M.A. Babatunde, the EFCC's attorney, filed a question for misjoinder, arguing that the bureau shouldn't beryllium progressive successful the case.

To ascertain whether the CBN and its unit knowingly disregarded the Supreme Court's absorption oregon whether their actions were justified based connected the mentation of the aforementioned judgment, Justice Inyang Ekwo of the Federal High Court successful Abuja volition statesman proceeding connected the lawsuit connected June 4, 2025.

CBN releases magnitude Nigerians and authorities beryllium Nigerian banks

Legit.ng reported that the Central Bank of Nigeria has disclosed that user recognition successful Nigeria dropped to N3.5 trillion successful October 2024.

This represented a 17.6% oregon N750 cardinal month-on-month (MoM) diminution compared to the N4.25 trillion reported successful September 2024.

Despite this monthly drop, user recognition accrued year-on-year (YoY) by 6.06%.

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Source: Legit.ng