Abuja: The Central Bank of Nigeria (CBN) and a private firm, Melrose General Services, have decided to resolve their legal dispute outside the courtroom. This agreement was announced by Yusuf Ali, SAN, representing the CBN Governor Olayemi Cardoso, and Chikaosolu Ojukwu, SAN, representing Melrose, in front of Justice Mohammed Umar at the Federal High Court in Abuja.
According to News Agency of Nigeria, Melrose had previously filed a contempt charge against Cardoso for allegedly not complying with a Supreme Court judgment. In June 2024, the Supreme Court had overturned a forfeiture order against Melrose’s funds, which had been frozen after an investigation by the Economic and Financial Crimes Commission (EFCC). The disputed funds included over N1.2 billion in Melrose’s account and N220 million paid to Wasp Networks and Thebe Wellness.
The Supreme Court ruled that the EFCC had not proven the funds were fraudulent, thus directing the release of the funds to Melrose. Despite this ruling, Melrose filed a lawsuit claiming that the CBN only partially complied, refunding the N1.22 billion but not the N220 million. Melrose claims this partial compliance amounts to contempt of court.
NAN reports the issue originates from the Paris Club refund, involving payments to consultants for services to the Nigerian Governors’ Forum (NGF). The EFCC alleged that N3.5 billion was fraudulently paid to the appellant for a consultancy job for the NGF. The Supreme Court, however, supported Melrose, finding no fraud in the payments.
During the latest hearing, Ali indicated that discussions for an out-of-court settlement were underway, with the outstanding amount now just N20 million. He suggested that a resolution could be reached without requiring a formal ruling from the court. Ojukwu confirmed the willingness to settle, and the judge adjourned the case until July 22 for a settlement report.
