Court gavel
Central Bank of Nigeria (CBN) and Melrose General Services have agreed to settle their legal dispute out of court.
The development was disclosed by the lawyers representing both parties before Justice Mohammed Umar at the Federal High Court in Abuja.
Yusuf Ali, SAN, counsel to the CBN Governor, Olayemi Cardoso, told the court that the matter could be settled out of court.
“We believe that this is a matter that can be settled out of court through settlement without necessarily requiring your lordship to write a ruling,” Ali said.
The dispute stems from a Supreme Court judgment that ordered the release of funds to Melrose General Services, including N1.22 billion and N220 million. While the N1.22 billion was refunded, the outstanding N220 million remains unpaid.
Ali stated that the outstanding amount is now “just N20 million.”
Chikaosolu Ojukwu, SAN, lawyer for Melrose, confirmed that parties had opted for reconciliation. “He (Ali) has agreed to speak to the CBN on the matter,” Ojukwu said.
The judge adjourned the matter until July 22 for a report on the settlement.
