In a three-to-two decision delivered last Friday, the Supreme Court ruled that the Economic and Financial Crimes Commission (EFCC) failed to prove its allegation that Melrose, associated with former Senate President Bukola Saraki, illegally acquired the funds.
Justice John Okoro, delivering the lead majority judgment, stated that the EFCC did not meet the legal requirement to show with sufficient evidence that the funds were proceeds of criminal activity.
The court stated that the burden of proof lies initially with the EFCC to demonstrate this before it could shift to Melrose to prove the legitimacy of the funds.
Justices Adamu Jauro and Emmanuel Agim concurred with the majority decision, while Justices Obande Ogbuinya and Habeeb Abiru dissented.
The EFCC had accused Melrose and other firms of fraudulently obtaining N3.5 billion from the NGF by posing as a consortium of consulting firms hired to verify, reconcile, and recover over-deductions on Paris and London Club loans for states and local governments between 1995 and 2002.
The Federal High Court in Lagos had ordered the final forfeiture of the funds to the Federal Government on April 27, 2018.
Melrose's subsequent appeal to the Court of Appeal in Lagos was rejected on May 31, 2019, prompting the firm to appeal to the Supreme Court.
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