STERLING BANK CONDEMNS MISUSE OF NATIONAL ASSEMBLY AND POLICE FORCE CID

Sterling Bank, one of Nigeria's foremost financial institutions, has filed a petition with the Inspector General of Police (IGP) to address alleged fraudulent practices by Miden Systems Ltd and its Director, Dr. Brendan Innocent Usoro. The bank’s move follows claims of political interference and misuse of law enforcement to sidestep a court-mandated debt settlement.

In a landmark judgment on October 18, 2021, the Federal High Court affirmed Miden Systems Ltd's liability for unpaid debts and established terms for repayment. However, Sterling Bank alleges that Dr. Usoro and Miden Systems have since orchestrated efforts to evade compliance, including diverting loan funds, restructuring corporate assets, and employing intimidation tactics against bank executives.

Speaking on the issue, Sterling Bank’s Chief Marketing Officer, Maurice Igugu, highlighted the debtor’s deliberate attempts to undermine judicial authority. "Despite the court's unambiguous ruling and acknowledgment of the debt, Miden Systems Ltd and Dr. Usoro have consistently flouted legal agreements. This behavior includes asset mismanagement, non-compliance with court directives, and leveraging political connections to frustrate due process," Igugu stated.

Sterling Bank expressed serious concerns over the exploitation of the National Assembly and the Police Force Criminal Investigation Department (CID) by individuals allegedly acting on behalf of Dr. Usoro. These acts of intimidation, which target the bank’s executives, have been described as an affront to the principles of justice and accountability.

On December 10, 2024, Sterling Bank, through its legal counsel, Kunle Ogunba, SAN, submitted a formal petition to the IGP. The document details allegations of fund misappropriation, defaults on debt obligations, and attempts to obstruct justice. It also highlights recent incidents of harassment directed at Sterling Bank officials, allegedly instigated by Miden Systems Ltd and its representatives.

The petition emphasizes that all deductions from Miden Systems’ accounts were executed in line with a legally binding consent judgment issued by the Federal High Court. The judgment, which was signed by both parties, reaffirmed Miden Systems’ commitment to repay the outstanding debt, including principal and accrued interest, as of June 2021.

Sterling Bank also addressed unfounded accusations against it, the Central Bank of Nigeria (CBN), and Shell Petroleum, made during a recent House of Representatives Committee session. The bank described these allegations as baseless distractions intended to shift focus from Miden Systems’ refusal to honor its financial commitments.

In a significant legal development, on November 20, 2024, the Federal High Court dismissed an application by Miden Systems Ltd and Dr. Usoro seeking to overturn the 2021 consent judgment. The court’s dismissal, citing abuse of process, reinforced the validity of the original ruling and the binding nature of the debt settlement terms.

Sterling Bank reassures its stakeholders and the public of its unwavering commitment to justice, transparency, and integrity. The bank calls on stakeholders to disregard Miden Systems Ltd’s baseless accusations, which aim to detract from their legal and financial obligations.

As a trusted leader in Nigeria’s financial sector, Sterling Bank remains dedicated to sustainable development through its focus on the HEART sectors—Health, Education, Agriculture, Renewable Energy, and Transportation.