Sterling Bank Petitions IGP Over Alleged Fraud by Miden Systems

Sterling Bank Limited has called on the Inspector General of Police (IGP) to address what it described as fraudulent activities perpetrated by Miden Systems Limited and its director, Dr Brendan Innocent Usoro.

The Bank claims these activities are part of an orchestrated effort to evade a court-mandated debt settlement.

The petition, submitted on 10 December 2024 by the Bank’s legal counsel, Kunle Ogunba, SAN, outlines allegations of misappropriation of loan funds, illegal restructuring of Miden Systems’ shareholding, and intimidation of Sterling Bank executives.

The petition further accuses Dr Usoro of leveraging political connections and law enforcement agencies to obstruct justice.

Sterling Bank’s Chief Marketing Officer, Maurice Igugu, condemned the alleged actions as a direct affront to judicial authority.

He emphasised that the Federal High Court had, on 18 October 2021, delivered a decisive ruling establishing Miden Systems’ liability for significant outstanding debts and stipulating repayment terms.

“Despite the clarity of the court’s judgment, Miden Systems Ltd and Dr Usoro have embarked on a calculated campaign of non-compliance,” Igugu stated.

“This includes misappropriating funds, manipulating corporate structures to shield assets, and using intimidation tactics against our staff,” he added.

The Bank also highlighted a recent legal victory – On 20 November 2024, the Federal High Court dismissed an application by Miden Systems Ltd and Dr Usoro to overturn the earlier judgment.

The court described the application as an abuse of judicial process, thereby reinforcing the validity of the original ruling and the legally binding nature of the settlement agreement.

Sterling Bank expressed concerns about the misuse of the Police Force Criminal Investigation Department (CID) and the National Assembly by individuals seeking to escape their legal obligations.

It noted that Dr Usoro had allegedly exploited his connections to obstruct justice, including harassment of Sterling Bank’s executives by individuals purportedly acting on his behalf.

The Bank’s statement also addressed allegations raised during a recent session with the House of Representatives Committee on Public Petitions.

Miden Systems Ltd had accused the Central Bank of Nigeria (CBN), Sterling Bank, and Shell Petroleum of mismanagement and fraudulent deductions linked to its account.

However, Sterling Bank clarified that all deductions were carried out under a consent judgment agreed upon by both parties in June 2021.

“This judgment confirmed the debtor’s commitment to liquidate the debt, which included the principal and accrued interest as of 10 June 2021,” the statement read.

Sterling Bank called on stakeholders, customers, and the public to disregard what it described as baseless accusations and distractions from Miden Systems Ltd.

The Bank reaffirmed its dedication to upholding justice, accountability, and its reputation as a pillar of Nigeria’s financial sector.