Nigeria’s leading commercial bank, Sterling Bank Limited, has
petitioned the Inspector General of Police (IGP) to address alleged fraudulent
activities linked to Miden Systems Ltd and its director, Dr. Brendan Innocent
Usoro. The action followed a series of purported attempts by Usoro to leverage
political connections and law enforcement to undermine a court-mandated debt
settlement.
The Federal High Court delivered a ruling on October 18, 2021, clearly establishing Miden Systems Ltd's liability for outstanding debts and outlining the terms for repayment.
Despite this unequivocal judgment, Maurice Igugu, Sterling
Bank's Chief Marketing Officer, stated that Miden Systems and Dr. Usoro have
engaged in a systematic campaign to evade compliance. The campaign allegedly
involves misappropriation of loan funds, manipulation of corporate structures
to protect assets and intimidation tactics aimed at bank officials.
The bank expressed serious concerns regarding the misuse of
the Police Force CID and the National Assembly by individuals attempting to
escape their legal obligations. Allegations suggest that Dr. Usoro has
exploited his political connections to obstruct justice, with claims that
individuals allegedly acting on his behalf, along with the Nigerian Police,
have resorted to intimidation and personal harassment of Sterling Bank’s
executives.
In a statement, Igugu condemned these actions as an affront to
judicial authority and reaffirmed the bank's resolve to hold the debtors
accountable. He noted that the debtor’s actions have inflicted financial harm
on the bank and its stakeholders.
According to the statement, "On October 18, 2021, the
Federal High Court issued a decisive ruling that established the debtor’s
liability and mandated adherence to agreed settlement terms. Despite the
unambiguous nature of this judgment and the debtor’s acknowledgment of
substantial outstanding debt, Miden Systems Ltd and Dr. Usoro have engaged in a
calculated campaign of non-compliance."
Consequently, the Bank has sought the intervention of the IGP
to address these issues and ensure justice prevails.
On December 10, 2024, through its legal counsel Kunle Ogunba,
SAN, Sterling Bank submitted a detailed petition to the IGP. The document
outlines serious allegations against Dr. Usoro and Miden Systems Ltd, including
the diversion of loan funds for personal use, defaults on loan obligations,
asset misappropriation and illegal restructuring of the company’s shareholding.
The petition further highlighted efforts to obstruct justice
through legal maneuvers and intimidation tactics against the Bank. The Bank’s
petition to the IGP also underscored recent incidents of intimidation directed
at its executives, allegedly orchestrated by parties acting on behalf of Dr.
Usoro.
Urging stakeholders, customers and the public to disregard
unsubstantiated accusations and recognise the facts, the Bank noted that the
actions of Miden Systems Ltd and Dr. Usoro is a deliberate attempt to distract
from their refusal to fulfill their financial obligations.
The statement added that deductions from Miden Systems’
account, which have been called into question, were carried out under an
agreement enshrined in a consent judgment issued by the Federal High Court in
Lagos.
“This judgment, signed by representatives of both parties,
confirmed the debtor’s commitment to liquidate the debt, including principal
and accrued interest, as of June 10, 2021.
“This follows some skewed narratives about a session on the
issue with the House of Representatives Committee on Public Petitions on a
petition from Maiden Systems Ltd, which accused the Central Bank of Nigeria
(CBN), Sterling Bank, and Shell Petroleum of mismanagement and fraudulent
debits linked to its account,” the bank stated.
In a recent development, on November 20, 2024, the Federal
High Court dismissed an application by Miden Systems Ltd and Dr. Usoro seeking
to overturn the earlier judgment. The court’s dismissal cited abuse of process,
reinforcing the validity of the original ruling and the binding nature of the
settlement terms.
Sterling Bank urged stakeholders and the public to disregard
unfounded accusations from Miden Systems Ltd, framing them as distractions from
their financial responsibilities. The bank maintains that deductions from Miden
Systems' accounts were executed under a legally binding consent judgment.
While reaffirming its dedication to upholding the principles
of justice, integrity, and accountability in the face of these small
distractions, Sterling assured that it remains a trusted cornerstone of
Nigeria’s financial sector, celebrated for its innovative solutions and
unwavering commitment to sustainable development through its focus on the HEART
sectors (Health, Education, Agriculture, Renewable Energy, and Transportation).
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