Sterling Bank Limited, one of Nigeria’s leading commercial banks, has formally petitioned the Inspector General of Police (IGP) to intervene in fraudulent activities and harassment allegedly perpetrated by Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro. According to the Bank, Dr. Usoro has employed the National Assembly and the Police Force Criminal Investigation Department (CID) to intimidate the Bank in an effort to avoid complying with a binding court-ordered debt settlement.
Sterling Bank has condemned these actions, describing them as a blatant assault on judicial authority and the principles of justice. The Bank reiterated its commitment to ensuring the debtors are held accountable for their obligations. On October 18, 2021, the Federal High Court issued a ruling confirming the debtor’s liability and ordering compliance with the agreed settlement terms. Despite this clear judgment and the debtor’s acknowledgment of the outstanding debt, Miden Systems Ltd and Dr. Usoro have allegedly engaged in a deliberate campaign of non-compliance. Sterling Bank accuses the company and its director of misusing loan funds, restructuring corporate assets to evade repayment, exploiting legal processes to delay enforcement, and intimidating Bank officials.
Sterling Bank expressed serious concerns about the misuse of the Police Force CID and the National Assembly by individuals seeking to evade their legal and financial responsibilities. The Bank claims Dr. Usoro has used his political connections to block justice and that individuals acting on his behalf, along with members of the Nigerian Police, have resorted to harassment and intimidation of Sterling Bank executives.
A statement from Sterling Bank affirmed, “Sterling remains steadfast in protecting its reputation and the interests of its customers, asserting that the debtor’s actions have caused some financial harm.” The Bank emphasized its determination to ensure that justice is upheld in the matter.
Through its legal counsel, Kunle Ogunba, SAN, Sterling Bank submitted a formal petition to the IGP on December 10, 2024, detailing allegations of financial misconduct by Dr. Usoro and Miden Systems Ltd. These allegations include the diversion of loan funds for personal use, failure to meet loan obligations, misappropriation of assets, and illegal restructuring of the company’s shareholding. The petition further highlighted the use of legal delays and intimidation tactics against the Bank as efforts to obstruct justice.
The petition also addressed recent incidents of harassment targeting Sterling Bank executives, allegedly orchestrated by parties acting on behalf of Dr. Usoro. Sterling Bank called on stakeholders, customers, and the general public to dismiss unsubstantiated allegations made against the Bank. It stated that these accusations were a deliberate distraction from Miden Systems Ltd and Dr. Usoro’s refusal to honor their financial obligations.
The Bank clarified that deductions from Miden Systems’ account, which had been called into question, were executed in line with a consent judgment issued by the Federal High Court in Lagos. This judgment, signed by representatives of both parties, confirmed Miden Systems’ commitment to settle the debt, including the principal amount and accrued interest, as of June 10, 2021.
The Bank also addressed narratives arising from a session with the House of Representatives Committee on Public Petitions, which was based on a petition by Miden Systems Ltd. The company accused the Central Bank of Nigeria (CBN), Sterling Bank, and Shell Petroleum of mismanagement and fraudulent deductions from its account.
In response, Sterling Bank urged the public to focus on the facts and not be swayed by misleading claims. It reiterated its position that the actions of Miden Systems Ltd and Dr. Usoro were calculated attempts to evade justice and undermine the Bank’s integrity. Sterling Bank reaffirmed its resolve to defend its reputation and act in the best interests of its customers, stakeholders, and the justice system.
By seeking the IGP’s intervention, the Bank hopes to ensure accountability and put an end to the campaign of harassment and financial misconduct allegedly orchestrated by Miden Systems Ltd and its director. Sterling Bank’s petition serves as a detailed outline of these allegations, underscoring the Bank’s commitment to upholding justice and transparency in the matter.
