Sterling Bank Limited, one of Nigeria’s top commercial banks, has called on the Inspector General of Police (IGP) to intervene in a series of alleged fraudulent activities and intimidation tactics involving Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro.
The Bank accuses Usoro and his company of deliberately evading compliance with a court-ordered debt settlement, thereby undermining judicial authority.
In a formal petition filed on December 10, 2024, Sterling Bank’s legal counsel, Kunle Ogunba, SAN, outlined a pattern of non-compliance by Miden Systems Ltd and Usoro, which began after a decisive ruling by the Federal High Court on October 18, 2021.
The court had ordered the debtor to comply with a settlement plan for outstanding debts.
Despite this clear ruling and the debtor’s acknowledgment of the debt, Miden Systems Ltd and Usoro have reportedly engaged in numerous illegal tactics, including asset misappropriation, fund diversion, and attempts to delay enforcement of the judgment.
Sterling Bank’s petition also pointed to the abuse of political influence by Dr. Usoro.
The bank claimed that individuals allegedly acting on his behalf have used their connections to manipulate the Nigerian Police and the National Assembly, applying pressure on the Bank and its executives.
“These actions are an outright assault on the judicial process and an attempt to obstruct justice,” a spokesperson for the Bank stated. “We will not stand by and allow such actions to tarnish the reputation of the Bank and undermine the principles of justice.”
The Bank also accused Miden Systems Ltd and Usoro of utilizing intimidation tactics to harass its executives, with some of these actions allegedly carried out through the Nigerian Police’s Force CID.
According to Sterling Bank, these efforts are aimed at distracting from their refusal to fulfill their financial obligations and to avoid the consequences of their non-compliance.
In response to these accusations, Sterling Bank has emphasized that the deductions made from Miden Systems’ account were conducted under an agreement in a consent judgment from the Federal High Court in Lagos.
This judgment clearly outlines the debtor’s obligation to settle the debt, including the principal and accrued interest, as of June 10, 2021.
“We remain resolute in holding Miden Systems Ltd and Dr. Usoro accountable for their actions,” said the Bank in its statement. “This is a calculated attempt to avoid financial responsibility, and we call on the public to disregard any unfounded accusations.”
Sterling Bank has also raised concerns about recent misrepresentations made during a session with the House of Representatives Committee on Public Petitions, where Miden Systems Ltd accused Sterling Bank, the Central Bank of Nigeria (CBN), and Shell Petroleum of fraudulent activities linked to the company’s account.
The Bank has firmly reiterated its commitment to ensuring that justice prevails and that those responsible for the fraud are held to account. Sterling Bank’s petition to the IGP calls for swift action to investigate these allegations and prevent further intimidation of its executives.
