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Sterling Bank Limited, one of Nigeria’s leading commercial banks, has petitioned the Inspector General of Police (IGP) to intervene in alleged fraudulent activities involving Miden Systems Ltd and its director, Dr Brendan Innocent Usoro.
In its petition, the bank claimed that the company has persistently violated a court ruling mandating repayment of outstanding debts.
According to Sterling Bank, the Federal High Court issued a judgment on October 18, 2021, confirming Miden Systems Ltd’s liability for significant debt and outlining a repayment plan.
However, the bank alleged that Dr Usoro and Miden Systems deliberately evaded compliance through asset misappropriation, corporate restructuring, and political interference.
In a statement, Maurice Igugu, Sterling Bank’s Chief Marketing Officer, condemned the alleged actions of the debtor, accusing them of exploiting political connections to intimidate bank officials and obstruct justice.
“The October 18, 2021, judgment clearly established the debtor’s liability and mandated adherence to the agreed terms of settlement,” Igugu said.
“Despite acknowledging the debt, Miden Systems Ltd and Dr Usoro have systematically flouted the court’s decision, causing financial harm to the bank and its stakeholders,” the statement added.
The bank further alleged that Dr. Usoro misused the Police Force Criminal Investigation Department (CID) and the National Assembly to delay enforcement of the court ruling.
In a petition submitted to the IGP on December 10, 2024, through its lawyer, Kunle Ogunba, SAN, Sterling Bank outlined allegations of loan fund diversion, defaults on obligations, and illegal restructuring of Miden Systems’ shareholding to shield assets.
The bank also highlighted instances of intimidation and personal harassment of its executives, reportedly orchestrated by parties acting on behalf of Dr Usoro.
The petition followed an attempt by Miden Systems Ltd to challenge the judgment through a legal application, which was dismissed by the Federal High Court on November 20, 2024, for abuse of process.
Sterling Bank reiterated that deductions from Miden Systems’ account were conducted under a legally binding consent judgment signed by both parties.
The judgment outlined the company’s commitment to repay the debt, including principal and accrued interest as of June 10, 2021.
The bank also addressed accusations made by Miden Systems Ltd to the House of Representatives Committee on Public Petitions, dismissing them as baseless and an attempt to deflect responsibility for their financial obligations.
Sterling Bank reassured its stakeholders and customers of its commitment to justice, integrity, and accountability, maintaining its position as a trusted leader in Nigeria’s financial sector.
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