Sterling Bank Petitions IG over Violation of Court’s Ruling, Abuse of National Assembly 

Esther Oluku

Sterling Bank Limited has petitioned the Inspector General of Police (IG), Kayode Egbetokun, to address a series of alleged fraudulent and malicious schemes of Miden Systems Limited and its director, Dr. Brendan Innocent Usoro, who has allegedly resorted to the use of the National Assembly and the Police Force CID to harass the bank in a blatant bid to defy and evade compliance with a binding court-ordered debt settlement.

Miden Systems Limited had petitioned the House of Representatives Committee on Public Petition on alleged mismanagement, fraudulent debit, and misappropriation of funds from its account domiciled with the bank.
But the bank in a statement by its Chief Marketing Officer, Mr. Maurice, condemned the actions as a direct assault on judicial authority and the core principles of justice and reaffirmed the bank’s commitment to holding the debtors fully accountable.

The statement noted that 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.
The statement added that despite the unambiguous nature of this judgment and the debtor’s acknowledgement of substantial outstanding debt, Miden Systems Ltd. and Dr. Usoro have engaged in a calculated campaign of non-compliance.
“This campaign has included misappropriating loan funds, manipulating corporate structures to shield assets, abusing legal processes to delay enforcement, and attempts at intimidating some bank officials,” the statement said.

The statement raised grave concerns about the abuse of the Police Force CID and the National Assembly by individuals seeking to evade their financial and legal responsibilities.
The bank accused Usoro of exploiting his political connections to obstruct justice, adding that some individuals allegedly acting on his behalf, along with the Nigerian Police, have resorted to intimidation and personal harassment of Sterling Bank’s executives.

“Sterling Bank remains steadfast in protecting its reputation, and the interests of its customers, asserting that the debtor’s actions have caused some financial harm. Consequently, the bank has sought the intervention of the IG to address these issues and ensure justice prevails,” the statement added.

Through its counsel, Kunle Ogunba (SAN), Sterling Bank submitted a petition to the IG on December 10, 2024, detailing allegations of financial misconduct by Usoro and Miden Systems Ltd.
According to the statement, these allegations include 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 manoeuvres and intimidation tactics against the bank.

The bank called on stakeholders, customers, and the public to disregard unsubstantiated accusations and recognise the facts.
“The 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,” the statement explained.

The statement added that on November 20, 2024, the Federal High Court dismissed an application by Miden Systems Limited and 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.

The bank noted that following the second court ruling, the debtor sought to exploit political connections by submitting a petition containing false claims to the House of Representatives Committee on Public Petitions.

It argued that the action not only misled the committee but also resulted in the unnecessary expenditure of resources by both the National Assembly and the Police Force CID.