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Sterling Bank Limited has petitioned the Inspector-General of Police, Kayode Egbbetokun to address the alleged use of the National Assembly and the Police Force CID by Miden Systems Limited and its director, Dr Brendan Usoro, to harass the bank and its executives.
In a statement made available to The PUNCH on Monday, the lender said that the petition followed a series of purported attempts by Usoro to leverage political connections and law enforcement to undermine a court-mandated debt settlement.
Miden Systems had petitioned the House of Representative Committee on Public Petition and indicted Sterling Bank for alleged mismanagement, money laundering, fraudulent debit, and misappropriation of the funds from its account domiciled with the bank. At NASS, Miden Systems Ltd accused the Central Bank of Nigeria, Sterling Bank, and Shell Petroleum of mismanagement and fraudulent debits linked to its account.
However, the bank, in a statement by its chief marketing officer, Mr Maurice Igugu, refuted the claims and provided details of the debt.
Igugu revealed 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.
“Despite the unambiguous nature of this judgement and the debtor’s acknowledgement of substantial outstanding debt, Miden Systems Ltd and Dr. Usoro have engaged in a calculated campaign of noncompliance. 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 Bank has raised grave concerns about the abuse of the office of the Police Force CID and the National Assembly by individuals seeking to evade their financial and legal responsibilities. Dr. Usoro has exploited political connections to obstruct justice, and 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 IGP to address these issues and ensure justice prevails,” Igugu said.
Also, Sterling Bank submitted a petition to the IGP on December 10, 2024, through its legal counsel, Kunle Ogunba, SAN, detailing allegations of financial misconduct by Dr. Usoro and Miden Systems Ltd.
“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 petition also underscored recent incidents of intimidation directed at the bank’s executives, allegedly orchestrated by parties acting on behalf of Dr. Usoro.
“The bank called on stakeholders, customers, and the public to disregard unsubstantiated accusations and recognise the facts: this is a deliberate attempt by Miden Systems Ltd and Dr. Usoro to distract from their refusal to fulfil financial obligations. The deductions from Miden Systems’ account, which have been called into question, were carried out under an agreement enshrined in a consent judgement issued by the Federal High Court in Lagos.
This judgement, 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 bank stated.
In a further development, on November 20, 2024, the Federal High Court dismissed an application by Miden Systems Ltd and Dr. Usoro seeking to overturn the earlier judgement. The court cited abuse of process, thus reinforcing the validity of the original ruling and the binding nature of the settlement terms.
