By Ayomide Otitoju
Sterling Bank Limited, one of Nigeria’s foremost commercial banks, has petitioned the Inspector General of Police (IGP) to investigate alleged fraudulent activities involving Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro. The petition follows claims of attempts by Dr. Usoro to exploit political connections and law enforcement to undermine compliance with a Federal High Court ruling mandating debt repayment.
The court, in a ruling delivered on October 18, 2021, declared Miden Systems Ltd liable for significant debts to Sterling Bank and outlined repayment terms. Despite this judgment, Sterling Bank’s Chief Marketing Officer, Maurice Igugu, alleged that Miden Systems Ltd and Dr. Usoro have engaged in deliberate actions to avoid fulfilling their obligations.
According to Igugu, the company and its director have allegedly diverted loan funds for personal use, manipulated corporate structures to shield assets, and employed intimidation tactics against bank officials. The bank further accused Dr. Usoro of using political influence to disrupt judicial processes, alleging that police operatives and other individuals acting on his behalf have harassed Sterling Bank executives.
“These actions are a clear affront to judicial authority,” Igugu stated, reaffirming Sterling Bank’s commitment to holding debtors accountable. He noted that the debtor’s refusal to comply with the court’s ruling has inflicted financial harm on the bank and its stakeholders.
In a petition submitted to the IGP on December 10, 2024, through its legal counsel, Kunle Ogunba (SAN), Sterling Bank outlined accusations of asset misappropriation, defaults on loan repayments, and deliberate efforts to obstruct justice by Dr. Usoro and Miden Systems Ltd. The petition also highlighted recent incidents of alleged intimidation against Sterling Bank executives, orchestrated by individuals linked to the debtor.
Sterling Bank addressed public concerns over accusations raised by Miden Systems Ltd during a session with the House of Representatives Committee on Public Petitions. The bank clarified that deductions from Miden Systems’ accounts, which the company contested, were executed under a consent judgment issued by the Federal High Court in Lagos.
“This judgment, signed by both parties, affirmed the debtor’s obligation to liquidate the debt, including principal and accrued interest, as of June 10, 2021,” the bank noted.
In a recent development on November 20, 2024, the Federal High Court dismissed an application by Miden Systems Ltd and Dr. Usoro to overturn the initial ruling. The court’s decision, citing abuse of judicial process, reinforced the validity of the original judgment and the binding nature of the settlement terms.
Sterling Bank has urged stakeholders and the public to disregard what it described as unsubstantiated allegations by Miden Systems Ltd, framing them as distractions from the company’s refusal to honor its financial commitments.
The bank reaffirmed its dedication to justice, integrity, and accountability, emphasizing its commitment to supporting Nigeria’s development through investments in critical sectors, including health, education, agriculture, renewable energy, and transportation (HEART). It assured the public of its role as a trusted institution in the country’s financial landscape.
