By Ayomide Otitoju
Sterling Bank Limited has petitioned the Inspector-General of Police, Kayode Egbetokun, over alleged attempts by Miden Systems Limited and its director, Dr. Brendan Usoro, to use the National Assembly and the Police Force Criminal Investigation Department (CID) to harass the bank and its executives.
In a statement made available to The PUNCH on Monday, Sterling Bank accused Usoro of leveraging political connections and law enforcement agencies to undermine a court-mandated debt settlement.
Miden Systems had petitioned the House of Representatives Committee on Public Petitions, accusing Sterling Bank of mismanagement, money laundering, fraudulent debits, and misappropriation of funds from its account. The company further alleged that the Central Bank of Nigeria, Sterling Bank, and Shell Petroleum were involved in financial mismanagement related to its account.
However, Sterling Bank, through its Chief Marketing Officer, Maurice Igugu, dismissed these claims, providing legal backing to its position. Igugu stated that on October 18, 2021, the Federal High Court issued a ruling affirming Miden Systems’ liability and mandating compliance with agreed settlement terms.
“Despite this clear judgement and the debtor’s acknowledgment of a substantial outstanding debt, Miden Systems Ltd and Dr. Usoro have engaged in a deliberate campaign of noncompliance,” Igugu said. He alleged that the company misappropriated loan funds, manipulated corporate structures to shield assets, and misused legal processes to delay enforcement while intimidating bank officials.
Sterling Bank further raised concerns over the alleged abuse of police and legislative offices to evade financial obligations, claiming that individuals acting on Usoro’s behalf had resorted to intimidation tactics against its executives.
To address these concerns, the bank submitted a petition to the IGP on December 10, 2024, through its legal counsel, Kunle Ogunba, SAN. The petition detailed allegations of financial misconduct by Usoro and Miden Systems Ltd, including loan fund diversion, asset misappropriation, and deliberate obstruction of justice. It also cited recent incidents of harassment directed at bank officials.
Sterling Bank urged the public to disregard the allegations made by Miden Systems, stating that the deductions from its account were based on a consent judgment issued by the Federal High Court in Lagos. The judgment, signed by both parties, confirmed the debtor’s commitment to liquidate the outstanding debt, including principal and accrued interest as of June 10, 2021.
In a further legal development, on November 20, 2024, the Federal High Court dismissed an application by Miden Systems Ltd and Dr. Usoro to overturn the ruling, citing abuse of judicial process. This decision reinforced the validity of the original judgment and the binding nature of the settlement agreement.
Sterling Bank reaffirmed its commitment to protecting its reputation and the interests of its customers, calling for justice to prevail in the ongoing dispute.
