In a dramatic development, the Nigeria Police Force has implicated Sterling Bank in allegations of money laundering, fraudulent deductions, and financial mismanagement involving its staff. The allegations were unveiled during a public hearing conducted by the House of Representatives Committee on Public Petitions following a petition by Maiden Systems Ltd against Sterling Bank, the Central Bank of Nigeria (CBN), and Shell Petroleum Development Company.
The petition accused Sterling Bank of financial misconduct, including mismanaging funds, issuing fraudulent debits, and misappropriating money from Maiden Systems Ltd’s accounts. During the hearing, representatives of the Inspector General of Police, Chief Inspectors Kabiru Yahaya and Sunny Amison, presented a detailed investigative report highlighting multiple irregularities.
Key Findings from the Investigation
Unaccounted Financial Reports:
Maiden Systems Ltd operated four accounts with Sterling Bank (two in USD and two in NGN), which received substantial remittances from Shell Petroleum Development Company. However, Shell reportedly failed to provide financial reports for 2021 to 2024, leaving critical gaps in verifying account activity.
Lack of Account Statements:
Sterling Bank allegedly failed to issue proper account statements to Maiden Systems Ltd and provided no evidence to refute the claim.
Unexplained Debits:
The report detailed a massive US$28.3 million debited from Maiden Systems Ltd’s accounts for supposed loan repayments without sufficient documentation or explanation. Specific examples of the debits include:
$6.3 million debited on April 14, 2022.
$6.2 million debited on April 25, 2022.
Chief Inspector Sunny Amison criticized the bank for failing to clarify the debits and highlighted discrepancies in figures provided by Sterling Bank’s executive director and account officers. The investigation further uncovered suspicious “in-branch transfers” and evidence suggesting potential money laundering activities.
Committee’s Response
The Chairman of the Committee, Mike Etaba, assured all parties involved that the police report would be thoroughly reviewed and pledged that justice would be served.
Implications for Sterling Bank
The findings raise significant concerns about the financial integrity and transparency of Sterling Bank’s operations. As the investigation progresses, the revelations have amplified calls for stricter oversight and greater accountability within Nigeria’s corporate banking sector.
This case underscores the urgent need for systemic reforms to prevent financial irregularities and protect corporate clients from exploitation.
