₦airaland Forum

Nigeria’s leading commercial bank, Sterling Bank Limited, has petitioned the Inspector General of Police (IGP) to ad­dress a series of fraudulent and malicious schemes of Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro, who has resorted to using 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.

The Bank condemns these actions as a direct assault on judicial authority and the core principles of justice and reaf­firms its commitment to hold­ing the debtors fully account­able. 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 judgment and the debtor’s acknowledgment 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 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.

In a statement by the bank, it was stated that 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 remains steadfast in protecting its reputation, and the interests of its customers, asserting that the debtor’s ac­tions have caused some finan­cial harm,” it said.

Consequently, the Bank has sought the intervention of the IGP to address these issues and ensure justice prevails. Through its legal counsel, Kunle Ogunba, SAN, Sterling Bank submitted a petition to the IGP on Decem­ber 10, 2024, 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 maneuvers and intimida­tion tactics against the Bank.

The Bank’s petition to the IGP also underscored recent in­cidents of intimidation directed at its 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 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. This follows some skewed narratives about a session on the issue with the House of Representatives Committee on Public Petitions on a petition from Maiden Sys­tems Ltd, which accused the Central Bank of Nigeria (CBN), Sterling Bank, and Shell Petro­leum of mismanagement and fraudulent debits linked to its account.

SadiqBabaSani:
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AnonPoet:
https://independent.ng/sterling-bank-conid/

IMPARTIAL:
Very unprofessional bank.

Proudlyngwa:
Hopeless bank Wey no dey gree give salary advance


Very useless entity

SadiqBabaSani:
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MarketDispatch:
The One Customer wey Sterling bank get, they are already fighting each other.

higgs:
If you are not satisfied with their services, simply move to another bank.Life is simple

nairalanda1:
Typical Nigerian

Told he has debt...does not want to pay debt.