One of Nigeria’s commercial banks, Sterling Bank Limited, has petitioned the Inspector General of Police (IGP) to address a series of fraudulent and malicious schemes of Miden Systems Limited and its director, 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 to defy and evade compliance with a binding Court-ordered debt settlement.
The Bank in a statement by Maurice Igugu, Chief Marketing Officer, condemned 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 attemps at intimidating some Bank officials.
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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.
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. 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 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 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 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.
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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.
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 judgment.
The court’s dismissal cited abuse of process, reinforcing the validity of the original ruling and the binding nature of the settlement terms.
Following the second court ruling, it apears the debtor sought to exploit political connections by submitting a petition containing false claims to the House of Representatives Committee on Public Petitions. This action not only misled the committee but also resulted in the unnecessary expenditure of resources by both the National Assembly and the Police Force CID.
Sterling remains a trusted cornerstone of Nigeria’s financial sector, celebrated for its innovative solutions and unwavering commitment to sustainable development through its focus on the HEART sectors (Health, Education, Agriculture, Renewable Energy, and Transportation).
The Bank reiterates its dedication to upholding the principles of justice, integrity, and accountability in the face of these small distractions.
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