Lagos, Nigeria — Nigeria’s top commercial bank, Sterling Bank Limited, has taken a significant step by petitioning the Inspector General of Police (IGP) to investigate alleged fraudulent activities involving Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro. This move follows reports that Usoro attempted to use his political connections and law enforcement influence to evade a court-ordered debt settlement.

Dr. Brendan Innocent Usoro

The Federal High Court had ruled on October 18, 2021, clearly establishing Miden Systems Ltd’s liability for outstanding debts and outlining the terms for repayment. Despite this unequivocal judgment, Miden Systems and Dr. Usoro have allegedly engaged in a systematic campaign to evade compliance, including misappropriating loan funds, manipulating corporate structures, and intimidating bank officials.

Sterling Bank has expressed concerns about the misuse of the Police Force CID and the National Assembly by individuals attempting to escape their legal obligations. The bank alleges that Dr. Usoro has exploited his political connections to obstruct justice, leading to intimidation and harassment of Sterling Bank’s executives.

In a statement, Igugu condemned these actions as an affront to judicial authority and reaffirmed the bank’s resolve to hold the debtors accountable. He noted that the debtor’s actions have inflicted financial harm on the bank and its stakeholders.

According to the statement, “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.”

Consequently, the Bank has sought the intervention of the IGP to address these issues and ensure justice prevails.

On December 10, 2024, through its legal counsel Kunle Ogunba, SAN, Sterling Bank submitted a detailed petition to the IGP. The document outlines serious allegations against Dr. Usoro and Miden Systems Ltd, including 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.

Urging stakeholders, customers and the public to disregard unsubstantiated accusations and recognise the facts, the Bank noted that the actions of Miden Systems Ltd and Dr. Usoro is a deliberate attempt to distract from their refusal to fulfill their financial obligations.

The statement added that 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,” the bank stated.

In a recent 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.

Sterling Bank urged stakeholders and the public to disregard unfounded accusations from Miden Systems Ltd, framing them as distractions from their financial responsibilities. The bank maintains that deductions from Miden Systems’ accounts were executed under a legally binding consent judgment.

While reaffirming its dedication to upholding the principles of justice, integrity, and accountability in the face of these small distractions, Sterling assured that it 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).