By JKNewsMedia
UNPAID DEBT and alleged fraudulent activities have escalated tensions between Sterling Bank Limited and Miden Systems Ltd, with the bank filing a petition to the Inspector-General of Police (IGP).
Sterling Bank accuses Miden Systems and its director, Dr. Brendan Innocent Usoro, of evading a Federal High Court judgment mandating debt repayment.
The Federal High Court ruled on 18 October 2021 that Miden Systems Ltd must settle outstanding debts under specified terms.
However, Sterling Bank’s Chief Marketing Officer, Maurice Igugu, revealed that Miden Systems and Dr. Usoro have allegedly resorted to various tactics to sidestep compliance.
These include the misappropriation of loan funds, manipulation of corporate structures to shield assets, and intimidation of bank officials.
Igugu described these actions as undermining judicial authority and expressed concerns over the involvement of law enforcement agencies and political figures in what the bank sees as attempts to obstruct justice.
In a formal petition dated 10 December 2024, Kunle Ogunba, SAN, representing Sterling Bank, outlined allegations of financial misconduct against Miden Systems.
The petition cited asset diversion, loan defaults, and attempts to reconfigure shareholding structures to evade liabilities.
It also detailed incidents of intimidation allegedly directed at bank executives by individuals acting on Dr. Usoro’s behalf.
Despite a legally binding consent judgment issued by the Federal High Court in Lagos, which was acknowledged by both parties, Sterling Bank claims Miden Systems has continually failed to meet its obligations.
This judgment included terms for liquidating the debt, comprising both principal and accrued interest as of 10 June 2021.
Sterling Bank further condemned recent accusations made by Miden Systems Ltd during a hearing with the House of Representatives Committee on Public Petitions.
The company alleged mismanagement and fraudulent deductions involving Sterling Bank, the Central Bank of Nigeria (CBN), and Shell Petroleum.
The bank dismissed these claims, reiterating that all deductions were executed under lawful agreements.
On 20 November 2024, the Federal High Court dismissed an application by Miden Systems Ltd and Dr. Usoro to overturn the initial judgment.
The court ruled that the application constituted an abuse of process, further cementing the validity of the settlement terms.
Sterling Bank then called on the public to disregard what it described as distractions from Miden Systems’ refusal to fulfil its debt obligations.
The bank further reaffirmed its commitment to justice and accountability, positioning itself as a key player in Nigeria’s financial sector, known for innovative solutions and contributions to sustainable development.
