The Chief Magistrate’s Court in Wuse Zone II, Abuja, has adjourned the $200 million fraud case against Sterling Bank Plc, its Group Chief Executive, and four senior officials to September 10.
The case, filed by Miden Systems Limited, accuses the bank and its executives of orchestrating a complex scheme involving fictitious accounts, unauthorized loan bookings, forged documentation, and misappropriation of foreign currency remittances.
The allegations against Sterling Bank include deliberate withholding of foreign remittances until after naira devaluations, resulting in over ₦2 billion losses for clients.
The bank is also accused of fraudulently booking unsolicited loans, including a $30 million facility backed by forged board resolutions and signatures.
Additionally, the bank allegedly reclassified a $3 million debt from an unrelated entity into Miden Systems’ accounts, used falsified instruments to secure credit lines from Afreximbank, and fraudulently opened additional accounts in Miden Systems’ name using a fake Abuja office address.
Miden Systems contends that despite clearing all loan obligations by July 2017, the bank continued to impose unauthorized credit facilities.
The petition further states that requests for account statements and access to banking instruments were obstructed, allegedly to conceal the disputed transactions.
The matter was previously investigated by the House of Representatives Committee on Public Petitions and referred to the Nigeria Police Force.
A police investigation report issued in February 2025 indicted Sterling Bank and its executives, leading to the current criminal charges.
The September 10 sitting is expected to address critical pre-trial motions, including the court’s jurisdiction and admissibility of evidence.
This could potentially pave the way for a full criminal trial against the financial institution.
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