Sterling Bank Limited has petitioned the Inspector General of Police (IGP) to address alleged fraudulent activities linked to Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro.
The move follows a series of purported attempts by Usoro to leverage political connections and law enforcement to undermine a court-mandated debt settlement.
A Federal High Court ruling on October 18, 2021, established Miden Systems Ltd’s liability for outstanding debts and outlined the terms for repayment.
However, despite this unequivocal judgment, Miden Systems and Dr. Usoro have allegedly engaged in a systematic campaign to evade compliance.
According to Sterling Bank’s Chief Marketing Officer, Maurice Igugu, the campaign involves misappropriation of loan funds, manipulation of corporate structures to protect assets, and intimidation tactics aimed at bank officials.
The bank expressed serious concerns regarding the misuse of the Police Force CID and the National Assembly by individuals attempting to escape their legal obligations.
Allegations suggest that Dr. Usoro has exploited his political connections to obstruct justice, with claims that individuals allegedly acting on his behalf, along with the Nigerian Police, have resorted to intimidation and personal 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.
Sterling Bank submitted a detailed petition to the IGP on December 10, 2024, outlining serious allegations against Dr. Usoro and Miden Systems Ltd.
The petition highlighted efforts to obstruct justice through legal maneuvers and intimidation tactics against the bank.
The bank urged stakeholders, customers, and the public to disregard unsubstantiated accusations and recognize the facts.
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.
In a recent development, 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 reaffirmed its dedication to upholding the principles of justice, integrity, and accountability in the face of these allegations.
The bank remains a trusted cornerstone of Nigeria’s financial sector, celebrated for its innovative solutions and unwavering commitment to sustainable development.
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