In order to address suspected fraudulent operations connected to Miden Systems Ltd. and its director, Dr. Brendan Innocent Usoro, Nigeria’s top commercial bank, Sterling Bank Limited, has petitioned the Inspector General of Police (IGP). The action came after Usoro allegedly made many attempts to use law enforcement and political contacts to thwart a court-ordered debt settlement.
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On October 18, 2021, the Federal High Court issued a decision that outlined the terms of restitution and unequivocally established Miden Systems Ltd.’s accountability for unpaid debts. In spite of this clear ruling, Miden Systems and Dr. Usoro have been involved in a concerted effort to avoid compliance, according to Sterling Bank’s Chief Marketing Officer Maurice Igugu.
Allegedly, the campaign includes intimidation methods directed at bank executives, manipulation of corporate structures to safeguard assets, and misuse of loan monies. The bank voiced grave concerns about people trying to evade their legal responsibilities by abusing the Police Force CID and the National Assembly.
There are allegations that Dr. Usoro has used his political connections to thwart justice, and that people purportedly working for him, as well as the Nigerian Police, have intimidated and harassed officials at Sterling Bank personally. Igugu underlined the bank’s determination to hold the debtors accountable in a statement, denouncing these acts as an insult to court authority. He pointed out that the bank and its stockholders have suffered financial losses as a result of the debtor’s activities.
“The Federal High Court issued a decisive ruling on October 18, 2021, establishing the debtor’s liability and mandating adherence to agreed settlement terms,” the statement reads. Even though this ruling is clear-cut and the debtor has admitted to having a sizable amount of unpaid debt, Miden Systems Ltd. and Dr. Usoro have launched a deliberate non-compliance campaign.”
In order to resolve these problems and guarantee that justice is served, the Bank has requested the IGP’s assistance. Sterling Bank filed a thorough plea with the IGP on December 10, 2024, via its attorney Kunle Ogunba, SAN. Serious accusations against Dr. Usoro and Miden Systems Ltd. are detailed in the paper.
These include the unlawful restructuring of the company’s shareholding, asset theft, loan defaults, and the diversion of loan monies for personal use. The petition also brought attention to attempts to thwart justice by using legal wrangling and threats against the Bank. In addition, the Bank’s petition to the IGP highlighted recent instances of intimidation against its executives that were purportedly planned by individuals working on Dr. Usoro’s behalf.
The Bank urged stakeholders, clients, and the general public to ignore baseless allegations and acknowledge the truth, pointing out that Miden Systems Ltd. and Dr. Usoro’s activities are a conscious effort to divert attention away from their failure to pay their debts. The statement further stated that the disputed deductions from Miden Systems’ account were made in accordance with a consent judgement rendered by the Federal High Court in Lagos.
“The promise of the debtor to liquidate the obligation, including principle and accrued interest, as of June 10, 2021, was confirmed by this judgement, which was signed by representatives of both parties. The bank said, “This comes after some distorted reports about a meeting with the House of Representatives Committee on Public Petitions regarding a petition from Maiden Systems Ltd., which accused Shell Petroleum, Sterling Bank, and the Central Bank of Nigeria (CBN) of account fraud and poor management.”
Recently, on November 20, 2024, the Federal High Court denied a request by Dr. Usoro and Miden Systems Ltd. to reverse the previous ruling. The court’s dismissal, which noted abuse of process, upheld the initial ruling’s legitimacy and the settlement conditions’ binding character. As a diversion from their financial obligations, Sterling Bank urged the public and stakeholders to ignore Miden Systems Ltd.’s baseless charges.
According to the bank, a legally enforceable consent judgement was used to conduct the deductions from Miden Systems’ accounts. Sterling promised that it will continue to be a reliable pillar of Nigeria’s financial industry, renowned for its creative solutions and steadfast dedication to sustainable development through its focus on the HEART sectors (Health, Education, Agriculture, Renewable Energy, and Transportation), while reaffirming its commitment to upholding the values of justice, integrity, and accountability in the face of these minor diversions.
