Sterling Bank Limited has filed a petition with the Inspector-General of Police, Kayode Egbetokun, regarding the alleged misuse of the National Assembly and the Police Force Criminal Investigation Department (CID) by Miden Systems Limited and its director, Dr. Brendan Usoro, to exert pressure on the bank and its executives.

In a statement on Monday, the bank alleged that Usoro had repeatedly attempted to leverage political influence and law enforcement agencies to interfere with a court-ordered debt repayment process.

Miden Systems had previously lodged a complaint with the House of Representatives Committee on Public Petitions, accusing Sterling Bank of financial mismanagement, money laundering, unauthorized debits, and misappropriation of funds. The company also implicated the Central Bank of Nigeria, Sterling Bank, and Shell Petroleum in alleged fraudulent debits from its account.

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However, Sterling Bank’s Chief Marketing Officer, Maurice Igugu, refuted these claims, providing clarity on the debt situation.

Igugu stated that a ruling issued by the Federal High Court on October 18, 2021, affirmed Miden Systems’ financial liability and mandated compliance with the agreed settlement terms.

“Despite the clear nature of this judgement and the debtor’s admission of substantial outstanding debt, Miden Systems Ltd and Dr. Usoro have deliberately refused to comply. Their actions include misusing loan funds, altering corporate structures to conceal assets, exploiting legal loopholes to stall enforcement, and using intimidation tactics against some bank officials.

“The Bank has raised serious concerns about the misuse of the Police Force CID and the National Assembly by individuals attempting to evade financial and legal responsibilities. Dr. Usoro has used political influence to obstruct due process, while those acting on his behalf, alongside law enforcement, have resorted to intimidation and harassment of Sterling Bank executives.

“Sterling Bank remains committed to safeguarding its reputation and its customers’ interests, highlighting that the debtor’s actions have resulted in financial setbacks. As a result, the bank has called on the IGP to intervene and ensure justice prevails,” Igugu said.

The bank had earlier submitted a formal petition to the IGP on December 10, 2024, through its legal counsel, Kunle Ogunba, SAN, outlining allegations of financial misconduct by Dr. Usoro and Miden Systems Ltd.

“These allegations include the diversion of loan funds for personal purposes, failure to meet loan repayment obligations, misappropriation of assets, and unauthorized restructuring of company ownership. The petition also detailed attempts to obstruct justice through legal maneuvers and intimidation against the bank. Additionally, it cited recent instances of threats against the bank’s executives, allegedly orchestrated by individuals linked to Dr. Usoro.

“The bank urged stakeholders, customers, and the public to dismiss baseless allegations and acknowledge the reality: this is a deliberate effort by Miden Systems Ltd and Dr. Usoro to avoid fulfilling their financial obligations. The questioned deductions from Miden Systems’ account were conducted in line with a consent judgement issued by the Federal High Court in Lagos.

“This legally binding judgement, signed by representatives of both parties, affirmed the debtor’s commitment to settle the debt, including both principal and accrued interest, as of June 10, 2021,” the bank stated.

In a related development, on November 20, 2024, the Federal High Court rejected an application by Miden Systems Ltd and Dr. Usoro seeking to overturn the previous ruling. The court ruled that the application constituted an abuse of process, reaffirming the legitimacy of the original judgement and the enforceability of the settlement terms.

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