The Bank in a statement by its Chief Marketing Officer, Mr Maurice Igugu condemns these actions as a direct assault on judicial authority and
the core principles of justice and reaffirms its commitment to holding the debtors fully
accountable.
On October 18, 2021, the Federal High Court issued a decisive ruling that established the
debtor’s liability and mandated adherence to agreed settlement terms. Despite the
unambiguous nature of this judgment and the debtor’s acknowledgment of substantial
outstanding debt, Miden Systems Ltd and Dr. Usoro have engaged in a calculated
campaign of non-compliance. This campaign has included misappropriating loan funds,
manipulating corporate structures to shield assets, abusing legal processes to delay
enforcement, and attemps at intimidating some Bank officials.
The Bank has raised grave concerns about the abuse of the office of the Police Force CID
and the National Assembly by individuals seeking to evade their financial and legal
responsibilities. Dr. Usoro has exploited political connections to obstruct justice, and
individuals allegedly acting on his behalf, along with the Nigerian Police, have resorted to
intimidation and personal harassment of Sterling Bank’s executives. Sterling remains
steadfast in protecting its reputation, and the interests of its customers, asserting that the
debtor’s actions have caused some financial harm. Consequently, the Bank has sought
the intervention of the IGP to address these issues and ensure justice prevails.
Through its legal counsel, Kunle Ogunba, SAN, Sterling Bank submitted a petition to the IGP
on December 10, 2024, detailing allegations of financial misconduct by Dr. Usoro and
Miden Systems Ltd. These allegations include the diversion of loan funds for personal use,
defaults on loan obligations, asset misappropriation, and illegal restructuring of the
company’s shareholding. The petition further highlighted efforts to obstruct justice through
legal maneuvers and intimidation tactics against the Bank. The Bank’s petition to the IGP
also underscored recent incidents of intimidation directed at its executives, allegedly
orchestrated by parties acting on behalf of Dr. Usoro.
The Bank called on stakeholders, customers, and the public to disregard unsubstantiated
accusations and recognise the facts: this is a deliberate attempt by Miden Systems Ltd
and Dr. Usoro to distract from their refusal to fulfil financial obligations. The 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.
This judgment, signed by representatives of both parties, confirmed the debtor’s
commitment to liquidate the debt, including principal and accrued interest, as of June 10,
2021.
This follows some skewed narratives about a session on the issue with the House of
Representatives Committee on Public Petitions on a petition from Maiden Systems Ltd,
which accused the Central Bank of Nigeria (CBN), Sterling Bank, and Shell Petroleum of
mismanagement and fraudulent debits linked to its account.
In a further development, on November 20, 2024, 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.
Following the second court ruling, it apears the debtor sought to exploit political
connections by submitting a petition containing false claims to the House of
Representatives Committee on Public Petitions. This action not only misled the committee
but also resulted in the unnecessary expenditure of resources by both the National
Assembly and the Police Force CID.
Sterling remains a trusted cornerstone of Nigeria’s financial sector, celebrated for its
innovative solutions and unwavering commitment to sustainable development through its
focus on the HEART sectors (Health, Education, Agriculture, Renewable Energy, and
Transportation). The Bank reiterates its dedication to upholding the principles of justice,
integrity, and accountability in the face of these small distractions.
