Sterling Bank Limited has petitioned the Inspector General of Police (IGP), alleging that it was being harassed by the police force CID and National Assembly Committee on Ethics, Privileges and Public Petitions.
The bank urged the IGP to wade into series of schemes being orchestrated by Miden Systems Ltd and its Director, Dr. Brendan Innocent Usoro, who it said has violated Court ruling and resorted to self-help by engaging the police and NASS to avoid court ruling to settle debt owed.
In a statement by the Chief Marketing Officer of the bank, Mr. Maurice Igugu, on Monday which was obtained by CAPITAL POST, said, these actions coming from the police and the National Assembly despite obvious court judgement were condemnable and assaulting, insisting that the financial organization will continue to hold the debtors fully accountable.
The Bank said, the Federal High court in its ruling on October 18, 2021, decided that the debtor owed a liability and mandated compliance to liquidate it to the bank on agreed 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, the statement noted.
It expressed concern that the Police Force CID which should stand on the path of justice by enforcing compliance, has resorted to helping the debtor to avoid settlement, wondering if the National Assembly too, has toed the path by assisting the debtor evade his financial obligations to the bank.
It said Dr. Usoro has exploited political connections to obstruct justice, and individuals allegedly acting on his behalf, along with the Nigeria Police, have resorted to intimidation and personal harassment of Sterling Bank’s executives. The statement said 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.
The statement noted that 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”.
