Sterling Bank Limited, has reacted to allegations of a $28.3 million money laundering and fraud allegations levelled against it by Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro.
Acting on a petition by Maiden Systems Ltd, the Police Force CID, Abuja, in a report presented to the House of Representative Committee on Public Petition indicted Sterling Bank for alleged mismanagement, money laundering, fraudulent debit, and misappropriation of the said funds from Maiden Systems Ltd account domiciled with the bank.
Representatives of the Inspector General of Police, Kabiru Yahaya and Sunny Amison, both Chief Inspectors of Police, had told the committee, that after intensive investigation and arrest made on the matter, the bank was found wanting.
According to them, after arrest was made and an extensive investigation carried out, the bank could not provide evidence to counter the allegations made against it by Maiden System Ltd.
Yahaya said: “We were saddled with the responsibility to investigate mismanagement, fraudulent debit, and misappropriation of funds from the account of Maiden Systems Limited by Sterling Bank.
“In the course of our investigation, findings emerged about the issue of non-issuance of statement of account, fraudulent debit, and misappropriation of funds. More importantly, Maiden Systems Limited raised the issue of accounts. There are four accounts operated by Sterling Bank for Maiden Systems Limited. Two are U.S. dollar accounts, while two are Nigeria NGN accounts.
“Major remittance is coming to the account of Maiden Systems Limited, domiciled with Sterling Bank, and Shell Petroleum Development Company Limited. Now, we have cutting records from Shell over the period 2017 up to 2020. Shell failed, this is our finding, Shell failed to supply the financial reports for 2021, 2022, 2023, and 2024.
“Now, having regard to the complaint of Maiden Systems that it was denied the statement of account, we interfaced with an account officer, who gave us in writing that the company is being furnished with the statement of account. And I asked ‘how?’ He said electronically, or by short message service. But there is no proof. There’s no proof to debunk that aspect of the allegation.
“Secondly, we discovered from the statement of account generated by the bank, not provided by the petitioner, or its counsel, or any third party. These are accounts and statements of account generated by the bank.
“We did not just call for a statement of account to just look at it and dump it.
“We looked at it holistically and saw the grey areas where there were discrepancies or where there are questions to be raised.”
Reacting to the allegations, Sterling Bank, in a statement by its Chief Marketing Officer, Mr Maurice Igugu, made available to The Witness on Saturday, said the “Police actions is a direct assault on judicial authority and the core principles of justice and reaffirms its commitment to holding the debtors fully accountable.”
Igugu said on October 18, 2021, the Federal High Court issued a decisive ruling that established the Maiden System Limited’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 statement said.
The Bank further called on its stakeholders, customers, and the public to disregard unsubstantiated accusations and recognise the facts.
