Miden Systems Limited Accused Of Fraudulent Schemes, Sterling Bank Cries Out To IGP

Sterling Bank Limited has petitioned the Inspector General of Police, Kayode Egbetokun, over alleged fraudulent schemes by Miden Systems Limited and its director, Dr. Brendan Innocent Usoro.

The bank claims that Usoro has exploited his political connections to obstruct justice and has used the National Assembly and the Police Force CID to harass the bank.

According to the bank, Miden Systems Limited had petitioned the House of Representatives Committee on Public Petition, alleging mismanagement, fraudulent debit, and misappropriation of funds from its account with the bank.

However, the bank maintains that these allegations are false and that the company has engaged in a campaign of non-compliance with a court-ordered debt settlement.

The bank’s statement noted that the Federal High Court issued a ruling on October 18, 2021, establishing the debtor’s liability and mandating adherence to agreed settlement terms. Despite this, Miden Systems Ltd. and Dr. Usoro have allegedly misappropriated loan funds, manipulated corporate structures, and abused legal processes to delay enforcement.

Sterling Bank has accused Usoro of using his political connections to intimidate bank officials and has sought the intervention of the IG to address these issues and ensure justice prevails. The bank has also called on stakeholders, customers, and the public to disregard unsubstantiated accusations and recognize the facts.

Through its counsel, Kunle Ogunba (SAN), Sterling Bank submitted a petition to the IG on December 10, 2024, detailing allegations of financial misconduct by Usoro and Miden Systems Ltd.

According to the statement, 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 manoeuvres and intimidation tactics against the bank.

The bank called on stakeholders, customers, and the public to disregard unsubstantiated accusations and recognise the facts.

“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,” the statement explained.

The statement added that on November 20, 2024, the Federal High Court dismissed an application by Miden Systems Limited and 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.

The bank noted that following the second court ruling, the debtor sought to exploit political connections by submitting a petition containing false claims to the House of Representatives Committee on Public Petitions.

It argued that the 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.