The CEO of Miden Systems Limited, Dr Brendan Innocent Usoro and Sterling Bank Ltd have filed different petitions over illegal deductions on the firms bank accounts.
Sterling Bank management has argued that petitioners are seeking to evade court-ordered repayment agreement
The Bank has accused Miden Systems and Usoro of using the police and the National Assembly to evade compliance with a binding court-ordered debt settlement.
In a petition dated December 10, 2024 to the Inspector General of Police, Kayode Egbetokun, through its counsel, Kunle Ogunba (SAN) and a statement by its Chief Marketing Officer, Maurice, the bank stated that a Federal High Court had on October 18, 2021, ruled on the agreed terms of settlement of the loan.
- ‘I’ll remain in custody,’ Sowore rejects police bail conditions
- Kwankwaso slams Kano Police over ‘false’ terror alert
The bank said it wants the IGP to intervene in the matter to ensure that justice prevails as the bank remains steadfast in protecting its reputation and the interests of its customers.
“The deductions from Miden Systems’ account, which have been called into question, were carried out under an agreement enshrined in a consent judgement issued by the Federal High Court in Lagos.
“This judgement 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 bank said.
Meanwhile, the Nigeria Police Force recently forwarded a report of its investigation to the House of Representatives Committee on Public Petitions during the hearing of a petition by Usoro and Miden Systems.
Miden System had in May 2024 written a petition to the committee on an alleged change of interest rates, opening of spurious bank accounts in the company’s name, indiscriminate withdrawals and misappropriation of funds without recourse to a loan agreement it reached with the bank for the execution of contracts for its clients and the Shell Petroleum Development Company (SPDC) Ltd among others.
Miden Systems contends before the panel that the bank “refused, failed and/or neglected” to release detailed and full bank statements of accounts including loan accounts such as naira: 0014851682, dollar: 0014851716, DSRA USD: 0021992868, and DSRA NGN: 0021992837 and the accounts warehousing the proceeds/inflows from the contracts with SPDC domiciled in the bank from 2010 till date in line with the CBN Act and the Banks and other Financial Institutions Act (BOFA).
Presenting the report before the committee, representatives of the Inspector General of Police, Kabiru Yahaya and Sunny Amison, both Chief Superintendents of Police, said after intensive investigation and arrest made on the matter, there were gaps on the handling of the loan, which would have amounted to $30 million in both capital sum and interest after its restructuring in 2017.
The detectives also described as vague and ambiguous the bank staff’s inability to explain the details except saying the transactions were narration for applying funds to company’s loan account, to them the multiple debits on the accounts of Miden Systems for loan repayment which did not follow the structure of the agreement.
“We discovered that about US$28.3 million was debited from this company’s account for loan repayment but there was no explanation,” the police said.
“Particularly, on the 29th, September 2016, the sum of US$2,413,000 was debited from the company’s account. Account number 00148517716 for loan repayment with reference FT16271UZYO. On 14th, November 2016, the sum of US$1.256 million was equally debited from this same account for loan repayment while on the 16th of January 2017, the sum of US$28,302,140.59 was debited from the company’s account for loan repayment.”
Receiving the submissions, the chairman of the committee, Representative Mike Etaba assured both parties that the report will be studied by the committee and justice served.
The committee adjourned the hearing to February 5.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
