By Our Correspondent
The Chief Executive Officer of Miden Systems Limited, Dr Brendan Usoro, has petitioned the National Assembly over alleged deductions on his accounts with Sterling bank.
Miden System had in May 2024 written a petition to the House of Representatives Committee on Public Petitions 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.
The Police had forwarded a report of its investigation to the House Committee during the hearing of a petition by Usoro and Miden Systems.
Miden submitted 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).
Meanwhile, Sterling bank has fired back, insisting that the petitioners are seeking to evade court-ordered repayment agreement.
Sterling bank 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 posited that a Federal High Court had on October 18, 2021, ruled on the agreed terms of settlement of the loan.
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 sitting in Lagos.
“This judgement signed by representatives of bit parties, confirmed the debtor’s commitment to liquidate the debt, including principal and accrued interest as of June 10, 2021,” the bank said.
However, representatives of the Inspector General of Police, upon presentation of the report before the committee, hinted that after investigation, and arrest made on the matter, the bank needed to make clarification on the handling of the loan, which would have amounted to $30 million in both capital sum and interest after its restructuring in 2017.
“We discovered that about US$28.3 million was debited from this company’s account for loan repayment but there was no explanation.
“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” the police said.
After receiving the submissions, Chairman of the House Committee, Hon. Mike Etaba assured both parties that the report will be studied and justice served.
Meantime, the committee has adjourned to February 5, for continuation of hearing.
