Miden Systems Limited has instituted authorized motion towards Sterling Bank Limited, its Chief Executive Officer, Sterling Financial Holdings Company Plc, and 4 administration workers over alleged conspiracy, fraud, forgery, felony breach of belief, and misappropriation of funds.
The engineering, maritime, and consultancy agency, which operates a company account with the {bank}, filed the case earlier than Magistrate Njideka Duru of the Chief Magistrate’s Court in Wuse Zone II, Abuja.
The matter, listed for point out on Monday, was stalled as a result of ongoing Nigerian Bar Association (NBA) convention in Enugu and adjourned till September 10.
In a 29-page petition filed by way of its counsel, Louis Alozie (SAN), Miden accused the defendants of working an unlimited fraudulent scheme utilizing its title to open spurious accounts, by way of which greater than $200 million was allegedly siphoned. The firm alleged that repeated requests for account statements have been ignored, whereas liens have been unilaterally positioned on all its accounts, successfully reducing it off from its funds. According to the criticism, the {bank} withheld overseas forex remittances, speculated with them for months, and later liquidated them at closely devalued charges.
“In one instance, our principal remitted dollar revenues when the official rate was about N150/$1 and the market rate about N198/$1. Sterling Bank stockpiled over N2 billion in our account after taking its spread. By the time they released it, the naira had collapsed to about N500/$1, rendering the original dollar value almost worthless,” the criticism learn.
Miden additional alleged that the {bank} intentionally refused to difficulty cheque books or grant entry to web banking platforms as a way to conceal fraudulent transactions and debit entries.
The firm said that although it had cleared all its mortgage obligations to Sterling Bank by July 2017, the {bank} “booked” an unsolicited $30 million mortgage into its account barely three months later. According to Miden, the {bank} fabricated a suggestion letter, purported board resolutions, and cast signatures to present the looks that the mortgage was duly accepted. The identical day the mortgage was booked, Sterling’s board allegedly authorised and disbursed the ability.
“On the following day, over $1 million was transferred to one ‘AA’, and two days later, more than $29 million was disbursed to the same individual. Miden never applied for this loan, never accepted it, and the signatures used were forged,” the criticism alleged.
The agency additionally cited one other case during which Sterling Bank allegedly booked a $3 million mortgage to Chasewood Limited. When Chasewood denied ever making use of for the ability, the {bank} allegedly reclassified it below Miden’s account, claiming the 2 corporations have been “sister companies.” Miden insists Chasewood is a wholly separate entity.
Miden stated it was additional alarmed to find paperwork suggesting that the {bank} had purportedly secured a mortgage facility from Afrexim Bank utilizing cast signatures and identities of individuals unknown to its administrators. It additionally alleged that Sterling Bank fraudulently opened further accounts in its title utilizing a fictitious workplace tackle at No. 10 Goba Close, Wuse II, Abuja—an tackle the corporate claims it has no hyperlink to.
Frustrated by failed makes an attempt to resolve the problems, Miden petitioned the House of Representatives Committee on Public Petitions. The committee, after reviewing the matter, referred it to the Inspector General of Police for investigation. A police investigation report, issued in February 2025, allegedly indicted Sterling Bank and the named defendants.
With the case now earlier than the Chief Magistrate’s Court in Abuja, listening to is ready to renew on September 10.
