Sterling Bank Limited, its chief govt officer, Sterling Financial Holdings Company Plc, and 4 senior administration workers have been dragged earlier than a Magistrate’s Court in Wuse Zone II, Abuja, over alleged $200 million fraud.
In the swimsuit earlier than Magistrate Njideka Duru, the plaintiff, Miden Systems Limited, claims it maintains a company account with Sterling Bank.
The case was nonetheless adjourned to September 10.
In a 29-page petition filed by its counsel, Louis Alozie (SAN), the agency accused the defendants of operating a fraudulent scheme in its identify by opening fictitious accounts by which greater than $200 million was allegedly siphoned.
The agency alleged that its repeated requests for account statements have been ignored, whereas liens have been positioned unilaterally on all its accounts, reducing it off from its personal funds.
According to the petition, Sterling Bank allegedly withheld international forex remittances, speculated with them for months, and later liquidated them at devalued change charges.
“In one instance, our principal remitted dollar revenues when the official rate was about ₦150/$1 and the market rate about ₦198/$1. Sterling Bank stockpiled over ₦2 billion in our account after taking its spread. By the time they released it, the naira had collapsed to about ₦500/$1, rendering the original dollar value almost worthless,” the criticism learn.
Miden Systems additional alleged that the {bank} intentionally refused to concern cheque books or present entry to web banking in an effort to conceal fraudulent debit entries and transactions.
The firm additionally claimed that though 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 Systems, Sterling fabricated a proposal letter, cast board resolutions, and signatures to create the looks of consent. The identical day the mortgage was booked, Sterling’s board allegedly accepted and disbursed the power.
“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 petition additional cited one other incident the place Sterling Bank allegedly booked a $3 million mortgage to Chasewood Limited. When Chasewood denied making use of for the mortgage, the {bank} allegedly reclassified it beneath Miden’s account, claiming the 2 firms have been “sister companies.” Miden insists Chasewood is a totally separate entity.
The agency additionally expressed alarm over paperwork indicating that Sterling Bank allegedly secured a mortgage facility from Afrexim Bank utilizing cast signatures and identities of people unknown to its administrators. It additional alleged that Sterling Bank fraudulently opened extra accounts in its identify utilizing a fictitious workplace deal with at No. 10 Goba Close, Wuse II, Abuja—an deal with Miden says it has no hyperlink to.
Following failed efforts to resolve the matter, Miden petitioned the House of Representatives Committee on Public Petitions.
The committee reviewed the case and referred it to the Inspector General of Police. 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 has been fastened for September 10.
