Sterling Bank Limited has reaffirmed its commitment to operating strictly within the law, even as it faces increasing attempts by chronic debtor Dr. Brendan Innocent Usoro and his company, Miden Systems Limited, to undermine court rulings.
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According to Tribune Online, Sterling Bank’s commitment to upholding judicial authority was tested on Wednesday, October 8, 2025, when associates of the debtor staged an unlawful protest at its Central Business District branch in Abuja. The demonstrators, posing as representatives of civil society organisations, obstructed access to the branch, shouted unfounded allegations, and circulated fabricated petitions related to the ongoing dispute.
Sterling Bank described the protest as a deliberate attempt to intimidate the public and distort a matter already conclusively determined by the courts. The bank noted that the action violated an existing Federal High Court order prohibiting Miden Systems and its affiliates from taking further steps related to the dispute.
Michael Boniface, Chief Security Officer at Sterling Bank, condemned the protest, calling it “reckless and contemptuous behaviour” and a “direct affront to the rule of law.” He confirmed that the incident has been reported to law enforcement authorities for investigation and prosecution. Security agencies swiftly contained the disruption, and normal banking operations resumed with no risk to customers, staff, or property.
The dispute traces back to years of defaults on a vessel lease facility initially granted to Miden Systems. Despite the debtor’s repeated inability to meet repayment obligations, Sterling Bank restructured the facility multiple times to accommodate him. However, the Federal High Court had issued a Mareva injunction in 2021 against Dr. Usoro and his company, culminating in a consent judgment affirming their liability.
The court reaffirmed this ruling in November 2024, dismissing Miden Systems’ application to overturn the judgment and classifying it as an abuse of process. Subsequent attempts by the debtor to circumvent enforcement through legislative intervention were also rejected. In February 2025, the Federal High Court explicitly restrained the House of Representatives from intimidating or harassing Sterling Bank, reaffirming the constitutional separation of powers.
Boniface reiterated that Sterling Bank will continue to operate with integrity, discipline, and respect for judicial authority. He emphasised that the bank remains committed to defending its reputation and protecting stakeholders from individuals attempting to “weaponise falsehood to obstruct justice.”
Sterling Bank Limited, a full-service commercial bank and subsidiary of Sterling Financial Holdings Group with over six decades of history, highlighted its dedication to transparency and ethical conduct through its HEART strategy, focusing on Health, Education, Agriculture, Renewable Energy, and Transportation. By prioritising sustainable practices and cooperating fully with law enforcement, the bank continues to safeguard Nigeria’s financial system and foster national development.
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