The Federal High Court, Abuja, has reserved judgment in a high-stakes legal battle between Miden Systems Limited and Sterling Bank Plc over alleged multi-million-dollar misappropriation from the company’s domiciliary account. Justice James Omotosho set December 12, 2025, for ruling after hearing oral arguments from both parties.
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Miden Systems, a Lagos-based provider of oil and gas, maritime, consulting, and engineering services, accused Sterling Bank of unauthorized withdrawals and breaches of loan contract terms. The company is seeking orders directing the bank to refund $41,555,010.19 allegedly diverted to an account tagged “AA Loan Repayment” without authorization. Miden also seeks the return of $4,870,810.06 and N12 million transferred to “Chasewood,” which it claims were done without consent.
The company stated that it secured a contract with Shell Petroleum Development Company (SPDC) in 2010 for the acquisition of six vessels—including four tugboats and two crew boats and 25 light marine vessels, valued at approximately $24 million. Miden said Sterling Bank approved a Vessel Finance Facility/Term Loan to fund the project, but subsequently carried out “several infractions and unauthorized debits” beyond the agreed loan terms, causing significant business setbacks.
Sterling Bank, through its counsel Olumide Aju (SAN), argued that Miden’s suit is “incompetent in law, an abuse of court process, and lacking jurisdiction.” The bank confirmed granting Miden a $30 million loan facility but claimed the company defaulted, leaving an outstanding debt of $30.8 million as of March 19, 2021.
The bank noted that an earlier dispute, filed as Suit No: FHC/CS/946/2021, was resolved through a Terms of Settlement adopted as a consent judgment of the Federal High Court, which both parties began implementing. Sterling Bank further alleged that Miden filed another suit in 2024 before Justice A. Lewis-Allagoa at the Lagos Division of the Federal High Court, which was dismissed on November 20, 2024, on grounds of estoppel per rem judicatam, meaning the matter had already been adjudicated. Miden has appealed that ruling.
At the resumed hearing on November 7, 2025, Sterling Bank argued that the current suit is a repetition of the Lagos case, while Miden countered that the matter represents a fresh cause of action arising from a police investigation uncovering alleged fraud, forged signatures, and unauthorized transfers.
Justice Omotosho reserved ruling in the matter until December 12, 2025.
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