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• October 9, 2025
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Sterling Bank Upholds Rule of Law Despite Disruption by Chronic Debtor’s Associates

Sterling Bank Upholds Rule of Law Despite Disruption by Chronic Debtor’s Associates

Sterling Bank Limited has reaffirmed its unwavering dedication to operating strictly within lawful processes even as it faces escalating efforts by a chronic debtor, Dr. Brendan Innocent Usoro and his company, Miden Systems Limited, to obstruct justice.

The bank’s commitment to judicial authority was tested this week when associates of the debtor staged an unlawful protest at one of its branches in the Central Business District of Abuja, a move the bank views as a blatant attempt to circumvent clear court judgments.

The incident, which took place on Wednesday, October 8, 2025, involved a group claiming to be representatives of civil society organisations who actively obstructed access to the Sterling Bank branch.

The demonstrators engaged in public theatrics, chanting false allegations and distributing fabricated petitions concerning the dispute.

The bank noted that the entire operation was a calculated attempt to employ misinformation and public intimidation to distort the facts of a legal matter that has been conclusively determined by the courts.

Critically, the protest appears to be a direct breach of an existing Federal High Court order that expressly prohibits Miden Systems and its affiliates from taking any further steps or actions related to the dispute.

The Chief Security Officer at Sterling Bank, Michael Boniface, condemned the disruption in the strongest terms. He described the action as “reckless and contemptuous behaviour” and a “direct affront to the rule of law”.

While the bank has maintained considerable restraint despite repeated provocation, Boniface confirmed that this latest violation will be immediately escalated to law enforcement authorities for thorough investigation and prosecution.

Security agencies swiftly contained the disturbance and normal banking operations resumed almost immediately. Sterling Bank confirmed that at no point were customers, staff or property subjected to risk or damage throughout the incident.

The legal confrontation stems from years of defaults on a vessel lease facility initially granted to Miden Systems. The bank demonstrated significant flexibility by subsequently restructuring the facility multiple times to accommodate the debtor’s repeated inability to meet repayment terms.

However, the legal trajectory has been consistently clear. In 2021, the Federal High Court issued a Mareva injunction against Usoro and Miden Systems, which culminated in a consent judgment formally confirming the debtor’s liability.

This binding judgment was robustly reaffirmed in November 2024, when the court dismissed a subsequent Miden Systems application to overturn it, decisively classifying their attempt as an abuse of process.

Furthermore, attempts by Usoro and his firm to circumvent enforcement through legislative manipulation were met with a powerful judicial response. The Federal High Court decisively condemned the manipulation of the National Assembly’s Committee on Public Petitions in its February 2025 ruling, which explicitly restrained the House of Representatives from further intimidating and harassing Sterling Bank.

That pivotal judgment reaffirmed the constitutional separation of powers, making it unequivocally clear that neither the legislature nor any private entity can supersede or re-litigate matters conclusively decided by competent courts.

Boniface reiterated Sterling Bank’s commitment to operating within the bounds of the law. He stressed that integrity, discipline and respect for judicial authority remain the pillars of Sterling Bank, adding that the institution will continue to defend its reputation and protect its stakeholders from individuals who “weaponise falsehood to obstruct justice”.

The bank reaffirmed its dedication to transparency, ethical conduct and cooperation with law enforcement to safeguard the integrity of Nigeria’s financial system.

Sterling Bank Limited, a full-service commercial bank and subsidiary of Sterling Financial Holdings Group, with a heritage spanning over six decades, is committed to transparency and ethical conduct.

The institution’s dedication is underscored by its HEART strategy, an investment model focused on high-impact sectors, including Health, Education, Agriculture, Renewable Energy and Transportation. By prioritizing sustainable business practices and cooperating fully with law enforcement, the bank continues to play a leading role in safeguarding the integrity of Nigeria’s financial system and fostering national development.

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Sterling Bank Limited has reaffirmed its unwavering dedication to operating strictly within lawful processes even as it faces escalating efforts by a chronic debtor, Dr. Brendan Innocent Usoro and his