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Sterling Bank Plc has condemned what it described as a deliberate and contemptuous attempt to undermine judicial authority and evade lawful debt obligations by Dr. Brendan Innocent Usoro and his company, Miden Systems Limited.
This follows an incident on Wednesday, October 8, 2025, when a group of individuals claiming to represent civil society organizations staged an unlawful protest at the Central Business District in Abuja, obstructing access to a Sterling Bank branch and spreading what the bank called false and misleading claims about a long-settled legal matter.
According to eyewitness accounts and bank officials, the protest—marked by chants and the distribution of fabricated petitions—was designed to mislead the public and pressure the bank over debts already upheld by multiple court judgments.
Sources familiar with the matter confirmed that there is an existing Federal High Court order expressly prohibiting Miden Systems and its affiliates from taking any steps or actions relating to the dispute.
The demonstration, however, appeared to be a calculated attempt to weaponize misinformation and public theatrics in defiance of that order. Security operatives swiftly contained the disturbance, allowing normal banking operations to resume within minutes.
At no point, the bank said, were customers, employees, or its property at risk.
Reacting to the development, Sterling Bank’s Chief Security Officer, Michael Boniface, described the protest as “reckless, contemptuous, and designed to intimidate lawful institutions.”
“This behavior by individuals who cited Dr. Usoro’s Miden Systems as their motive for the disruption is a direct affront to the rule of law,” Boniface said. “The bank has maintained full restraint despite repeated provocation and will escalate this violation to law enforcement for further investigation and prosecution.”
He stressed that Sterling Bank has consistently relied on due process and remains committed to lawful recovery efforts and respect for judicial authority.
The latest episode follows years of legal battles between Sterling Bank and Miden Systems over a vessel lease facility that was repeatedly restructured to accommodate repayment challenges. Despite the bank’s leniency, the debtor defaulted multiple times, prompting legal enforcement.
In 2021, the Federal High Court issued a Mareva injunction freezing certain assets of Dr. Usoro and Miden Systems after persistent defaults. The matter culminated in a consent judgment confirming their indebtedness — a judgment that remains binding.
Attempts by the defendants to overturn that decision were dismissed in November 2024, with the court describing Miden’s actions as an “abuse of process.”
Despite these clear rulings, Miden Systems and its promoters have allegedly continued to resist lawful enforcement through smear campaigns, false publications, and petitions to government agencies.
In a related development earlier this year, the Federal High Court issued a restraining order against the House of Representatives following efforts by Miden Systems to re-litigate the matter through the National Assembly’s Committee on Public Petitions.
The court reaffirmed that such actions violate the constitutional separation of powers, emphasizing that neither the legislature nor any private entity has authority to override or revisit a judgment delivered by a competent court.
Legal analysts say the latest protest represents a continuation of tactics aimed at circumventing enforcement and creating public sympathy through misinformation.
Boniface reiterated that Sterling Bank remains a trusted financial institution guided by principles of transparency, ethics, and respect for due process.
“The bank has consistently relied on lawful processes and will continue to do so,” he said. “Integrity, discipline, and respect for judicial authority remain the pillars of our institution. We will continue to defend our reputation and protect our employees, customers, and investors from individuals who weaponize falsehood to obstruct justice.”
Sterling Bank assured its stakeholders that it will continue cooperating with law enforcement agencies to ensure accountability and uphold the integrity of Nigeria’s financial system.
“The bank’s commitment to ethical conduct and sustainable business practices is unwavering,” the statement concluded, “and no amount of misinformation or orchestrated theatrics will deter it from pursuing justice through lawful means.”
