Sterling Bank Plc has condemned what it described as an “unlawful and contemptuous” protest staged on Wednesday, October 8, 2025, at its Central Business District branch in Abuja, allegedly instigated by Dr. Brendan Innocent Usoroand his company, Miden Systems Limited, in a bid to evade repayment of long-standing debts upheld by multiple court judgments.
According to eyewitnesses, a group claiming to represent a coalition of civil society organizations barricaded access to the bank, chanting allegations and distributing petitions described by the bank as “fabricated and misleading.” The protest was reportedly dispersed by security agencies, with normal operations resuming shortly afterward.
Sterling Bank confirmed that the matter involving Miden Systems is the subject of existing judicial orders, including a Federal High Court injunction expressly prohibiting the company and its affiliates from taking any action related to the dispute.
“This reckless and contemptuous behavior by individuals who cited Dr. Usoro’s Miden Systems as a key reason for the disruption is a direct affront to the rule of law,” said Michael Boniface, the Bank’s Chief Security Officer. “The Bank has maintained full restraint despite repeated provocation and will once again escalate this violation to law enforcement authorities for investigation and prosecution.”
Records show that the dispute originated from a vessel lease facility granted to Miden Systems, which defaulted repeatedly on repayment despite several restructurings. In 2021, the Federal High Court issued a Mareva injunction against Dr. Usoro and Miden Systems, culminating in a consent judgment confirming their liability.
That judgment was reaffirmed in November 2024, when the court dismissed a subsequent application by Miden Systems seeking to overturn the ruling, describing their conduct as “an abuse of court process.”
Despite these decisions, Sterling Bank alleged that Dr. Usoro and his company have continued to evade enforcement through public misinformation, petitions, and attempts to influence institutions outside the judiciary.
Earlier in 2025, the Federal High Court also restrained the House of Representatives from further interference in the matter following a petition lodged before the Committee on Public Petitions, reinforcing that the case was conclusively decided and beyond legislative purview.
Boniface reiterated that the Bank remains committed to legal and ethical standards in all its operations.
“The Bank has consistently relied on lawful processes and will continue to do so,” he stated. “Integrity, discipline, and respect for judicial authority remain the pillars of our institution. We will continue to defend our hard-earned reputation and protect our employees, customers, and investors from individuals who weaponise falsehood to obstruct justice.”
Sterling Bank emphasized that it will continue to cooperate with relevant authorities to ensure accountability and safeguard the integrity of Nigeria’s financial system.
“We remain a trusted and responsible financial institution committed to transparency, ethical conduct, and sustainable business practices,” the statement added.
