Court order stalls Reps’ probe into Miden Systems’ petition against Sterling Bank

The House of Representatives Committee on Public Petitions has adjourned the petition by Miden Systems Limited against Sterling Bank Ltd on allegations of unauthorised deductions from its contract accounts with the bank. The committee’s decision to suspend the hearing indefinitely followed information by Sterling Bank’s representatives that there was an order of the Federal High […]

The House of Representatives Committee on Public Petitions has adjourned the petition by Miden Systems Limited against Sterling Bank Ltd on allegations of unauthorised deductions from its contract accounts with the bank.

The committee’s decision to suspend the hearing indefinitely followed information by Sterling Bank’s representatives that there was an order of the Federal High Court in Lagos restraining all relevant agencies from investigating the bank.

The chairman of the committee, Mike Etaba, said the application cited by the bank was wrong as the matter was for a report presentation on the concluded police investigation, which was submitted before the panel.

Other members of the committee, Matthew Nwogu and Okey Onuakalusi, both condemned the attempt to restrain the work of the legislature by the judiciary, saying it is a breach of 4, 88 and 89 of the Nigerian constitution.

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Earlier, Adegboyega Adewemo, who represented Sterling Bank, said the matter should be adjourned indefinitely based on the restraining order from the court.

Opposing the application, counsel to Miden Systems Ltd, Malachy Nwaekpe Esq, said the court could not stop a completed act, which indicted the staff of the bank, adding that the court ought not to seek to stop both the National Assembly and the police from doing their work.

The Nigeria Police Force recently forwarded a report of its investigation to the House of Representatives Committee on Public Petitions during the hearing of a petition by Dr Usoro and Miden Systems.

Miden Systems had in May 2024 written a petition to the committee on an alleged change of interest rates, opening of spurious bank accounts in the company’s name, indiscriminate withdrawals and misappropriation of funds without recourse to a loan agreement it reached with the bank for the execution of contracts for its clients and the Shell Petroleum Development Company (SPDC) Ltd, among others.

Miden Systems contends before the panel that the bank “refused, failed and/or neglected” to release detailed and full bank statements of accounts including loan accounts.

In their reply, the Sterling Bank Ltd accused Miden Systems and its CEO, Dr Brendan Innocent Usoro, of using the police and the National Assembly to evade compliance with a binding court-ordered debt settlement.