An Abuja-based engineering and consultancy firm, Miden Systems Limited, has filed criminal charges against Sterling Bank Plc and some of its management staff over alleged conspiracy, forgery, misappropriation of funds, and criminal breach of trust.
The company, which operates a corporate account with the bank, accused Sterling Bank and its affiliates of diverting and siphoning funds running into more than $200 million from its accounts. The suit, filed before Magistrate Njideka Duru of the Chief Magistrate’s Court, Wuse Zone 2, Abuja, also names Sterling Financial Holdings Company Plc and four other defendants.
The case, however, could not be heard on Monday due to the ongoing Nigerian Bar Association (NBA) conference in Enugu and has been adjourned to September 10 for mention.
In a 29-page petition submitted to the court, Miden, through its counsel, Senior Advocate of Nigeria (SAN) Louis Alozie, alleged that the bank engaged in “massive fraudulent practices,” including opening unauthorized accounts in its name, booking unsolicited loans, and deliberately restricting its access to funds and account statements.
The company claimed the defendants deliberately placed liens on all its accounts without notification, denied it cheque books and internet banking access, and secretly moved large sums of foreign currency through spurious debits. It further alleged that dollar revenues paid into its account were held and traded by the bank for months, only to be released when the naira had significantly depreciated, resulting in huge losses.
According to Miden, in July 2017, it had fully exited its loan obligations with the bank. However, just three months later, Sterling Bank allegedly booked an unsolicited $30 million loan in its name without its consent. “The signatures to this loan acceptance are alien to Miden’s Board of Directors,” the company insisted, further alleging that the funds were quickly disbursed to unknown beneficiaries.
The firm also cited another case where the bank booked a $3 million loan for an unrelated company, Chasewood Limited, and later transferred the debt to Miden’s account under the false claim that the two companies were affiliates.
In what it described as “massive identity theft,” Miden alleged that the bank even forged signatures of unknown individuals in connection with a loan facility purportedly granted by Afrexim Bank. The company also discovered that several accounts had been fraudulently opened in its name at an address in Wuse 2, Abuja, which it does not operate from.
Frustrated by the alleged financial manipulations, Miden petitioned the House of Representatives Committee on Public Petitions. After reviewing the claims, the committee forwarded the matter to the Inspector General of Police. An investigation report submitted in February 2025 reportedly indicted the defendants, leading to the criminal charges now before the court.
The case is expected to generate public interest as it touches on issues of corporate fraud, banking integrity, and regulatory oversight in Nigeria’s financial sector.
