Nigeria Times

The Amalgamated Civil Society Groups of Nigeria (ACSN) has commended the leadership of the Nigeria Security and Civil Defence Corps (NSCDC), particularly its Commandant General, Prof. Ahmed Audi, for its response to the deaths of 37 suspected illegal miners in the Corps’ custody in Niger State.

The group, however, called for a thorough, transparent and impartial investigation to establish the circumstances surrounding the deaths.

In a statement signed by its Convener, Comrade Wale Adegoke, and Secretary, Comrade Musa Abdullahi, the ACSN said the incident required accountability while cautioning against drawing premature conclusions before the completion of investigations.

The group said the suspension of the Niger State NSCDC Commandant and other officers connected with the incident was an appropriate administrative measure to facilitate an unhindered investigation.

It said anyone found culpable through negligence, dereliction of duty or other misconduct should face appropriate disciplinary or legal consequences.

The ACSN also commended Audi for what it described as steps towards strengthening professionalism and accountability within the NSCDC.

According to the group, efforts by the NSCDC leadership to improve the operational capacity of the Corps, including the provision of a new headquarters for the Niger State Command, reflected an ongoing attempt to improve the working environment and effectiveness of its personnel.

The organisation also noted the clarification by Niger State Governor, Farmer Umaru Bago, regarding the location where the suspects were arrested, saying the clarification was important in establishing the facts surrounding the incident.

The ACSN said the broader challenge of illegal mining also required attention, noting that illegal mining had security and economic implications and could not be addressed solely through arrests and enforcement operations.

It urged authorities to investigate the networks facilitating illegal mining and examine the role of individuals who may be enabling the activities to continue.

The group further cautioned against politicising the deaths, stressing that the incident involved human lives and should be treated with seriousness and responsibility.

“Premature conclusions and politically charged narratives could undermine the integrity of the investigation and distract from the need to determine exactly what happened,” the group said.

The ACSN urged civil society organisations, political actors, traditional institutions, security agencies and members of the public to allow the investigative process to run its course.

It also commended the Ministry of Interior, Ministry of Solid Minerals Development and the NSCDC for their respective responses to the incident and the broader challenge of illegal mining.

The group called on the NSCDC leadership to sustain institutional reforms, strengthen internal accountability mechanisms and ensure that the outcome of the investigation is communicated to the public in accordance with applicable laws and procedures.

It said the incident should reinforce the principle that every life matters and every public officer must be accountable, while security institutions must operate within established professional and legal standards.

By Aondoakaa Tersugh Daniel 21/09/2026

At the commissioning of the BIPC Bread and Water Factories in May 2024, the Managing Director and Chief Executive Officer (MD/CEO) of the Benue Investment and Property Company (BIPC), Dr. Raymond Asemakaha, said that BIPC needed liquidity of not less than ₦7 billion to stabilise and drive the industrial revolution it was working on. He said the plan was to revamp and build a minimum of 30 industries within the first four years of the administration, with the creation of over one million jobs. This statement was made in the presence of Honourable Hyacinth Iormem Alia and was reported by The Sun Newspaper on 28 May 2024 under the striking headline: “Alia Commissions BIPC Bread, Water Factories, To Revamp Moribund Industries, Create 1 Million Jobs.”

It is imperative to note that the hypnotised “masses” did not doubt the promise of one million jobs when, in practical terms, such a target appeared doubtful from the outset. Yet, as the Alia administration approaches the conclusion of its tenure, that promise remains largely unfulfilled. It is therefore surprising to hear expressions of doubt when Chief Michael Kaase Aondoakaa SAN sets his own target at 100,000 jobs for Benue youths.

The concept of job creation has also been grossly misunderstood because livelihood under this administration has increasingly been reduced to civil service employment. Farming, which used to be the mainstay of Benue’s economy and the principal occupation of many of its people, has been severely affected by insecurity, displacing more than a million farmers from their ancestral communities.

Before the escalation of insecurity, the Zaki Biam Yam Market was reportedly capable of loading about 250 trucks of yam daily. That is no longer the reality today. Therefore, when some people interpret Aondoakaa’s blueprint for 100,000 jobs to mean 100,000 civil service positions, it only demonstrates how much Benue has involuntarily shifted away from farming and other productive economic activities.

If Aondoakaa’s administration succeeds in ensuring that internally displaced persons return safely to their ancestral homes and resume farming and other economic activities, effectively, more than 100,000 livelihoods could be restored among the farming communities currently living in IDP camps. Job creation should not be understood only in terms of government employment. It also includes creating the conditions under which people can return to productive economic activity, establish businesses, farm, trade and earn sustainable livelihoods.

Some allies of Alia have also questioned the operations of MIVA Rice, owned by Chief Aondoakaa. One thing, however, is clear about MIVA Rice: the company has not been accused of owing its suppliers. By contrast, Alia’s administration has faced repeated complaints over unpaid obligations to contractors. Recently, Gerawa Global Engineering Limited complained that the Benue State Government owed the company more than ₦1.5 billion.

From claims of miracles that have been disputed to promises of job creation that are yet to be realised, critics may argue that Alia’s transition from the Church to politics has not changed the character of his promises. But Aondoakaa’s approach is different. When he says he will create 100,000 jobs, the issue should be examined on the basis of the mechanisms through which those jobs will be created.

A target of 100,000 jobs, backed by a credible plan for agriculture, industry, private investment, enterprise development and the restoration of displaced communities, can be assessed against measurable economic realities. That makes it important to distinguish between a numerical promise and a workable economic programme. In that context, Aondoakaa’s 100,000-job target presents a substantially different proposition from the one-million-job projection associated with the Alia administration’s BIPC industrialisation programme.

By Reporter

Some customers of Sterling bank have cried out over what they described as “poor services, fraudulent deductions, harsh treatment, service delays, and misrepresentation of facts”, by officials of the bank.

In the last few years, Sterling Bank, one of the Holding Companies (Holdco), has faced legal actions and police investigations over alleged unauthorized or fraudulent deductions, including notable cases brought by individual employees and corporate clients. In one instance, the Nigeria Police Force indicted the bank and several executives over alleged money laundering and fraudulent deductions totaling millions of dollars following petitions by corporate customers like Miden Systems Ltd. Plaintiffs alleged unauthorized loan bookings, forged signatures, and blocked accounts.

Also, some of the workers have sued the bank at the High Court and National Industrial Court over ungranted or unsolicited salary loans that resulted in continuous, involuntary deductions from employee allowances and accounts.
But, in these legal proceedings, Sterling Bank’s legal teams filed defense amendments, contest the validity of the claims, or assert compliance with internal loan processing and credit recovery protocols.

Sterling Bank, prides itself as the “One-customer bank”. However, today, it is not only one customer but several of the bank’s customers complain about what they described as the bank’s “persistent deceit, illegal deductions from their accounts and misrepresentation of facts”, giving plethora of instances to back up their claims even as the bank has denied the allegations, stating that it did no wrong.

Sterling Bank started in 1960 as an investment and merchant banking institution named Nigeria Acceptances Limited (NAL), which became Nigeria’s first merchant bank in 1969. It later changed its name to NAL Merchant Bank Plc and listed on the Nigerian Stock Exchange as public Limited liability company. In 2006, NAL Bank merged with four other financial institutions (Magnum Trust Bank, NBM Bank, Trust Bank of Africa, and Indo-Nigeria Merchant Bank) to form Sterling Bank. It also acquired Equatorial Trust Bank (ETB) to expand its national market share and branch network. Recent restructuring led to the establishment of a holding company structure named Sterling Financial Holdings Company (Sterling HoldCo).

Speaking to our correspondent in Abuja at the weekend, a corporate account holder in the bank, Mrs. Obiageri Obiefule, stated that for a long time, customers have been at the mercy of the bank, which she claimed, on a regular basis debit them for all manner of reasons, some of which she said, were questionable and dubious including hidden charges.

According to her, “these charges amount to loss of millions of Naira to us, the bank customers to the effect that sterling bank declare trillions yearly as profit at the detriment of its customers who lacked the voice to complain.

“Even the regulatory agencies seem to be helpless in this situation as they have failed to address our several complaints”, she alleged.

Another customer, Marvelous Okoro also accused the bank of refusing to release her bank statement four months after she applied for it. She alleged that she had been witnessing withdrawal alerts on her account and had applied to the bank for statement of account to verify the transactions, but expressed concern over the bank’s refusal wondering what could be the reason. She said her fear was based on complaints by two of her friends who she alleged had similar experiences with the bank yet to refund the money deducted from their accounts.

“The trend of fraudulent activities including unwarranted deductions is becoming alarming and portrays the bank in bad light. Please help me appeal to them to release my bank statement to enable me verify my bank transaction details”, she pleaded.

Observers have expressed concern over several allegations of fraudulent practices being leveled against Sterling bank.
On 8th October, 2025, a group that called itself, Coalition of Civil Society Organizations Against Banks Fraudulent Practices and Customers Victimization, (CCSOABFFPCV), staged a peaceful protest at the Abuja headquarters of the Central Bank of Nigeria as well as in front of Sterling Bank, Abuja regional office.

At the apex bank’s office, the group submitted a petition, which was received by Mrs. Hakama Sidi Ali, the Acting Director, Corporate Communications, Central Bank of Nigeria.
The petition dated Monday 6th October, 2025, was addressed to Mr. Olayemi Cardoso, Governor, Central Bank of Nigeria, Abuja.
The protesters displayed placards with several inscriptions like; conspiracy;
forgery; criminal breach of trust; taking loan is not a crime; stop suffocating your customers; theft; make loan repayment transparent etc.

Comrade Flora Elekwa, Director, Mobilization and Advocacy of the CSO, told officials of the CBN and the Media that the trend of fraudulent activities occasioned by unwarranted deductions was becoming alarming and portrayed the Sterling bank in bad light.
The petition was signed by Comrade (Dr.) Sam Wisdom, National Coordinator; Comrade Flora Elekwa, Director, Mobilization and Advocacy; and Lady Cecilia Bisong, National Organizing Secretary.

“The street protest and advocacy match are aimed at drawing the attention of the government, regulatory authorities, and the general public to these unwholesome, illegal practices with a view to rectifying the situation” Mrs Elekwa said.

Particularly, the group faulted the manner Sterling Bank treats its customers and pleaded with the CBN as a supervisory government agency responsible for monitoring and supervision of all banks and financial institutions in Nigeria to immediately ask the management of Sterling bank to have a change of heart. The group specifically mentioned the case of Midden Systems Ltd, said to be a major customer of the bank but which allegedly lost over Two Hundred Million Dollars in its account to illegal deductions by officials of sterling bank.

Miden Systems Limited had in a petition to the Central Bank of Nigeria (CBN), the House of Representatives and the Inspector-General of Police (IGP) alleged that the bank through its Chief Executive Officer together with the Sterling bank’s Financial Holdings Company Plc and four others used its name to open various spurious accounts through which it allegedly syphoned the company’s funds domiciled with the bank up to the tune of over $200,000,000 (Two Hundred Million Dollars).

The Company, accused the bank of fraudulent accounting, mismanagement of contract proceeds, money laundering, unauthorized fund transfers, opening of fake bank accounts in the name of MIDEN Systems without authorization, and forgery of bank documents in clear violation of banking regulations.

“Funds were moved and misappropriated by the bank at reckless abandon with huge and massive spurious debits to the company’s account”, the company alleged in the petition.

The Company further stated that in line with standard bank practices and extant applicable laws, it continuously and consistently demanded for its statement of account which sterling bank refused to release.

Our Correspondent gathered that in June 2012, MIDEN Systems Ltd, an indigenous oil service firm, entered into a Term Loan/Vessel Finance Facility Agreement with Sterling Bank to enable Miden finance the acquisition of six Light Marine Vessels to be used in operation of the firm’s contract with SPDC.
Under the agreement, the Company contributed $7.3 million (30%) of vessel cost, while the Bank provided the sum of $17 Million dollars ($17,079,000.00) amounting to 70% as loan (via Letters of Credit) for the purchase of the vessels in Malaysia and Singapore. The Repayment plan was structured such that 70% of all contract proceeds from Shell Petroleum Development Company would be transferred, as Loan Repayment, to a Debt Servicing Repayment Accounts (“DSRA”) domiciled with Sterling Bank, while 30% would be reserved for the Company’s operational needs. The tenor of the loan was a 60 months duration (with 6 months moratorium) and billed to terminate by September 2017.

A Police Investigative Report of the activities of Sterling Bank dated 14 January 2025, (copy made available to us) uncovered series of grave banking malpractices committed by Sterling Bank between 2016 and 2024 with regards to the loan transaction.
According to the report, the bank has been misappropriating contract proceeds without rendering proper account statements to the customer. It said that several unauthorized payments were made from the customer account to unknown persons, including disclosed and undisclosed Sterling Bank customers.

“Despite multiple formal requests by the customer, Sterling bank refused to provide account statements thereby concealing transaction records (credit and debit notifications) and falsifying book entries.

“In addition, the bank failed to disclose the status of the loan liquidation process thereby creating financial opacity”, the Police report stated.

The police also said it discovered the creation of multiple fake accounts by the bank, including an unusual 20-digit account in the name of the company without authorization.

According to the report, “the Bank unlawfully consolidated the Customer Company’s account with the account of a different and distinct company, Chasewood Nigeria Limited, in order to fraudulently impose dubious and illegal debt obligations on the Company”.

It was found that Sterling Bank deliberately denied the Customer access to its 30% share of proceeds, thereby crippling the Company’s operations.
Between 2016 and 2024, Sterling Bank allegedly received more than $57 million in contract payments from SPDC and yet falsely claims the Company owes an additional $30 million Dollars to the Bank.

Further findings show that Sterling Bank received a total credit of One Hundred Million and Twenty-Two Thousand US dollars (USD122,768,041.69) in the domiciled account without rendering a proper account of the application and sources of funds to the customer contrary to CBN Rules & Regulations.

“The discoveries are shocking and sordid” An Insider source disclosed
The Police in the report said although Sterling Bank claimed that a $30 million loan was applied for, approved and disbursed in one day- 13th January 2017, the loan application did not emanate from the company. It accused the bank of forging the company’s lodgment of loan application and some documents relating to the loan including Account officer/branch review of loan application, credit committee approvals, customer’s board meeting/resolution. Etc.

“They purportedly fulfilled all terms and conditions for loan disbursement under one day and diverted the funds to private accounts operated by top officials of the bank”, the Police said.

Furthermore, the Police report indicates high level criminal conspiracy at the top management level of the bank to defraud the customer and conceal evidence. The bank unlawfully disbursed and failed to account for the sum of One Hundred and Twenty-Two Million dollars (USD122,768,041.69) admittedly credited to the Company’s account between 03/05/2016 and 19/07/2024.

The Bank also failed to apply the remittances in the sums of Fifty Seven Million US Dollars (USD57,301,865.56) and Six Billion, Nine Hundred and Seventy Million Naira (NGN6,972,548,982.39,) respectively, by SPDC between 2013 to 2020 towards reducing alleged debts but rather channeled the funds to unknown beneficiaries and accounts suspected to be operated by bank insiders and top officials.

According to the Police report, “ the bank falsified book entries on 13 January 2017 by pretending to credit the Company’s account with $30 Million US dollars when in fact there was no outstanding debt on the account.”

It sated that on 16th September 2017, the bank fraudulently transferred from the account the sum of USD28,302,140.59, under an unlawful scheme titled AA Loan Repayment – when there was no transaction linked to the account as well as other fraudulent transactions on 6th May 2016 and 27th August 2016.

Following the police findings, the matter was escalated to the House of Representatives Committee on Public Petitions, where the Nigeria Police Force submitted a report indicting Sterling Bank for alleged money laundering and mishandling of Miden Systems’ accounts.

To avoid further investigations and embarrassment by the Lawmakers, the Bank hurriedly approached the Federal High Court, sitting in Lagos, on 5th of February 2025, to seek a restraining order on the House of Representatives from further probe or investigation of Sterling Bank Limited and the Group Chief Executive Officer of Sterling Financial Holdings Company, Yemi Odubiyi pending the determination of the Motion on Notice.

At the resumed hearing of the case on April 30th 2025, the Court could not hear the matter but went on a prolonged adjournment raising concerns on the process.
Section 37(3) of the Cybercrimes (Prohibition and Prevention) Act 2015 explicitly criminalizes unauthorized debits by financial institutions.
Evidently, those familiar with the case said Sterling Bank’s actions, as outlined in the Police report, clearly violate this provision and Sections 18; 20, 24(1); 25 of the BOFIA, which prohibit fraudulent banking practices.

In separate interviews with our Correspondents, Legal experts and Consumer Advocacy group, Citizens Network for Consumer Rights, described the stunning revelations as a financial heist and called for the authorities to conduct a thorough and impartial investigation with a view to initiating possible criminal prosecution of those found culpable.

But the bank has consistently denied all fraudulent claims, describing both the publications and the protests at its branches as illegal attempts to disrupt its business operations.
With the above issue still pending, observers have wondered why the bank rather than amicably settle the matter, resorted to calling the Chief Executive of Miden Systems, Dr. Brenda Usoro unprintable names in a frantic bid to blackmail him before the public, a move one analyst described as “bank’s desperate bid to paint him in bad light”.

“Tell me, how can a man who brought million Dollar business to a bank but was robbed of his hard-earned money by the bank officials, be called by the same bank as a chronic debtor? That is laughable. I can only compare it to the proverbial case of the pot calling the kettle black”, said Chief James Ogene, a former Federal lawmaker and an Abuja based industrialist and estate developer.

“I have known Dr Usoro for the past 25 years and during this period we have done a number of businesses. He is trust worthy, honest, very reliable and sincere to a fault. If he tells you something, that is the way it is. Therefore, for someone to call him names in order to blackmail and tarnish his image, that person needs to examine himself or herself. I know the bank did that out of vengeance”, Chief Ogene added.

But the case of Miden Systems Limited is not the only albatross hanging on the neck of Sterling Bank and its officials. In August, 2025, lawyers representing one Olalekan Adejumo (not real name), a Lagos State resident, wrote to Sterling Bank, demanding an investigation and the immediate closure of a strange account the bank opened in their client’s name.

“My lawyers sent a letter to Sterling Bank yesterday, demanding an immediate closure of the strange account,” said Adejumo.

“You won’t believe that as we speak, the account is still very much active. It has not been closed by the bank.

“Despite all the efforts I personally made in getting Sterling Bank to close the account, it is still active.”

The lawyers also requested for a comprehensive report that would reveal the identity of the bank staff who were responsible for the opening of the account and how relevant account opening protocols and legal requirements, including the Know Your Customer (KYC) exercise, Bank Verification Number (BVN) validation and inclusion, and telephone number, and email address and National Identification Number (NIN) linkage, were bypassed before the account was opened.

Adejumo’s lawyers also demanded the unmasking of Legbeti Anuoluwapo, an individual who carried out a N5,000 transaction on the strange bank account, documents that were submitted for the account opening, an apology letter from Sterling Bank and confirmation that no loans, overdrafts and financial liabilities will be attached to the Lagos resident’s identity or BVN through the account.

Another allegation against the bank is delay in acting on customers’ requests.
One of such cases was that of a foreign-based Nigerian student who in 2022 almost lost her university admission with the threat of deportation after Sterling Bank delayed processing her tuition remittance. She was said to have initiated a Central Bank of Nigeria (CBN) Form ‘A’ transaction through Sterling Bank on August 10, 2022, to pay her school fees abroad. Nearly three months passed without the bank remitting the funds or providing a positive update despite multiple emails. With a tight deadline on October 27, 2022, she faced potential expulsion and deportation due to the unfulfilled payment.

In a Twitter thread shared @DasilvaOlamide, she wrote: “I’m at the verge of losing my admission and getting a deportation because of Sterling Bank. I initiated my Form A since 10th August. I have sent them several emails showing them that my school requires the payment or I will be deported, my deadline is tomorrow. HELP!

“Sterling bank has still not done anything, please help me keep retweeting and tagging. Today is the deadline or I will be deported. It’s not fair that I have paid since August 10th and the money hasn’t been remitted to my school”, she wrote.
Source: https://twitter.com/DasilvaOlamide/status/1585234028852318209?s=20&t=a00_kcj9Vv59B0-05p1USQ

That is not all. In November, 2017, Grant Properties Ltd accused Sterling Bank of illegally selling its collateral for an N8 billion loan, but the bank denied any wrongdoing.

According to the property development company, Sterling Bank excised 10 hectares of its land valued at N5 billion, from a 50-hectare collateral and illegally sold it for pittance to a front company belonging to a senior director of the bank.

Delivering judgement on the matter, a Lagos high court ruled that the collateral was illegally sold and ordered the bank to return the property to the company.
The business deal started in 2002 when Grant Properties secured a 50-hectare land in Lekki, Lagos state, to build “Victory Park Estate”.

Sterling Bank was expected to transfer, alongside the loan, every part of the land to AMCON, but it was discovered that the bank left out 10 hectares which it sold to a Real Estate Development (RED) Company — said to be a front for a very senior director of the bank.

Olajide Awosedo, chairman of Grant Properties, said in a chat with journalists that a non-executive director of Sterling Bank had called him “face to face, brought out a survey of 10 hectares of my land and said, ‘Sir, sell this portion of land to me, if you want N10bn from my bank. I will make sure you get it. I am the chairman of real estate finance of the bank”. He refused.

“They moved my loan to AMCON, but rather than transfer all my collateral with the loan, the bank (Sterling) withheld the 10 hectares its director had his eyes on and sold it to him through a surrogate company owned by the director and his associates,” Awosedo added.

He alleged that the director initially sold the land to his front company at N18,500/sq metre, amounting to N1.85b for the 10 hectares — a far cry from the market worth of N5 billion, according to him.
About 2.4 hectares from the land was immediate

By Reporter

Some customers of Sterling bank have cried out over what they described as “poor services, fraudulent deductions, harsh treatment, service delays, and misrepresentation of facts”, by officials of the bank.In the last few years, Sterling Bank, one of the Holding Companies (Holdco), has faced legal actions and police investigations over alleged unauthorized or fraudulent deductions, including notable cases brought by individual employees and corporate clients. In one instance, the Nigeria Police Force indicted the bank and several executives over alleged money laundering and fraudulent deductions totaling millions of dollars following petitions by corporate customers like Miden Systems Ltd. Plaintiffs alleged unauthorized loan bookings, forged signatures, and blocked accounts. Also, some of the workers have sued the bank at the High Court and National Industrial Court over ungranted or unsolicited salary loans that resulted in continuous, involuntary deductions from employee allowances and accounts. But, in these legal proceedings, Sterling Bank’s legal teams filed defense amendments, contest the validity of the claims, or assert compliance with internal loan processing and credit recovery protocols. Sterling Bank, prides itself as the “One-customer bank”. However, today, it is not only one customer but several of the bank’s customers complain about what they described as the bank’s “persistent deceit, illegal deductions from their accounts and misrepresentation of facts”, giving plethora of instances to back up their claims even as the bank has denied the allegations, stating that it did no wrong.Sterling Bank started in 1960 as an investment and merchant banking institution named Nigeria Acceptances Limited (NAL), which became Nigeria’s first merchant bank in 1969. It later changed its name to NAL Merchant Bank Plc and listed on the Nigerian Stock Exchange as public Limited liability company. In 2006, NAL Bank merged with four other financial institutions (Magnum Trust Bank, NBM Bank, Trust Bank of Africa, and Indo-Nigeria Merchant Bank) to form Sterling Bank. It also acquired Equatorial Trust Bank (ETB) to expand its national market share and branch network. Recent restructuring led to the establishment of a holding company structure named Sterling Financial Holdings Company (Sterling HoldCo).Speaking to our correspondent in Abuja at the weekend, a corporate account holder in the bank, Mrs. Obiageri Obiefule, stated that for a long time, customers have been at the mercy of the bank, which she claimed, on a regular basis debit them for all manner of reasons, some of which she said, were questionable and dubious including hidden charges.According to her, “these charges amount to loss of millions of Naira to us, the bank customers to the effect that sterling bank declare trillions yearly as profit at the detriment of its customers who lacked the voice to complain.“Even the regulatory agencies seem to be helpless in this situation as they have failed to address our several complaints”, she alleged.Another customer, Marvelous Okoro also accused the bank of refusing to release her bank statement four months after she applied for it. She alleged that she had been witnessing withdrawal alerts on her account and had applied to the bank for statement of account to verify the transactions, but expressed concern over the bank’s refusal wondering what could be the reason. She said her fear was based on complaints by two of her friends who she alleged had similar experiences with the bank yet to refund the money deducted from their accounts. “The trend of fraudulent activities including unwarranted deductions is becoming alarming and portrays the bank in bad light. Please help me appeal to them to release my bank statement to enable me verify my bank transaction details”, she pleaded.Observers have expressed concern over several allegations of fraudulent practices being leveled against Sterling bank. On 8th October, 2025, a group that called itself, Coalition of Civil Society Organizations Against Banks Fraudulent Practices and Customers Victimization, (CCSOABFFPCV), staged a peaceful protest at the Abuja headquarters of the Central Bank of Nigeria as well as in front of Sterling Bank, Abuja regional office.At the apex bank’s office, the group submitted a petition, which was received by Mrs. Hakama Sidi Ali, the Acting Director, Corporate Communications, Central Bank of Nigeria.The petition dated Monday 6th October, 2025, was addressed to Mr. Olayemi Cardoso, Governor, Central Bank of Nigeria, Abuja.The protesters displayed placards with several inscriptions like; conspiracy;forgery; criminal breach of trust; taking loan is not a crime; stop suffocating your customers; theft; make loan repayment transparent etc.Comrade Flora Elekwa, Director, Mobilization and Advocacy of the CSO, told officials of the CBN and the Media that the trend of fraudulent activities occasioned by unwarranted deductions was becoming alarming and portrayed the Sterling bank in bad light.The petition was signed by Comrade (Dr.) Sam Wisdom, National Coordinator; Comrade Flora Elekwa, Director, Mobilization and Advocacy; and Lady Cecilia Bisong, National Organizing Secretary.“The street protest and advocacy match are aimed at drawing the attention of the government, regulatory authorities, and the general public to these unwholesome, illegal practices with a view to rectifying the situation” Mrs Elekwa said.Particularly, the group faulted the manner Sterling Bank treats its customers and pleaded with the CBN as a supervisory government agency responsible for monitoring and supervision of all banks and financial institutions in Nigeria to immediately ask the management of Sterling bank to have a change of heart. The group specifically mentioned the case of Midden Systems Ltd, said to be a major customer of the bank but which allegedly lost over Two Hundred Million Dollars in its account to illegal deductions by officials of sterling bank.Miden Systems Limited had in a petition to the Central Bank of Nigeria (CBN), the House of Representatives and the Inspector-General of Police (IGP) alleged that the bank through its Chief Executive Officer together with the Sterling bank’s Financial Holdings Company Plc and four others used its name to open various spurious accounts through which it allegedly syphoned the company’s funds domiciled with the bank up to the tune of over $200,000,000 (Two Hundred Million Dollars).The Company, accused the bank of fraudulent accounting, mismanagement of contract proceeds, money laundering, unauthorized fund transfers, opening of fake bank accounts in the name of MIDEN Systems without authorization, and forgery of bank documents in clear violation of banking regulations.“Funds were moved and misappropriated by the bank at reckless abandon with huge and massive spurious debits to the company’s account”, the company alleged in the petition.The Company further stated that in line with standard bank practices and extant applicable laws, it continuously and consistently demanded for its statement of account which sterling bank refused to release.Our Correspondent gathered that in June 2012, MIDEN Systems Ltd, an indigenous oil service firm, entered into a Term Loan/Vessel Finance Facility Agreement with Sterling Bank to enable Miden finance the acquisition of six Light Marine Vessels to be used in operation of the firm’s contract with SPDC.Under the agreement, the Company contributed $7.3 million (30%) of vessel cost, while the Bank provided the sum of $17 Million dollars ($17,079,000.00) amounting to 70% as loan (via Letters of Credit) for the purchase of the vessels in Malaysia and Singapore. The Repayment plan was structured such that 70% of all contract proceeds from Shell Petroleum Development Company would be transferred, as Loan Repayment, to a Debt Servicing Repayment Accounts (“DSRA”) domiciled with Sterling Bank, while 30% would be reserved for the Company’s operational needs. The tenor of the loan was a 60 months duration (with 6 months moratorium) and billed to terminate by September 2017.A Police Investigative Report of the activities of Sterling Bank dated 14 January 2025, (copy made available to us) uncovered series of grave banking malpractices committed by Sterling Bank between 2016 and 2024 with regards to the loan transaction.According to the report, the bank has been misappropriating contract proceeds without rendering proper account statements to the customer. It said that several unauthorized payments were made from the customer account to unknown persons, including disclosed and undisclosed Sterling Bank customers.“Despite multiple formal requests by the customer, Sterling bank refused to provide account statements thereby concealing transaction records (credit and debit notifications) and falsifying book entries.“In addition, the bank failed to disclose the status of the loan liquidation process thereby creating financial opacity”, the Police report stated.The police also said it discovered the creation of multiple fake accounts by the bank, including an unusual 20-digit account in the name of the company without authorization.According to the report, “the Bank unlawfully consolidated the Customer Company’s account with the account of a different and distinct company, Chasewood Nigeria Limited, in order to fraudulently impose dubious and illegal debt obligations on the Company”.It was found that Sterling Bank deliberately denied the Customer access to its 30% share of proceeds, thereby crippling the Company’s operations.Between 2016 and 2024, Sterling Bank allegedly received more than $57 million in contract payments from SPDC and yet falsely claims the Company owes an additional $30 million Dollars to the Bank.Further findings show that Sterling Bank received a total credit of One Hundred Million and Twenty-Two Thousand US dollars (USD122,768,041.69) in the domiciled account without rendering a proper account of the application and sources of funds to the customer contrary to CBN Rules & Regulations.”The discoveries are shocking and sordid” An Insider source disclosedThe Police in the report said although Sterling Bank claimed that a $30 million loan was applied for, approved and disbursed in one day- 13th January 2017, the loan application did not emanate from the company. It accused the bank of forging the company’s lodgment of loan application and some documents relating to the loan including Account officer/branch review of loan application, credit committee approvals, customer’s board meeting/resolution. Etc.“They purportedly fulfilled all terms and conditions for loan disbursement under one day and diverted the funds to private accounts operated by top officials of the bank”, the Police said.Furthermore, the Police report indicates high level criminal conspiracy at the top management level of the bank to defraud the customer and conceal evidence. The bank unlawfully disbursed and failed to account for the sum of One Hundred and Twenty-Two Million dollars (USD122,768,041.69) admittedly credited to the Company’s account between 03/05/2016 and 19/07/2024.The Bank also failed to apply the remittances in the sums of Fifty Seven Million US Dollars (USD57,301,865.56) and Six Billion, Nine Hundred and Seventy Million Naira (NGN6,972,548,982.39,) respectively, by SPDC between 2013 to 2020 towards reducing alleged debts but rather channeled the funds to unknown beneficiaries and accounts suspected to be operated by bank insiders and top officials.According to the Police report, “ the bank falsified book entries on 13 January 2017 by pretending to credit the Company’s account with $30 Million US dollars when in fact there was no outstanding debt on the account.”It sated that on 16th September 2017, the bank fraudulently transferred from the account the sum of USD28,302,140.59, under an unlawful scheme titled AA Loan Repayment – when there was no transaction linked to the account as well as other fraudulent transactions on 6th May 2016 and 27th August 2016.Following the police findings, the matter was escalated to the House of Representatives Committee on Public Petitions, where the Nigeria Police Force submitted a report indicting Sterling Bank for alleged money laundering and mishandling of Miden Systems’ accounts.To avoid further investigations and embarrassment by the Lawmakers, the Bank hurriedly approached the Federal High Court, sitting in Lagos, on 5th of February 2025, to seek a restraining order on the House of Representatives from further probe or investigation of Sterling Bank Limited and the Group Chief Executive Officer of Sterling Financial Holdings Company, Yemi Odubiyi pending the determination of the Motion on Notice.At the resumed hearing of the case on April 30th 2025, the Court could not hear the matter but went on a prolonged adjournment raising concerns on the process.Section 37(3) of the Cybercrimes (Prohibition and Prevention) Act 2015 explicitly criminalizes unauthorized debits by financial institutions.Evidently, those familiar with the case said Sterling Bank’s actions, as outlined in the Police report, clearly violate this provision and Sections 18; 20, 24(1); 25 of the BOFIA, which prohibit fraudulent banking practices.In separate interviews with our Correspondents, Legal experts and Consumer Advocacy group, Citizens Network for Consumer Rights, described the stunning revelations as a financial heist and called for the authorities to conduct a thorough and impartial investigation with a view to initiating possible criminal prosecution of those found culpable.But the bank has consistently denied all fraudulent claims, describing both the publications and the protests at its branches as illegal attempts to disrupt its business operations. With the above issue still pending, observers have wondered why the bank rather than amicably settle the matter, resorted to calling the Chief Executive of Miden Systems, Dr. Brenda Usoro unprintable names in a frantic bid to blackmail him before the public, a move one analyst described as “bank’s desperate bid to paint him in bad light”.“Tell me, how can a man who brought million Dollar business to a bank but was robbed of his hard-earned money by the bank officials, be called by the same bank as a chronic debtor? That is laughable. I can only compare it to the proverbial case of the pot calling the kettle black”, said Chief James Ogene, a former Federal lawmaker and an Abuja based industrialist and estate developer.“I have known Dr Usoro for the past 25 years and during this period we have done a number of businesses. He is trust worthy, honest, very reliable and sincere to a fault. If he tells you something, that is the way it is. Therefore, for someone to call him names in order to blackmail and tarnish his image, that person needs to examine himself or herself. I know the bank did that out of vengeance”, Chief Ogene added.But the case of Miden Systems Limited is not the only albatross hanging on the neck of Sterling Bank and its officials. In August, 2025, lawyers representing one Olalekan Adejumo (not real name), a Lagos State resident, wrote to Sterling Bank, demanding an investigation and the immediate closure of a strange account the bank opened in their client’s name.“My lawyers sent a letter to Sterling Bank yesterday, demanding an immediate closure of the strange account,” said Adejumo.“You won’t believe that as we speak, the account is still very much active. It has not been closed by the bank.“Despite all the efforts I personally made in getting Sterling Bank to close the account, it is still active.”The lawyers also requested for a comprehensive report that would reveal the identity of the bank staff who were responsible for the opening of the account and how relevant account opening protocols and legal requirements, including the Know Your Customer (KYC) exercise, Bank Verification Number (BVN) validation and inclusion, and telephone number, and email address and National Identification Number (NIN) linkage, were bypassed before the account was opened.Adejumo’s lawyers also demanded the unmasking of Legbeti Anuoluwapo, an individual who carried out a N5,000 transaction on the strange bank account, documents that were submitted for the account opening, an apology letter from Sterling Bank and confirmation that no loans, overdrafts and financial liabilities will be attached to the Lagos resident’s identity or BVN through the account.Another allegation against the bank is delay in acting on customers’ requests.One of such cases was that of a foreign-based Nigerian student who in 2022 almost lost her university admission with the threat of deportation after Sterling Bank delayed processing her tuition remittance. She was said to have initiated a Central Bank of Nigeria (CBN) Form ‘A’ transaction through Sterling Bank on August 10, 2022, to pay her school fees abroad. Nearly three months passed without the bank remitting the funds or providing a positive update despite multiple emails. With a tight deadline on October 27, 2022, she faced potential expulsion and deportation due to the unfulfilled payment. In a Twitter thread shared @DasilvaOlamide, she wrote: “I’m at the verge of losing my admission and getting a deportation because of Sterling Bank. I initiated my Form A since 10th August. I have sent them several emails showing them that my school requires the payment or I will be deported, my deadline is tomorrow. HELP!“Sterling bank has still not done anything, please help me keep retweeting and tagging. Today is the deadline or I will be deported. It’s not fair that I have paid since August 10th and the money hasn’t been remitted to my school”, she wrote.Source: https://twitter.com/DasilvaOlamide/status/1585234028852318209?s=20&t=a00_kcj9Vv59B0-05p1USQThat is not all. In November, 2017, Grant Properties Ltd accused Sterling Bank of illegally selling its collateral for an N8 billion loan, but the bank denied any wrongdoing.According to the property development company, Sterling Bank excised 10 hectares of its land valued at N5 billion, from a 50-hectare collateral and illegally sold it for pittance to a front company belonging to a senior director of the bank.Delivering judgement on the matter, a Lagos high court ruled that the collateral was illegally sold and ordered the bank to return the property to the company.The business deal started in 2002 when Grant Properties secured a 50-hectare land in Lekki, Lagos state, to build “Victory Park Estate”.Sterling Bank was expected to transfer, alongside the loan, every part of the land to AMCON, but it was discovered that the bank left out 10 hectares which it sold to a Real Estate Development (RED) Company — said to be a front for a very senior director of the bank.Olajide Awosedo, chairman of Grant Properties, said in a chat with journalists that a non-executive director of Sterling Bank had called him “face to face, brought out a survey of 10 hectares of my land and said, ‘Sir, sell this portion of land to me, if you want N10bn from my bank. I will make sure you get it. I am the chairman of real estate finance of the bank”. He refused.“They moved my loan to AMCON, but rather than transfer all my collateral with the loan, the bank (Sterling) withheld the 10 hectares its director had his eyes on and sold it to him through a surrogate company owned by the director and his associates,” Awosedo added.He alleged that the director initially sold the land to his front company at N18,500/sq metre, amounting to N1.85b for the 10 hectares — a far cry from the market worth of N5 billion, according to him.About 2.4 hectares from the land was immediate

Imo Lawyers for the Defence of Democracy have called on the Minister of the Federal Capital Territory, Nyesom Wike, to stop what it termed public attacks on Imo State Governor, Senator Hope Uzodinma, saying political disagreements should be resolved through democratic dialogue and constitutional means.The group made the call in a statement signed by its Secretary, Ifeoma Chukwunyere on Friday, September 18, 2026, amid what it described as increasingly personal exchanges between Wike and Uzodinma over political developments within the All Progressives Congress.The lawyers said the APC Governors’ Forum had rejected what they described as Wike’s “Rainbow Coalition” political arrangement, arguing that the disagreement should be addressed with the forum rather than through personal attacks on Uzodinma.According to the group, the forum’s position was based on concerns that the political arrangement could weaken the APC or create divided loyalty within the party.“We recognise the constitutional right of every Nigerian, including public officials and political actors, to express political opinions, criticise policies and participate in political activities,” the group said.“However, that freedom must not become a licence for personal attacks, intimidation or unnecessary escalation.”The lawyers said Uzodinma, as the governor of Imo State, should be allowed to discharge his responsibilities without political exchanges creating tension capable of affecting the peace and stability of the state.They urged Wike to desist from further public comments concerning the governor, insisting that political disagreements should focus on policies, programmes, political positions and verifiable facts rather than personal exchanges.The group also warned political actors against turning Imo State into a battleground for political supremacy.“Imo State is not a battlefield for political supremacy. Its people have the constitutional right to choose their leaders and determine their political future without undue interference, intimidation or external pressure,” it said.The lawyers further called on political parties, leaders, supporters and media platforms to avoid inflammatory language that could provoke confrontation.They urged Uzodinma to continue to operate within the Constitution and the laws of the country, while allowing relevant political and legal institutions to handle legitimate disagreements.The group also appealed to President Bola Tinubu to encourage restraint among political actors, particularly in relation to the dispute between Wike and Uzodinma.Addressing Wike directly, the lawyers said: “Mr. Minister, Imo State belongs to its people. You are not from Imo, so stay off Imo.”They stressed that disagreements over political strategies, elections, alliances and political actors in the state should be settled through democratic debate and constitutional processes.The group said it would continue to monitor developments affecting constitutional governance, democratic participation, political freedom and peace in Imo State.“Our position is simple: Democracy must prevail. The Constitution must prevail. The rule of law must prevail,” the statement added.