Sterling Bank Decries Unlawful Protest Staged by Debtor’s Apologists in Abuja, Vows Prosecution
Sterling Bank has linked an unlawful disruption staged in Abuja’s Central Business District on Wednesday, October 8, 2025, to Dr. Brendan Innocent Usoro and his company, Miden Systems Limited, accusing them of using public theatrics to evade repayment of long-standing debts.
A group claiming to represent civil society organizations temporarily obstructed access to a Sterling Bank branch, chanting false allegations and distributing fabricated petitions about an ongoing legal matter.
The Bank stated that the protest was a “desperate attempt to evade repayment of long-outstanding debts” upheld by multiple court judgments, and a direct affront to an existing Federal High Court order that expressly prohibits Miden Systems and its affiliates from taking any actions relating to the dispute.
Contempt for the Rule of Law
Michael Boniface, Chief Security Officer of Sterling Bank, condemned the action, stating the individuals cited Dr. Usoro’s Miden Systems as a key reason for the disruption.
“This reckless and contemptuous behavior is a direct affront to the rule of law,” Boniface said. “The Bank has maintained full restraint despite repeated provocation and will once again escalate this violation to law enforcement authorities for investigation and prosecution.”
The disturbance was swiftly contained by security agencies, and normal operations resumed almost immediately, with no risk posed to customers, staff, or Bank property.
History of Defiance and Judicial Condemnation
Sterling Bank detailed the long history of the dispute, which involves years of defaults on a vessel lease facility granted to Dr. Usoro and Miden Systems.
Court Judgments: A Mareva injunction was issued against the debtors in 2021 after repeated defaults, leading to a consent judgment confirming the debt liability. This judgment was subsequently reaffirmed in November 2024, when the Federal High Court dismissed Miden Systems’ application to overturn it, describing their actions as an abuse of process.
Smear Campaigns: Despite clear judicial pronouncements, the debtor has allegedly sought to circumvent lawful enforcement by orchestrating smear campaigns and false publications.
Restraining Order: The recent disruption is seen as mirroring previous attempts to manipulate the National Assembly. In February 2025, the Federal High Court decisively condemned and restrained the House of Representatives from further intimidating and harassing Sterling Bank over the matter, reaffirming that neither the legislature nor any private entity can override matters conclusively decided by competent courts.
“Integrity, discipline, and respect for judicial authority remain the pillars of our institution,” Boniface added. “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 affirmed it will continue to cooperate with law enforcement agencies to ensure accountability and uphold the integrity of Nigeria’s financial system.
