Connect with us

News

Sterling Bank Embroiled in Money Laundering Scandal

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad
By Gloria Ikibah
The Nigeria police has formally accused Sterling Bank of alleged money laundering, fraudulent deductions and other financial crimes by its staff.
This was the report presented by Nigeria Police Force to the House of Representative Committee on Public Petition during the hearing of a petition by Miden  Systems Ltd against Sterling Bank, Central Bank of Nigeria (CBN) and Shell Petroleum on Tuesday in Abuja.
Naijablitznews.com reports that Miden System Ltd., had witten a petitioned to the Committee on the alleged mismanagement, fraudulent debit, and misappropriation of funds from its account domiciled with Sterling bank.
Presenting the report before the committee, representative of the Inspector General of Police, Kabiru Yahaya and Sunny Amison, both Chief Superintendent of Police said after intensive investigation and arrest made on the matter, the bank was found wanting.
According to the police, after arrest was made and an extensive investigation carried out, the bank could not provide evidence to counter the allegations made against it by Miden  System Ltd.
He said: “We were saddled with the responsibility to investigate mismanagement, fraudulent debit, and misappropriation of funds from the account of Miden  Systems Limited by Sterling Bank.
“In the course of our investigation, findings emerged about the issue of non-issuance of statement of account, fraudulent debit, and misappropriation of funds. More importantly, Miden  Systems Limited raised the issue of accounts. There are four accounts operated by Sterling Bank Plc for Miden  Systems Limited. Two are U.S. dollar accounts, while two are Nigeria NGN accounts.
“Major remittance is coming to the account of Miden  Systems Limited, to be signed with Sterling Bank, and Shell Petroleum Development Company Limited. Now, we have cutting records from Shell over the period 2017 up to 2020. Shell failed, this is our finding, Shell failed to supply the financial reports for 2021, 2022, 2023, and 2024.
“Now, having regard to the complaint of Miden  Systems that it was denied the statement of account, we interfaced with an account officer, who gave us in writing that the company is being furnished with the statement of account. And I asked how, he said electronically, or by short message service, But there is no proof. There’s no proof to debunk that aspect of the allegation.
“Secondly, we discovered from the statement of account generated by the bank, not provided by the petitioner, or its counsel, or any third party. These are accounts and statements of account generated by the bank. Ordinarily, before an investigator, we did not just call for a statement of account to just look at it and dump it.
“We looked at it holistically and saw the grey areas where there were discrepancies or where there are questions to be raised.”
CSP Amison explained, “we discovered a Debt Service Repayment Account (DSRA) where money is being used to service the loan.
“The loan offer as of 2012 was $30 million. We need to understand it was restructured in 2017, with capital and interest to arrive at US$30 million.
“Having regard to the account, we, a team of detectives, started seeing debits, debits from Miden  System account for loan repayment. And we took it upon ourselves to ask the account officer that first came before us to explain the loan repayment but he said it was a mere narration adopted while applying funds to the company’s loan account. We found this very vague and ambiguous.
“We discovered that about US$28.3 million was debited from this company’s account for loan repayment but there’s no explanation.
“Particularly, on the 29th, September 2016, the sum of US$2,413,000 was debited from the company’s account. Account number 00148517716 for loan repayment with reference FT16271UZYO. On 14th, November 2016, the sum of US$1.256 million was equally debited from this same account for loan repayment.
“While on the 16th of January 2017, the sum of US$28,302,140.59 was debited from the company’s account for loan repayment. And like I said, we’ve waited for the bank to provide account officers who have managed this account to throw more light on this. It is not our document.
“It is their own document. The facts are before them. If somebody has managed that account before and is no longer an account officer, they could call them, provide names since they are no longer in the bank.
“One of the account officers specifically wrote that the outstanding balance was about US$27.25 million, while the executive director gave us a figure of over US$30 million. That is to say, nothing has been paid, nothing has been debited to clear the loan.
“We equally discovered what the bank captured in the statement of account, in-branch transfer, account to account. And we asked, what does the bank or the account officers mean by in-branch transfer, account to account?
“We have come up with the recommendation that, since the bank has failed to provide evidence for itself to debunk the allegation raised by Miden Systems , evidence as used so far from their own statement of account corroborates the offences alleged. Financial mismanagement, Fraudulent debit, misappropriation of funds and more importantly, when funds are being moved that way, if you go deeper, money laundering. We could not even go deeply towards the petitioner raising their petition”, he stated.
In response, the Committee Chairman, Rep. Mike Etaba assured both parties that the report will be studied by the Commitee and justice served.
“At the committee level, we will look at the Police report and I assure us that justice will prevail,” Etaba assured.

News

Just in: Iran seals Strait of Hormuz again, blames US

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Fear in the Middle East as Iran announced the closure of the Strait of Hormuz, accusing the United States of violating prior understandings amid an ongoing naval blockade.

In a statement on Saturday, the Islamic Revolutionary Guard Corps (IRGC) declared that control of the strategic waterway had “returned to its previous state,” citing continued US restrictions on Iranian ports as justification for the move.

The Strait of Hormuz, a vital global transit route, is a chokepoint through which a significant share of the world’s crude oil passes daily. Any disruption is expected to send immediate shockwaves through global energy markets.

Reacting to the development, US President Donald Trump insisted that Washington would not back down, stating that the naval blockade “will remain in full force” until “our transaction with Iran is 100% complete.”

Advertisement

He did not elaborate on the specifics of the “transaction.”

Earlier, Iran’s Foreign Minister Abbas Araghchi had offered a contrasting position, saying the strait remained “completely open” to commercial vessels.

He emphasized that maritime activities were proceeding “in line with the ceasefire in Lebanon” and along “the coordinated route as already announced.”

The conflicting statements have added to confusion over the actual status of the waterway, with shipping companies and global observers scrambling to assess risks in real time.

Advertisement

Meanwhile, President Trump also disclosed that Israel had been “prohibited” from launching further strikes on Lebanon, as a fragile 10-day ceasefire entered its first full day.

The pause in hostilities has allowed tens of thousands of displaced civilians to begin returning to their homes after weeks of intense Israeli bombardment.

The situation remains fluid, with fears mounting that any miscalculation in the Gulf could trigger a wider regional confrontation.

Observers say the coming hours will be critical in determining whether diplomatic channels can ease tensions or if the standoff will deepen further.

Advertisement
Continue Reading

News

Expulsion: Bala, Abejide vow to battle Mark-led ADC faction to finish

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The leadership crisis rocking the African Democratic Congress (ADC) deepened on Friday as the faction led by the party’s National Chairman, Nafiu Bala Gombe, and House of Representatives member, Leke Abejide, has rejected their reported expulsion, describing it as illegal and the product of a “hijacked structure.”

The duo also dismissed claims that they were being sponsored by President Bola Tinubu, insisting that allegations of external sponsorship were mere propaganda aimed at discrediting their stance.

Addressing journalists in Abuja, Bala maintained that those who announced their expulsion lacked the legal standing to do so, arguing that they were not recognised members of the party.

“Our suspension is nullity. These individuals are not even members of our party, so they lack the locus to take such decisions. We will fight it to the last point,” he said.

Advertisement

He further ruled out any form of negotiation with the rival bloc, stating that there was no agreement between his leadership and the coalition-backed faction.

“I cannot negotiate with people who are not members of our party. There is no understanding or arrangement with them whatsoever,” Bala added.

The crisis follows a convention held in Abuja on April 14 by a faction aligned to former Senate President, David Mark, where the expulsion of Bala, Abejide and others over alleged anti-party activities was announced.

But the Bala-led leadership has dismissed the exercise as unlawful, insisting it violates subsisting court orders and lacks the recognition of the Independent National Electoral Commission (INEC).

Advertisement

He warned that actions taken in defiance of a Court of Appeal judgment delivered on March 12, 2026, were liable to be voided by the courts.

According to him, the matter has gone beyond internal party disagreement, alleging that forged documents bearing his signature had surfaced as part of efforts to legitimise the actions of the rival group.

On his part, Abejide described the purported expulsion as laughable, accusing the opposing faction of attempting to destabilise the party.

“These are people who came to destroy this party. They have no stake here and cannot dictate the future of ADC,” he said.

Advertisement

The lawmaker, who represents Yagba Federal Constituency of Kogi State, warned that the lingering crisis could jeopardise the party’s electoral prospects if not urgently resolved.

“I am not a political merchant running from one party to another party. I have been in ADC since 2017 and never changed party but many of the coalition’s leaders have moved from PDP to ACN to APC back to PDP to APGA to Labour Party to NNPP to ADC, and so on. Our insistence in resisting them is because of their habitual character of political use and dump.

“My so-called suspension and that of Nafiu Bala Gombe is in contempt of the orders of both the Court of Appeal and Federal High Court and as such I have briefed my Lawyers on possible litigation against their purported suspension for record purpose, which is a visitation of hostility on me while my case is in court. The principles of law forbid this; in our jurisprudence it is called Lis pendis.”

Abejide cautioned that his camp would not hesitate to walk away if the party was pushed to the brink.

Advertisement

“At the stage we are now, if this is not resolved quickly, anyone contesting on this platform risks their political career,” he added.

He also questioned the credibility of the coalition figures, alleging that many of them had a history of moving across multiple political parties.

Abejide warned that the ongoing crisis could prevent the ADC from fielding candidates in future elections, blaming the rival faction for any such outcome.

“If at the end of these shenanigans ADC cannot field candidates, then the coalition people should be blamed for the failure,” he added. (The Guardian)

Advertisement
Continue Reading

News

Just in: Bandits reportedly kidnap newly installed monarch, wife, one other in Kwara

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Suspected bandits have reportedly attacked the palace of a traditional ruler in Olayinka community, Ifelodun Local Government Area of Kwara State, abducting the monarch, his wife, and one other person in the early hours of Saturday.

According to sources who spoke to newsmen, the armed men stormed the palace around 1:40 a.m., firing sporadically before taking the royal father to an unknown destination.

Yes. At Olayinka at about 1 am. His wife and one other person were also abducted.

The Monarch is one of the recently graded.”

Advertisement

Another source added, “The bandits invaded the palace around 1:40 a.m. on Saturday. They came heavily armed and took the monarch away without resistance because everyone was terrified.”

The abducted monarch was said to have been recently elevated and officially installed by the Kwara State Government earlier this year, a development that has made the incident particularly shocking to residents.

The attack is the third reported case of a traditional ruler being kidnapped in Kwara South within a year. In 2025, two monarchs in the region were abducted by suspected bandits and were only released after ransom payments were made.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News