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Sterling Bank drags IGP over court ruling violations, abuse of National Assembly
Sterling Bank Limited, has petitioned the Inspector General of Police (IGP) to address alleged fraudulent activities linked to Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro.
The action followed a series of purported attempts by Usoro to leverage political connections and law enforcement to undermine a court-mandated debt settlement.
The Federal High Court delivered a ruling on October 18, 2021,clearly establishing Miden Systems Ltd’s liability for outstanding debts and outlining the terms for repayment.
Despite this unequivocal judgment, Maurice Igugu, Sterling Bank’s Chief Marketing Officer, stated that Miden Systems and Dr. Usoro have engaged in a systematic campaign to evade compliance.
The campaign allegedly involves misappropriation of loan funds, manipulation of corporate structures to protect assets and intimidation tactics aimed at bank officials.
The bank expressed serious concerns regarding the misuse of the Police Force CID and the National Assembly by individuals attempting to escape their legal obligations.
Allegations suggest that Dr. Usoro has exploited his political connections to obstruct justice, with claims that individuals allegedly acting on his behalf, along with the Nigerian Police, have resorted to intimidation and personal harassment of Sterling Bank’s executives.
In a statement, Igugu condemned these actions as an affront to judicial authority and reaffirmed the bank’s resolve to hold the debtors accountable. He noted that the debtor’s actions have inflicted financial harm on the bank and its stakeholders.
According to the statement, “On October 18, 2021, the Federal High Court issued a decisive ruling that established the debtor’s liability and mandated adherence to agreed settlement terms. Despite the unambiguous nature of this judgment and the debtor’s acknowledgment of substantial outstanding debt, Miden Systems Ltd and Dr. Usoro have engaged in a calculated campaign of non-compliance.”
Consequently, the Bank has sought the intervention of the IGP to address these issues and ensure justice prevails.
On December 10, 2024, through its legal counsel Kunle Ogunba, SAN, Sterling Bank submitted a detailed petition to the IGP. The document outlines serious allegations against Dr. Usoro and Miden Systems Ltd, including the diversion of loan funds for personal use, defaults on loan obligations, asset misappropriation and illegal restructuring of the company’s shareholding.
The petition further highlighted efforts to obstruct justice through legal maneuvers and intimidation tactics against the Bank. The Bank’s petition to the IGP also underscored recent incidents of intimidation directed at its executives, allegedly orchestrated by parties acting on behalf of Dr. Usoro.
Urging stakeholders, customers and the public to disregard unsubstantiated accusations and recognise the facts, the Bank noted that the actions of Miden Systems Ltd and Dr. Usoro is a deliberate attempt to distract from their refusal to fulfill their financial obligations.
The statement added that deductions from Miden Systems’ account, which have been called into question, were carried out under an agreement enshrined in a consent judgment issued by the Federal High Court in Lagos.
“This judgment, signed by representatives of both parties, confirmed the debtor’s commitment to liquidate the debt, including principal and accrued interest, as of June 10, 2021.
“This follows some skewed narratives about a session on the issue with the House of Representatives Committee on Public Petitions on a petition from Maiden Systems Ltd, which accused the Central Bank of Nigeria (CBN), Sterling Bank, and Shell Petroleum of mismanagement and fraudulent debits linked to its account,” the bank stated.
In a recent development, on November 20, 2024, the Federal High Court dismissed an application by Miden Systems Ltd and Dr. Usoro seeking to overturn the earlier judgment. The court’s dismissal cited abuse of process, reinforcing the validity of the original ruling and the binding nature of the settlement terms.
Sterling Bank urged stakeholders and the public to disregard unfounded accusations from Miden Systems Ltd, framing them as distractions from their financial responsibilities. The bank maintains that deductions from Miden Systems’ accounts were executed under a legally binding consent judgment.
While reaffirming its dedication to upholding the principles of justice, integrity, and accountability in the face of these small distractions, Sterling assured that it remains a trusted cornerstone of Nigeria’s financial sector, celebrated for its innovative solutions and unwavering commitment to sustainable development through its focus on the HEART sectors (Health, Education, Agriculture, Renewable Energy, and Transportation).
President Bola Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion.
He also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
This was announced on Friday in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.
The ₦68.32 trillion budget for this year earmarks ₦4.799 trillion for statutory transfers and ₦15.8 trillion for debt service.
It allocates ₦15.4 trillion to recurrent expenditure and ₦32.2 trillion to the Development Fund for Capital Expenditure.
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” the statement read in part.
The President also has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
The extension, the statement revealed, would ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
It will enable ministries, departments, and agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure. With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda,” it added.
Additionally, President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
He commended the National Assembly for its diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
The President reaffirmed the importance of sustained collaboration between the executive and legislative arms of government in advancing national development objectives.
Tinubu also assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.
The budget is also expected to be partly financed through external borrowing, following the approval of a foreign loan plan exceeding $21 billion to bridge the fiscal gap.
₦9.85trn Increase
The 2026 budget represents an increase of ₦9.85 trillion over the initial proposal of ₦58.47 trillion that Tinubu submitted to the National Assembly, and ₦13.33 trillion higher than the 2025 budget.
The President had while presenting the 2025 budget proposal before federal lawmakers in December 2025, pegged the capital expenditure at ₦26.08 trillion and the crude oil benchmark at US$64.85 per barrel.
He disclosed that the expected total revenue was ₦34.33 trillion; ₦15.52 trillion for debt servicing.
The proposal was anchored on a crude oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the US Dollar for the 2026 fiscal year.
Amid the growing concerns over insecurity across the country, Tinubu said his administration would “invest in security with clear accountability for outcomes—because security spending must deliver security results”.
“We will take decisive steps to strengthen agricultural markets. Food security is national security.
“The 2026 budget prioritises input financing and mechanisation; irrigation and climate‑resilient agriculture; storage and processing; and agro‑value chains,” he told the National Assembly members.
Nigeria’s budgets in recent years have come under fire with experts critcising the poor implementation and release of funds for the execution of important national projects.
But the Tinubu administration said that the 2026 national budget was well-planned to solidify the gains of its reform agenda.
“Our ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’ is critical. It is a commitment to double down on what is working, to solidify gains, and to ensure that the shared prosperity we speak of becomes a lived reality for more Nigerians, faster,” Minister of Information and National Orientation, Mohammed Idris, said in a statement.
Popular sports broadcast journalist with Classic FM 97.3, Temisan Okomi, has died.
A journalist with News Central, Olawale Adigun, confirmed his death in a statement shared on X on Friday.
He wrote on X, “The worst way to go into the weekend is hearing about Temisan Okomi’s passing. I’m so gutted and, at the same time, terrified. This man meant so much to me.”
Recall that news of his death has since stirred reactions on X, with colleagues and fans expressing shock and grief.
The late journalist had worked with Lagos Television, HiTV, and other prominent media organizations in Nigeria.
His last post on X was on April 14, 2026, when he wrote, “The Champions League is hard, man.”
Ibrahim Abdulkarim, a political associate of ex-governor of Anambra State, Peter Obi, has claimed that the former governor of Kano State, Rabiu Kwankwaso, has agreed to deputize the Obi in the 2027 presidential race.
He spoke during an interview on Trust TV, said the Obidients and the Kwankwassiyya Movements are already aligning towards Obi/Kwankwaso ticket.
Asked if Obi and Kwankwaso had struck a deal, Abdulkarim said “yes, I can categorically tell you that they have agreed”.
We all know that. Both the Obidients and the Kwankwassiyya Movements are aware of the agreement”.
Recall that Kwankwaso recently decamped from the New Nigerian Peoples Party, NNPP to the African Democratic Congress, ADC.
His move stirred suspicion that the two political gladiators may have agreed to run for the 2027 presidency on a single ticket.
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