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Sterling Bank Embroiled in Money Laundering Scandal

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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.

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Just in: Gunmen invade pro-Wike group in Bayelsa

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Gunmen suspected to be hired political thugs disrupted a rally organised in support of Minister of the Federal Capital Territory, Nyesom Wike, on Saturday in Yenagoa, Bayelsa State.

The event, which also marked the inauguration of the NEW Associates group, was meant to thank President Bola Tinubu for appointing sons and daughters of Bayelsa into positions in his administration, while also showing support for Wike, who serves as the group’s grand patron.

Originally scheduled for April 12, the rally had been postponed to April 26 after another group, supporters of Governor Douye Diri, booked the same venue and date for their own rally.

Although both groups eventually rescheduled, tensions remained high.

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Supporters of NEW Associates had gathered early at the Church of God Mission Camp, ready for the event, when armed men suddenly emerged from nearby creeks and bushes, firing gunshots into the air.

The crowd quickly scattered in fear, while security forces including the Nigeria Police, the Nigeria Security and Civil Defence Corps (NSCDC), and the Department of State Services (DSS) responded by pushing back the attackers and searching the surrounding area to prevent further violence.

After the incident, Comrade Ebilade Ekerefe, Secretary of NEW Associates and former spokesperson of the Ijaw Youths Council, accused the state government of trying to disrupt their peaceful gathering.

He insisted the rally would go on, stating that their intention was simply to express gratitude to the President and show solidarity, and questioned why anyone would feel threatened by such an event.

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Similarly, Dr Pabara Igwele, the immediate past Commissioner of Health in Bayelsa, described the rally as peaceful and blamed the disruption on political motives.

He also vowed that the rally would continue despite the attack.

After the initial chaos, supporters regrouped to carry on with the event.

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Senator Manu Haruna Launches Quick Wins Training for Women and Youths in Taraba Central Senatorial District+Photos

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Senator Manu Haruna of the Taraba Central Senatorial District on Saturday concluded a three-day Quick Wins Training program dedicated to empowering women and youths in the District .

The event took place in Jalingo, the capital city of Taraba State, in collaboration with the Maryam Babangida National Centre for Women Development.

The training initiative is aimed to equip participants with practical skills and knowledge that can foster economic independence and stimulate community development. This program is a reflection of Senator Haruna’s commitment to improving the socio-economic status of underrepresented groups within his constituency.

The event was attended by prominent leaders, including Hon. Veronica Alhassan, Member of the House of Assembly for Bali I Constituency, and Hon. Alhassan Hamman, who presented certificates to participants on behalf of Senator Manu Haruna.

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The involvement of critical stakeholders underscored the importance of collaboration between government officials and community leaders in driving sustained progress in Taraba Central.

Among the distinguished attendees were Hon. Ubale Gambo, Hon. Bala Baba, Alhaji Muhammad Nagaggo, Alhaji Raubilu Umar, among others, all of whom are dedicated to fostering development within the region.

Senator Manu Haruna expressed his gratitude to the National Centre for Women Development and all partners involved in the initiative.

He stressed the transformative potential of empowering women and youths, noting the necessity for continued support and resources to ensure sustainable growth in Taraba State.

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This Quick Wins Training is poised to have a long-lasting impact on participants, equipping them with essential skills to make valuable contributions to their communities and the broader economy of Taraba State. By investing in the future of these underprivileged groups, the program seeks to inspire change and promote self-sufficiency among the local populace.

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Baptist Convention to Tinubu: Convene National Security Summit Immediately

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Disturbed by the resurgence spate of insecurity across the nation, the Nigerian Baptist Convention (NBC) has urged President Bola Tinubu to urgently convene a national security summit.

The proposed summit, according to the Convention, should bring together former Presidents, Heads of State as well as current and past security chiefs to chart a new course for tackling the worsening security crisis.

Speaking at a briefing ahead of the Convention’s 112th Annual Session and the 175th anniversary of Baptist missionary work in Nigeria, President of the Convention, Rev. Dr. Israel Akanji, said the proposed summit should include the Minister of Defence, Service Chiefs, the Inspector General of Police and heads of intelligence agencies.

He decried the deepening insecurity across the nation, citing recurring incidents of mass killings, kidnappings, and terrorist attacks in Plateau, Benue, Katsina, Zamfara, and Borno states.

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He said: “The spate of mass burials in Bokkos, Barkin Ladi, Bassa, and other communities is deeply disturbing and unacceptable. This is not the time for lip service.”

He reiterated the Convention’s call for the creation of State Police, insisting that the current centralized policing model is inadequate for Nigeria’s security needs.

While noting some improvements in foreign investment inflow, he called on the government to intensify efforts to make Nigeria more attractive to investors.

Speaking on the convention with the theme: “Entering into Newness through Fasting and Prayer,” the NBC Convention President said the event will open Saturday, April 26 at the Baptist International Convention Centre along the Lagos-Ibadan Expresswayand and hosted by the Providence, Ethiope, and Anioma Delta Baptist Conferences.

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Akanji also extended condolences to the Roman Catholic Church over the passing of Pope Francis, who died on Easter Monday, April 21, 2025, in Vatican City, a day after delivering his Easter message. “What a glorious exit,” he said.

The Nation reports that, the Nigerian Baptist Convention was established as a national body on March 11, 1914 during a meeting at First Baptist Church, Idikan Street, Ibadan.

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