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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).
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APC, Opposition Parties Express Fear Over Trump’s Executive Orders
The All Progressives Congress (APC) and other political parties in Nigeria have raised concerns over the potential impact of former United States President Donald Trump’s series of executive orders on African countries, including Nigeria.
Following his inauguration, Trump announced a range of policies that could reshape global trade and diplomatic relations. One of his key proposals was the potential imposition of tariffs on major trading partners like Canada, Mexico, and China, set to begin as early as February 1. Additionally, Trump withdrew the United States from the Paris Climate Accord and the World Health Organization (WHO), decisions that stirred international debate.
In line with his conservative policies, Trump also declared a controversial stance on gender identity, announcing that his administration would officially recognize only two genders: male and female. His sweeping executive orders and immigration reforms sparked diverse reactions globally, including in Nigeria, where political stakeholders have analyzed their potential consequences.
In an interview with Punch, the National Publicity Secretary of the New Nigeria People’s Party (NNPP), Ladipo Johnson, expressed concerns about the broader economic implications of Trump’s policies, particularly on oil prices.
“For instance, Trump believes in drilling. He plans to increase oil production, which will likely lead to a drop in global oil prices,” Johnson explained. “This will undoubtedly affect countries like Nigeria that depend heavily on crude oil exports.”
He further criticized Trump’s perceived isolationist approach, stating, “The man views the world through a lens of American superiority. His rhetoric and actions reflect a belief that others are not equal to Americans. This should serve as a wake-up call for Nigerian leaders.”
Johnson emphasized the importance of self-reliance, urging Nigerian leaders to leverage the country’s abundant natural resources. “We need to focus on electing visionary leaders who will drive development and growth in Nigeria. We cannot continue to rely on foreign powers like the West, China, or Russia. Nigeria has everything it needs to become prosperous,” he said.
Bala Ibrahim, the National Publicity Director of the APC, highlighted lessons Nigeria could learn from Trump’s policies. He urged Nigerians traveling to the United States to ensure they meet all legal requirements to avoid falling victim to stricter immigration laws.
“The key takeaway is for Nigerians to travel legally and abide by the rules. As long as immigrants are law-abiding and fulfill all necessary conditions, America will not harass them,” Ibrahim noted. He advised Nigerians to avoid illegal migration, which often results in dire consequences under tightened U.S. immigration policies.
Kehinde Edun, the National Legal Adviser of the Labour Party, lauded Trump’s “America First” policy as an example of prioritizing citizens’ welfare. “Trump’s focus on protecting America’s interests is something every nation should emulate. Leaders must prioritize the safety and prosperity of their citizens above all else,” Edun said.
He criticized Nigerians who neglect their homeland in pursuit of opportunities abroad, stating, “You cannot abandon efforts to develop your country while seeking refuge elsewhere. Some Nigerians are in foreign countries, roaming the streets and becoming nuisances.”
Edun also commented on the growing trend of Western nations, inspired by Trump’s policies, tightening immigration rules. “By denying illegal immigrants citizenship and birthright privileges, Trump has set a precedent. Other countries are following suit, making it increasingly difficult for people, including Nigerian elites, to use foreign nations as escape routes after mismanaging resources at home,” he concluded.
The reactions from Nigeria’s political parties underscore the broader implications of Trump’s policies on international relations, immigration, and economic stability. While Trump’s actions are driven by a commitment to America’s interests, they highlight the need for Nigerian leaders to adopt proactive strategies that promote self-sufficiency, good governance, and sustainable development.
The debate serves as a reminder that global policies often ripple across borders, compelling nations like Nigeria to reassess their priorities and chart a path toward long-term progress.
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Price of tomatoes crashes amid glut, post-harvest losses
The price of tomatoes has crashed in Lagos and some other parts of the country over what farmers attributed to the glut being experienced due to the harvest season.
A tomato glut, which occurs annually from January to March in Nigeria, is a situation where there is an excess of tomatoes, often leading to a fall in price. This can happen when tomato plants produce more fruits than can be sold.
Tomatoes sell for as low as N10,000 to 12,000 for a 50kg basket, depending on the species. A 25kg plastic crate of tomatoes sells between N6,000 and N7,000 up North.
A big basket of tomatoes in Lagos goes for between N13,000 and N15,000 against N140,000 and N150,000 in May 2024.
Rabiu Zuntu, the chairman, Tomatoes Growers and Processors Association of Nigeria, Kaduna State chapter, attributed the development to harvest season.
“One of the problems we face in the tomato sector is that the period from January, February, and March is the tomato glut (excess harvest of tomatoes).
“During this glut period, households can buy it at a cheaper price and preserve it for the time when the price goes up,” Mr Zuntu said.
Some tomato vendors in Lagos State also acknowledged the price drop and the need for households to preserve the produce now that it is in surplus.
Queen Oloyede, a trader in the Surulere area of the state, said, “Since a week ago, a basket of 50kg tomatoes sells at the Mile 12 market for between N15,000 and N20,000.
“I advise customers to begin to stock up for the time the produce will be scarce in the market.”
Another trader, Judith Amen, said the current price of the highest quality of tomatoes is still a bit expensive.
“Presently, the highest quality of tomatoes at the Mile 12 market sells between N35,000 and N37,000 for a 50kg basket. People should preserve the quantity they can buy,” Ms Amen said.
Similarly, some consumers shared their experiences with journalists on the price of the produce and their preservation efforts.
Catherine Eigbedion, a resident of the Agege area of the Lagos State, said the inconsistent electricity supply hinders her preservation efforts.
“If I know how to preserve tomatoes without freezing them, I will buy more,” Ms Eigbedion said.
On her part, Ebere Dudu, a housewife in the Dopemu area, admitted that the price of tomatoes was affordable presently but unpredictable.
“I bought a small basket at N3,000 recently. That same quantity used to sell for as high as N8,000 or N9,000 months back. If you have the ability to preserve tomatoes, this is the time to use that ability,” Ms Duru said.
Also, Queen Akpan said if she could afford the price, she would preserve the produce for future use.
“If I can afford to buy in bulk, I will do so and save funds for the days it will become expensive,” Ms Akpan said.
(NAN)
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Defamation: Aare Afe Babalola Drops Charges Against Dele Farotimi After Ooni’s Intervention
The founder of Afe Babalola University, Ado Ekiti, Aare Afe Babalola has agreed to drop all defamation charges against the human rights lawyer, Dele Farotimi.
The decision of Babalola was sequel to the intervention of the Ooni of Ife and other prominent Obas in the country.
Farotimi had authored a book “Nigeria and it’s Criminal Justice System where he alleged that Aare Afe Babalola corrupted the Judiciary and procured judgements in the supreme Court.
This development led to his arrest and arraigned in court for defamation.
Addressing newsmen at the school premises in Ado Ekiti, Aare Babalola said today is a special day to him because he is a Yoruba man and very proud to be one.
He said different traditional ruler and personalities both within and outside the country have been on his kneck to pardon Farotimi including Bishop Kukah and Obasanjo.
He said as a Yoruba man, he has no choice than to obey the commandments of the traditional institutions led by Ooni adding that the statement of an Oba in Yoruba traditional from time immemorial is a command.
He said:”I rejected an oil block and defended the EFCC law and also rejected ministerial nominees twice, wondering why any one would just wake up and try to rubbish all he had laboured for.
I have nothing to gain from his imprisonment, I am happy each time I give.
The Ooni of Ife, Oba Adeyeye Oguwusi had earlier appealed passionately to Babalola to consider the various forces and personalities that have intervened in the matter including former president Obasanjo to please pardon Dele Farotimi.
The monarch praised Babalola and commended his contribution to the development of the Yoruba race, the Nation and the world at large.
He said Afe Babalola has done things that inscribed his name in gold, he said the traditional institution is proud of him.
He said:”We all came together to discuss the matter with him and he gave all the full respect to the Obas and agreed.
Ooni said the Obas can attest to the hard work of Babalola and how he had invested so hard to build his name and that can not be ternished and rubbished by anyone.
He said Babalola has proven to the world that he cherished his name and the world has heard him loud and clear.
Dele Farotimi is your son, we give birth to different children in this world and as elders when our children offend us as Yoruba after a little spank, we also pardon such children.
He appealed to Babalola to drop charges against Farotimi.
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