Sterling Bank and its subsidiaries have filed a lawsuit against the House of Representatives, contesting its authority to investigate the bank’s handling of two customer accounts linked to Dr. Innocent Usoro and Miden Systems Limited.
The case, set for hearing on July 18 at the Federal High Court in Lagos, also lists the Inspector-General of Police, Usoro, and Miden Systems as defendants.
The plaintiffs — including Sterling Financial Holdings and executives Yemi Odubiyi, Abubakar Suleiman, Lekan Olakunle, and Dele Faseemo — are seeking a court order to stop the House and its Public Petitions Committee Chair, Michael Etaba, from acting on a police report alleging financial misconduct.
Represented by Femi Falana (SAN), the plaintiffs argue that the National Assembly has no constitutional right to probe the bank’s internal dealings or revisit a 2021 consent judgment on the matter.
Meanwhile, the defendants, through lawyer Rowland Uzoechi, argue the suit is a ploy to obstruct justice. Dr. Usoro claims bank documents were falsified to create a bogus $30 million loan and points to a police report alleging over $122 million in suspicious inflows to Miden Systems’ accounts.
Sterling Bank denies any wrongdoing, asserting the transactions were part of a legitimate loan tied to a 2010 Shell contract.
The case could reshape the boundaries of legislative oversight and test the accountability standards of Nigeria’s banking sector.
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