Bank
Sterling Bank Petitions IGP over Exploitation of NASS, Police Force CID
Sterling Bank Petitions IGP over Exploitation of NASS, Police Force CID
Lagos, Nigeria — Nigeria’s leading commercial bank, 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)
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
Bank
Separating Fact from Confusion: What Nigerians Need to Know About the 7.5% VAT on Banking Service Fees
In recent weeks, digital-banking customers and social media, especially on Twitter have raised concerns about deductions labelled as “VAT” on transfers and other charges.
Some dangerously false narratives, which when you take a critical look, you’ll clearly see that they have been orchestrated and sponsored by malicious elements, have given the impression that the 7.5% Value Added Tax (VAT) is a new or arbitrary charge introduced by fintechs, or that it applies to the amounts customers send. These claims are misleading and deserve careful clarification which is the purpose of this piece.
First, it’s important to understand how VAT works in Nigeria’s financial sector today. VAT on fees and charges for financial services has long been part of Nigeria’s tax system. The then Federal Inland Revenue Service (FIRS) had issued information circulars on March 31, 2021 where it stated that VAT on Financial Services (Circular No. 2021/04) that most fees, commissions, and charges by financial institutions (banks, insurance companies, brokers) are subject to 7.5% VAT.
This justifies a recent advertorial the Nigeria Revenue Service (NRS) which stated unequivocally that VAT was not newly introduced on banking service charges by recent tax reforms, and that it did not impose a new tax obligation on customers in that regard.
However what was left unsaid in that publication was that on the 12th of December, the tax agency had written to all financial institutions and payment gateways based on past meetings with operators that following from the new Tax Act, they were reminded of their mandatory obligations to collect, deduct and remit VAT at the prescribed rate.
The Agency then gave an 18- day grace period to all players to configure and align their systems while directing full compliance with the directive with effect from January 19, 2026. And so, some fintechs sent messages to their customers in the spirit of clarity and transparency.
It must be said that what has changed is that in a bid to widen the tax net, microfinance banks and fintechs who were not obligated to deduct and remit said VAT before now, have now become compelled to do so. The enforcement and standardised collection of VAT across banks and fintech platforms including mobile transfers, USSD transaction fees, and card issuance fees with compliance deadlines issued by tax authorities. So why anyone would vilify any financial institution obeying the laws of the land beats my imagination.
For those who have raised questions around transparency and wrongly suggesting that fintechs are suddenly imposing new, unexplained costs on users – as it has been explained above, this is a matter of regulatory compliance, not a lack of transparency or customer exploitation. These VAT deductions are not new fees created by the companies themselves, and providers are not arbitrarily raising their prices.
In closing, two things that everyone must bear in mind as we move forward in this new tax climate – all stakeholders including fintech platforms and regulators must communicate better and clearly. Nigerians must refrain from peddling unsubstantiated claims and malicious narratives, it has no benefits for anyone and erodes trust in systems.
FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025
Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING