LAGOS — The Federal High Court in Lagos has adjourned till July 18, 2025, the hearing of a high-profile suit filed by Sterling Bank Limited and its affiliates against the House of Representatives and its Committee on Public Petitions.
Presided over by Justice Daniel Osiagor, the case challenges the legislative probe into alleged financial misconduct involving two of the bank’s customers — Dr. Innocent Usoro and Miden Systems Limited.
The plaintiffs — Sterling Bank, Sterling Financial Holdings Company Plc, and top executives Yemi Odubiyi, Abubakar Suleiman, Lekan Olakunle, and Dele Faseemo — are seeking a perpetual injunction to restrain the House and the committee’s chairman, Hon. Michael Etaba, from acting on a police report that links the bank to suspicious transactions.
Represented by senior lawyer and rights advocate, Mr. Femi Falana, SAN, the plaintiffs argue that the National Assembly lacks the constitutional authority to investigate private banking transactions or revisit a consent judgment previously issued in their favour by the court in 2021.
Among the defendants are Dr. Usoro, Miden Systems Limited, and the Inspector General of Police. In a strong rebuttal, defence counsel Rowland Uzoechi accused the plaintiffs of attempting to obstruct justice through the courts, labeling the suit as hypothetical and lacking jurisdictional merit.
In a 40-paragraph counter-affidavit, Usoro alleged that Sterling Bank falsified documents to create the impression of a nonexistent $30 million loan. He claimed to have been in the United States on the date the documents were allegedly executed and identified signatures of unauthorized or fictitious personnel.
According to him, the Inspector General of Police’s investigation in January 2025 uncovered suspicious inflows exceeding $122 million into Miden Systems’ accounts — funds allegedly withdrawn using questionable descriptions. Usoro further claimed that forged board resolutions, lease agreements, and personal guarantees were used to deceive the court and secure a previous Mareva injunction.
The matter, which raises critical questions on legislative oversight, judicial authority, and the integrity of financial institutions, has also been slated for an additional hearing on April 30, 2025.
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