A major scandal has unfolded as police investigations reveal claims of financial mismanagement and fraudulent activities involving Sterling Bank and Maiden Systems Ltd, a company that accused the bank of mishandling its money.
The case was presented at a hearing held by the House of Representatives Committee on Public Petitions in Abuja. Maiden Systems Ltd had filed a complaint, accusing Sterling Bank, the Central Bank of Nigeria (CBN), and Shell Petroleum Development Company of taking money from its accounts without proper explanations.
What the Police Found
Police officers Kabiru Yahaya and Sunny Amison, who were assigned to investigate, said the bank could not provide enough evidence to refute the accusations. Here are some of their key findings:
- Missing Account Statements: Maiden Systems claimed it was not given proper statements of its account. The bank said it sent these electronically, but there was no proof of this.
- Suspicious Deductions: The police discovered that over $28 million was taken from the company’s account, supposedly for loan repayments. However, the bank could not clearly explain these deductions, including:
- $2.4 million on September 29, 2016
- $1.25 million on November 14, 2016
- $28.3 million on January 16, 2017
- Confusing Loan Details: The company had taken a loan of $30 million, but the records on how the loan was repaid didn’t match up. Even the bank’s own documents showed unclear and inconsistent figures.
- Possible Money Laundering: The way funds were moved between accounts raised concerns about money laundering. The police said they couldn’t investigate this deeply because of a lack of cooperation from the bank.
What Happens Next?
The Chairman of the Committee, Mike Etaba, promised that the committee would carefully review the police report and ensure that justice is served.
This case highlights the importance of financial transparency and accountability, especially when large sums of money are involved.
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