The Nigeria Police on Wednesday accused Sterling Bank of involvement in alleged money laundering, fraudulent deductions, and other financial crimes perpetrated by its staff.
This revelation was contained in a report presented to the House of Representatives Committee on Public Petitions during the hearing of a petition filed by Maiden Systems Ltd against Sterling Bank, the Central Bank of Nigeria (CBN), and Shell Petroleum Development Company in Abuja.
Maiden Systems Ltd alleged mismanagement, fraudulent debits, and misappropriation of funds in its accounts domiciled with Sterling Bank.
Presenting the findings, Chief Inspectors of Police Kabiru Yahaya and Sunny Amison, representing the Inspector General of Police, stated that after an extensive investigation and arrests, the bank was found culpable in the allegations raised.
โWe uncovered non-issuance of account statements, fraudulent debits, and fund misappropriation. Maiden Systems operated four accounts with Sterling Bankโtwo in U.S. dollars and two in Nairaโwhere major remittances from Shell Petroleum Development Company were domiciled. Despite claims that the company received statements electronically, there is no evidence to support this,โ Yahaya said.
The investigation further revealed significant discrepancies, including unauthorized loan repayments from Maiden Systemsโ account totaling over $28.3 million. These transactions, according to CSP Amison, lacked proper documentation or explanation from Sterling Bank officials.
Key instances cited include:
โข $2.4 million debited on September 29, 2016.
โข $1.256 million debited on November 14, 2016.
โข $28.3 million debited on January 16, 2017.
โDespite repeated requests for clarification, the bank has failed to provide evidence or bring forward account officers who managed these transactions,โ Amison added.
The Police recommended further investigations, hinting at potential money laundering activities and systemic financial mismanagement.
In response, Chairman of the Committee, Hon. Mike Etaba, assured all parties that the report would be thoroughly reviewed and justice served.
โWe will study the findings carefully, and I assure everyone that justice will prevail,โ Etaba stated.
