Court Halts Criminal Allegations Against Sterling Bank Executives

On July 18, 2025, Justice Daniel Osiagor of the Federal High Court in Lagos reaffirmed an earlier order that restrains parties from taking further steps regarding criminal allegations against executives of Sterling Bank pending the determination of a substantive suit. The case, identified as suit no.

FHC/L/CS/158/2025, involves Sterling Bank and five other plaintiffs, with representation from Femi Falana SAN and Funmi Falana SAN for the plaintiffs, and L.M. Alozi SAN and Sylvest Azubuik for the defendants.

The dispute arose from a $17,079,000 loan granted to Miden System Limited in 2009, which the bank alleges has not been repaid. Despite a consent judgment acknowledging a liability of $31.3 million, further criminal complaints were filed, prompting the court to reiterate its order against any criminal actions until the substantive issues are resolved.

The next court proceedings are scheduled for May 11, 2026.