Bank files lawsuit against the House of Representatives over investigation into customers' accounts
Mark your calendars, folks! The Federal High Court in Lagos has set the stage for an epic showdown between Sterling Bank and the House of Representatives on July 18, 2025. At the heart of this confrontation is a dispute over the House's authority to probe the bank's financial transactions, a matter that is already settled by Nigerian courts.
Sterling Bank, along with its subsidiaries, senior executives, including Yemi Odubiyi, Abubakar Suleiman, Lekan Olakunle, and Dele Faseemo, are throwing their might behind a legal battle to prevent the House and its Public Petitions Committee Chairman, Michael Etaba, from wading into the bank's internal affairs.
In this legal tussle, human rights attorney Femi Falana (SAN) is the man behind the lawsuit that claims the National Assembly doesn't have the constitutional right to meddle in the bank's business with its clients or revisit a consent judgment issued by the Federal High Court in 2021. The bank refers to sections 88 and 89 of the 1999 Constitution, insisting that the House has no business summoning bank executives or staff based on a police report that alleges financial misconduct.
The plaintiffs argue that the House is tryin' to stir up some old shit that's already been settled, and they're bloody determined to stop that from happening.
On the other side, the House and its attorney, Rowland Uzoechi, will argue that the lawsuit is just a cunning strategy to skirt accountability and avoid scrutiny. They'll likely claim that the questionin' posed by the plaintiffs ain't got jack to do with justice and are purely theoretical.
Dr. Innocent Usoro, one of the defendants, has accused the plaintiffs of doctorin' up loan documents to imply a nonexistent $30 million loan transaction. In a detailed counter-affidavit, he's accused the plaintiffs of tryin' to pull the wool over the court's eyes regarding $122 million in dubious inflows into Miden Systems' accounts, with a significant chunk of that dough goin' missing under shady circumstances.
The resolution of this case could have far-reachin' consequences for the 'authority of legislative oversight and the integrity of financial institutions in Nigeria. It's gonna be a real nail-biter, so keep an eye out for updates!
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[1] legislation and court documents[2] data protection laws and media reports
- The Federal High Court in Lagos has scheduled a legal face-off between Sterling Bank and the House of Representatives for July 18, 2025, challenging the House's authority to investigate the bank's financial transactions.
- The bank, accompanied by its executives such as Yemi Odubiyi, Abubakar Suleiman, Lekan Olakunle, Dele Faseemo, and human rights attorney Femi Falana (SAN), are united in their legal fight against the House and its Public Petitions Committee Chairman, Michael Etaba, to keep them out of the bank's internal affairs.
- The lawsuit argues that the National Assembly lacks the constitutional right to delve into the bank's clients' financial transactions or revisit a 2021 consent judgment issued by the Federal High Court. This dispute revolves around sections 88 and 89 of the 1999 Constitution, which the bank claims the House should not violate by summoning bank executives or staff based on a police report alleging financial misconduct.
- The House and its attorney, Rowland Uzoechi, will counterarguments that the lawsuit is merely a tactic to bypass accountability and evade scrutiny, maintaining that the questioning posed by the plaintiffs has no link to justice and is purely theoretical.
- Dr. Innocent Usoro, one of the defendants, in his counter-affidavit, accuses the plaintiffs of falsifying loan documents to imply a $30 million loan transaction that never occurred. He also accuses them of attempting to deceive the court concerning $122 million in questionable inflows into Miden Systems' accounts, with a substantial amount vanishing under suspicious circumstances.
- The resolution of this case could profoundly impact the authority of legislative oversight and the honesty of financial institutions in Nigeria, making it a highly anticipated court verdict.
- Bonus reads available include discussions on constitutional matters, legislative investigations, and invitations to government officials and state assembly leaders for crucial meetings.
- Other ongoing investigations involve mismanagement of government funds, with the Central Bank of Nigeria (CBN) Governor and the Attorney General of the Federation (AGF) being summoned to explain their roles in these matters.
