The Federal High Court, Abuja, has reserved ruling in a multi-million-dollar loan agreement dispute between Miden Systems Limited and Sterling Bank Plc over alleged multi-million-dollar claims involving the former’s domiciliary account.
Justice James Omotosho fixed December 12, 2025, for ruling after hearing oral arguments from the legal teams of both parties, Naijaonpoint exclusively reports.
Miden Systems, which provides oil and gas, maritime, consulting, and engineering services from its Lekki, Lagos base, accused the bank of unapproved withdrawals and breaches of contract terms.
Sterling Bank, one of Nigeria’s leading financial institutions, strongly denies the claims, accusing the company of loan contract breach.
Among other reliefs, Miden seeks a court order directing Sterling Bank to immediately refund $41,555,010.19, allegedly diverted from its dollar account to one “AA,” tagged as “AA Loan Repayment,” without its authorization.
The company is also asking the court to compel the bank to refund $4,870,810.06 and N12 million, allegedly transferred to “Chasewood” without its consent.
Miden disclosed that it had secured a contract with Shell Petroleum Development Company (SPDC) in 2010 for the acquisition of six vessels, four tugboats and two crew boats, and 25 light marine vessels, valued at approximately $24 million.
Following the SPDC contract, Miden said it applied to Sterling Bank for a Vessel Finance Facility/Term Loan to fund the project, which was approved.
However, the company alleged that the bank carried out “several infractions and unauthorized debits” outside the agreed loan terms.
According to its counsel, L.M. Alozie (SAN), the alleged mismanagement and misappropriation of funds by the bank caused “untold business hardship and setbacks” for the company.
In a preliminary objection filed in October 2025 by its counsel, Olumide Aju (SAN), and seen by Naijaonpoint, Sterling Bank urged the court to dismiss Miden’s case for being “incompetent in law, an abuse of court process, and lacking jurisdiction.”
The bank confirmed granting Miden a $30 million loan facility but accused the company of defaulting on repayment.
According to a court affidavit deposed to by the bank’s litigation manager, Miden’s indebtedness stood at $30.8 million as of March 19, 2021.
Aju stated that due to Miden’s alleged default, the bank initiated Suit No: FHC/CS/946/2021 – Sterling Bank Plc v. Miden Systems Limited & Anor, filed on July 3, 2021, seeking recovery of the outstanding principal and interest on the credit facilities.
Following negotiations, the bank said parties reportedly entered into a Terms of Settlement, which was adopted as a consent judgment of the Federal High Court in the earlier suit.
“The Terms of Settlement were signed by all parties and entered as a consent judgment of this Honourable Court in Suit 946,” the bank noted, adding that the parties began implementing the court-approved terms thereafter.
“The Terms of Settlement were signed by all parties and entered as a consent judgment of this Honourable Court in Suit 946,” the bank noted, adding that the parties began implementing the court-approved terms thereafter.
Aju further alleged that in 2024, Miden filed another suit before Justice A. Lewis-Allagoa at the Lagos Division of the Federal High Court on the same subject matter, which he described as “a gross abuse of court process.”
He explained that Justice Lewis-Allagoa, in a ruling delivered on November 20, 2024, dismissed Miden’s case on grounds of estoppel per rem judicatam — meaning the matter had already been determined and cannot be re-litigated.
The bank’s counsel added that Miden has since appealed the decision, urging Justice Omotosho to hold that the consent judgment remains binding and final.
At the resumed hearing in November 7, 2025, Sterling Bank’s counsel argued that the current suit before Justice Omotosho was essentially the same as the one decided in Lagos.
Naijaonpoint reports that Miden Systems Limited and Sterling Bank Plc are entangled in several pending and concluded legal disputes involving multi-million-dollar claims by both parties.
The ongoing case adds to a growing list of high-stakes debt recovery and banker–customer relationship litigations between corporate borrowers and Nigerian financial institutions.