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.
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.
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.
After listening to both parties, Justice Omotosho reserved ruling till December 11, 2025.
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