The Federal High Court in Abuja has dismissed a loan dispute case filed by Miden Systems Limited against Sterling Bank Plc over alleged multi-million-dollar claims involving the former’s domiciliary account.
Justice James Omotosho dismissed the case in a ruling delivered on December 11, 2025, Nairametrics exclusively reports.
Recall that Justice Omotosho had adjourned 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 contractual terms.
Sterling Bank, one of Nigeria’s leading financial institutions, strongly denied the claims, accusing the company of breaching its loan agreement.
Miden’s Claims vs. Sterling Bank’s Counter-Claims
Among other reliefs, Miden sought a court order directing Sterling Bank to immediately refund $41,555,010.19, allegedly diverted from its dollar account to an entity identified as “AA,” tagged as “AA Loan Repayment,” without its authorization.
Miden disclosed that it 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, allegedly causing “untold business hardship and setbacks” for the company.
In a preliminary objection filed in October 2025 by Sterling Bank’s counsel, Olumide Aju (SAN), and seen by Nairametrics, the 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 an affidavit deposed to by the bank’s litigation manager, Miden’s indebtedness stood at $30.8 million as of March 19, 2021.
Aju further 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.
He added that following negotiations, the parties reportedly entered into Terms of Settlement, which were adopted as a consent judgment of the Federal High Court in the earlier suit.
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, describing it as “a gross abuse of court process.”
Court Ruling
Ruling on the matter on December 11, Justice Omotosho agreed with the bank that Miden’s case amounted to an abuse of court process.
The judge reviewed the exhibits before him, including evidence that Justice Lewis-Allagoa of the Federal High Court, Lagos Division, had 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 could not be re-litigated.
Having confirmed the defect in Miden’s case, the judge dismissed it.
What to Know
Nairametrics 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 ruling adds to a growing list of high-stake debt recovery and banker–customer relationship litigations between corporate borrowers and Nigerian financial institutions.
