Nig Police Indicts Sterling Bank On Money Laundering

The Nigeria Police has indicted Sterling Bank over allegations of money laundering, fraudulent deductions, and other financial crimes committed by its staff.

The indictment stems from a petition filed by Maiden Systems Ltd against Sterling Bank, the Central Bank of Nigeria (CBN), and Shell Petroleum, alleging mismanagement, fraudulent debit, and misappropriation of funds from its account with Sterling Bank.

A police investigation revealed discrepancies in the bank’s statement of account, including non-issuance of statements, fraudulent debits, and misappropriation of funds.

The police also discovered a Debt Service Repayment Account (DSRA) with debits totaling $28.3 million, which the bank couldn’t explain.

The police recommended that Sterling Bank be held accountable for financial mismanagement, fraudulent debit, misappropriation of funds, and possible money laundering.

The Chairman of the House of Representatives Committee on Public Petition, Mike Etaba, assured both parties that the report would be studied, and justice would be served.

Oduyemi Odumade, Edited By Grace Namiji