The Federal High Court in Lagos has issued a restraining order against the House of Representatives and the Chairman of the House Committee on Public Petitions, preventing them from continuing the investigation into Sterling Bank Limited and the Group Chief Executive Officer of Sterling Financial Holdings Company regarding a $17,079,000 loan dispute.
Justice Daniel Osiagor granted the interim injunction to halt the investigation until a Motion on Notice for an interlocutory injunction is heard.
The lawsuit, identified as FHC/L/L/CS/185/2025, was filed by Sterling Bank Limited, Sterling Financial Holdings Company Plc, Yemi Odubiyi, Abubakar Suleiman, Lekan Olakunle, and Dele Faseemo. The defendants include the House of Representatives, Michael Etaba, Dr. Innocent Brendan Usoro, Miden Systems Limited, and the Inspector General of Police.
The court order restrains the House of Representatives and Etaba from inviting or investigating the plaintiffs until the Motion on Notice is resolved. The plaintiffs, in an affidavit, detailed a loan extended to Dr. Innocent Brendan Usoro and Miden Systems Limited in 2009, which was defaulted on, leading to legal action.
Despite ongoing court proceedings, the plaintiffs alleged that the defendants lodged petitions with the National Assembly, accusing the bank of misconduct. The House of Representatives Committee on Public Petitions summoned Sterling Bank and its executives to appear before it on February 5, 2025, disregarding the court case.
The case is set to be heard on February 21, 2025, for the Motion on Notice.