Alleged Fraudulent Acts Over Sterling Bank: CSO Protests At CBN, Submits Petition Against Bank

A Coalition of Civil Society Organizations against Banks Fraudulent Practices and Customers Victimization, on Wednesday, staged a peaceful protest at the Abuja headquarters of Central Bank of Nigeria.

At the apex bank’s office, the group submitted a petition, which was received by the Acting Director, Corporate Communications, Central Bank of Nigeria.

The petition dated Monday 6th October, 2025, was addressed to Mr. Olayemi Cardoso, Governor, Central Bank of Nigeria, Abuja.

The protesters displayed placards with several inscriptions like; conspiracy; forgery; criminal breach of trust; taking loan is not a crime; stop suffocating your customers; theft; make loan repayment transparent etc.

Comrade Flora Elekwa, Director, Mobilization and Advocacy of the CSO, told officials of the CBN that the trend of fraudulent activities occasioned by unwarranted deductions is becoming alarming and portrays the banking sector in bad light.

The petition was signed by Comrade (Dr.) Sam Wisdom, National Coordinator; Comrade Flora Elekwa, Director, Mobilization and Advocacy; and Lady Cecilia Bisong, National Organizing Secretary.

The CSO stated that it is common knowledge that for a long time, bank customers have been at the mercy of some banks, which on a regular basis debit them for all manner of reasons, some of which are questionable and dubious including hidden charges.

When put together, according to Mrs Elekwa, “these charges amount to loss of millions of Naira by bank customers to the effect that banks declare trillions yearly as profit at the detriment of the customers who lacked the voice to complain.

“Even the regulatory agencies seem to be helpless in this situation.

“The street protest and advocacy match was aimed at drawing the attention of the government, regulatory authorities, and the general public to these unwholesome, illegal practices with a view to rectifying the situation” Mrs Elekwa said.

Particularly, the group pleaded with the CBN as a supervisory government agency responsible for monitoring and supervision of all banks and financial institutions in Nigeria to immediately ask the Management of a new generation bank to meet the Management of Miden Systems Ltd and harmonize the accounts and refund the company it’s money.

The company alleged that the bank through its Chief Executive Officer together with the bank’s Financial Holdings Company Plc and four other defendants used it’s name to open various spurious accounts through which it syphoned the company’s funds domiciled with the bank up to the tune of over $200,000,000 (Two Hundred Million Dollars).

According to the Company, “Funds were moved and misappropriated by the bank at reckless abandon with huge and massive spurious debits to the company’s account.

The Company further stated that in line with standard bank practices and extant applicable laws, it continuously and consistently demanded for its statement of account”.

However, the company alleged that the bank rather than do so, denied it access to its funds, the group states in the petition.

Responding, the Acting Director, Corporate Communications, CBN, assured the protesters that their grievances would be addressed, and thanked the group for organizing a peaceful protest.

Similarly, the group headed to the office of Sterling Bank to submit a petition.

However, the bank authority didn’t come out to address the group of protesters who felt slighted and disrespected.

For over two hours, the protesters occupied the frontage of the bank’s office, chanting and singing.