Judiciary upholds ruling suspending prosecution of banking leaders

A Federal High Court in Lagos has reaffirmed an existing order, instructing all parties involved to refrain from taking additional actions related to the criminal allegations against a new generation bank and its top executives, until a pending lawsuit is resolved.

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The order was reiterated by Justice D. Osiagor during a court hearing, which involved the bank and five other plaintiffs, as well as the House of Representatives and four other defendants.

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At the hearing, Femi Falana, SAN, represented the plaintiffs, including Sterling Bank, while L. Alozie, SAN, appeared on behalf of the 4th defendant, and Sylvester Azubuike represented the 5th defendant.

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Other defendants were also represented by their respective counsel during the court proceedings.

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Justice Osiagor reemphasized the court's existing directive, which prohibits any further action on the criminal allegations against the bank and its officials, until the lawsuit challenging the defendants' actions is determined.

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The lawsuit, filed by the bank, Sterling Holding Company, and some of the bank's executives, disputes the authority of the House of Representatives Committee on Public Petitions to investigate a banker-customer dispute between the bank and Miden Systems Limited, as well as its principal, Dr. Innocent Usoro.

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The court has adjourned the matter until May 11, 2026, to allow for further proceedings to take place.