Miden Systems Limited, an Abuja-based firm, has dragged Sterling Bank Limited and some of its management staff before the Chief Magistrate’s Court, Wuse Zone 2, Abuja, over allegations of conspiracy, forgery, fraud, criminal breach of trust, and misappropriation of funds running into over $200m.

The case, presided over by Magistrate Njideka Duru, was slated for hearing on Monday but was stalled due to the ongoing Nigerian Bar Association (NBA) Conference in Enugu.

The matter was subsequently adjourned to September 10 for mention.

In a 29-page charge filed through its counsel, Louis Alozie, a Senior Advocate of Nigeria, Miden Systems accused the bank, its Chief Executive Officer, Sterling Financial Holdings Company Plc, and four others of using the company’s name to illegally open accounts and siphon its domiciled funds.

The complainant alleged that the defendants diverted foreign currency revenues meant for loan settlements for their personal gain, carried out massive unauthorized debits on its account, and deliberately denied it access to account statements despite repeated requests.

According to Miden, the bank unlawfully placed a lien on all its accounts without notice, shut it out of internet banking, and even refused to issue cheque books, all in a bid to conceal suspicious transactions.

One instance cited in the charge revealed that when Miden remitted dollar revenues at a period when the exchange rate stood at N150/$1 (with the market rate at N198/$1), the bank allegedly stockpiled over N2bn in its account.

By the time the naira had depreciated to nearly N500/$1, the bank reportedly sold the funds at the higher rate, rendering the original value of the dollars “almost worthless.”

The company also accused the bank of fabricating a N30m loan facility in its name barely three months after it had cleared all outstanding loans in 2017. It contended that the loan was unsolicited, unauthorized, and approved with forged signatures purportedly belonging to its Board of Directors.

Within days of booking the loan, the bank allegedly disbursed over N30m to a single beneficiary identified only as “AA.”

Similarly, Miden claimed that a separate $3m loan was fraudulently booked to another firm, Chasewood Limited, which later denied ever applying for such.

The facility was then shifted to Miden’s account on the pretext that both companies were “sister companies” — a claim Miden insists is false since the two are independent entities with no ownership ties.

In another revelation, Miden said it discovered forged documentation linked to a loan facility allegedly granted to the defendants by Afrexim Bank, involving what it described as “massive identity theft.”

The company also accused the bank of opening additional accounts in its name using a fictitious office address in Wuse 2, Abuja, unknown to it.

The company noted that after several failed attempts to resolve the matter directly with the bank, it petitioned the House of Representatives Committee on Public Petitions.

Following its review, the committee referred the allegations to the Inspector-General of Police (IGP). An investigation was carried out, and in February 2025, the police reportedly indicted the defendants in their report.

Nigeria has emerged as the largest stablecoin market in Africa, with nearly $22 billion in transactions recorded between July 2023 and June 2024.

This was stated in the latest report released by Yellow Card titled, ‘Stablecoin Adoption in Emerging Markets – The Report for Global Business Leaders’.

The report which is Yellow Card’s third and final report for 2025 underscores the exponential growth of stablecoins globally, from a market cap of $5 billion in 2020 to $230 billion as of May 2025.

In Sub-Saharan Africa, stablecoins now account for 43 per cent of all crypto transaction volume.

Nigeria stands out as the continent’s largest stablecoin market, with nearly $22 billion in transactions between July 2023 and June 2024, followed by South Africa and other rapidly growing markets such as Kenya and Ghana.

According to the company, while stablecoins are globally recognized for international payments and settlements, their adoption in emerging markets has revealed a deeper story.

From cross-border trade to treasury management and inflation hedging, stablecoins are driving innovation and financial inclusion in regions where traditional systems often fail.

Lasbery Oludimu, vice president of global operations and managing director of Yellow Card Nigeria, emphasized the importance of the report, saying that “this report highlights the significant role of stablecoins in emerging markets. It demonstrates how stablecoins are crucial for financial inclusion and economic empowerment, especially where traditional banking is unreliable. From facilitating cross-border trade to aiding treasury management, stablecoins are now a fundamental tool for financial stability and efficiency.”

The report noted that “this surge in adoption comes against a backdrop of major global trade disruptions. In August 2025, the United States introduced sweeping tariffs of 10 per cent to 30 per cent on exports from 47 African nations.

“While the policy rattled traditional markets, in Africa, it is accelerating the shift toward dollar-backed digital assets like USDC and USDT as businesses and individuals sought to bypass dollar scarcity, protect purchasing power, and assert monetary sovereignty. The passing of the GENIUS Act in the United States earlier this year – further legitimising stablecoins globally and setting clear regulatory frameworks – the U.S. has indirectly spurred confidence in African markets to expand adoption.”

The report also examined how African fintechs are driving stablecoin-powered solutions that are faster, cheaper, and more inclusive than legacy banking systems.

From Lagos to Nairobi, startups are embedding stablecoins into mobile money platforms, cross-border trade, payroll, and treasury management, creating a scalable model for other emerging economies.

Somtochukwu Nsofor, Nigeria country  manager, said that “stablecoins in Nigeria show promise in oil and gas, manufacturing, and banking by enabling fast, low-cost cross-border payments and mitigating FX risks. But issues like dollarisation concerns, rural digital literacy, and infrastructure gaps still hinder broader growth.”

With its bold entrance into emerging markets and operating in over 20 African countries, Yellow Card continues to be the continent’s leading stablecoin payments infrastructure provider.

Fidelity Bank Plc, tier-one lender, has announced the resumption of international transactions on its Naira Debit Cards.

This recommencement gives customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.

Ifeoma Onibuje, divisional head, eBanking, Fidelity Bank Plc, while shedding light on the development, said: “We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use. This means that our travelling customers can now utilise their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”

“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs.”

The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards.

This further reinforces Fidelity Bank’s commitment to delivering solutions that fit seamlessly into customers’ lifestyles. With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.

Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits ranging from air­port lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.

This move reflects the bank’s commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond. The bank has deliberately made the process of getting a Fideity Naira card seamless.

Customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Mon­ey Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom sub­sidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.