A five-member panel of the Supreme Court, led by Justice Lawal Garba, on Friday delivered a landmark ruling in favour of Fidelity Bank in its appeal against Sagecom Concepts Limited.
The decision marks a significant victory for Fidelity Bank in a long-running legal dispute, bringing definitive closure to a case that has drawn attention across Nigeria’s financial sector for more than two decades.
In a motion dated October 8, 2025, Fidelity Bank sought clarification from the Supreme Court, requesting a consequential order that the judgment debt be paid in Naira.
The bank also asked that the interest rate be set at 19.5% per annum rather than 19.5% compounded daily.
Additionally, Fidelity requested that the exchange rate for conversion be based on the rate on the date of the High Court judgment, consistent with the Supreme Court’s decision in Anibaba v. Dana Airlines.
Fidelity further sought a fixed judgment debt of ₦30,197,286,603.13, with interest payable at 19.5% per annum until full settlement.
In a ruling delivered by Justice Adamu Jauro, the apex court granted the bank’s first three requests but declined the fourth and fifth. Consequently, the judgment sum will be paid in Naira at an annual interest rate of 19.5%, rather than the previously awarded daily compounded rate.
The Supreme Court also confirmed that the applicable exchange rate should be that of the High Court judgment date, in line with its earlier precedent.
The dispute traces its origins to a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005.
On April 11, 2025, the Supreme Court issued a unanimous decision on a pair of loans obtained by engineering firm G. Cappa Plc from FSB International Bank in the early 2000s.
The loans—recorded as $3 million and N100 million—were executed prior to Fidelity Bank’s acquisition of FSB International and its liabilities during the 2005 banking sector consolidation.
The facility carried a prohibitive interest rate per annum, and following an alleged default by G. Cappa, Fidelity began seizing the company’s assets in Ikoyi and Ibadan that had secured the loans.
G. Cappa subsequently filed a lawsuit, and a federal judge in Lagos ordered Fidelity to desist from aggressive asset depletion, according to court documents quoted by Peoples Gazette.
This Supreme Court ruling finally settles years of litigation and establishes a significantly lower liability than the N225 billion previously speculated in some quarters.
It aligns with Fidelity Bank’s consistent computation and materially contradicts earlier estimates.
Throughout the protracted case, Fidelity Bank’s share price remained stable, reflecting investor confidence in its governance, prudent risk management, and strong financial fundamentals. Industry experts say the judgment reinforces the bank’s financial strength and commitment to transparent, responsible governance.
Fidelity Bank representatives declined to comment on the matter but expressed gratitude to the Supreme Court for bringing clarity and finality to the dispute.
