News
Fidelity Bank Defeats Sagecom Concepts Limited At Supreme Court
A five-member panel of the Supreme Court, led by Justice Lawal Garba, on Friday ruled in favour of Fidelity Bank in an appeal it filed against Sagecom Concepts Limited, marking a major victory for the lender in a long-running legal dispute.
The judgment brings definitive closure to a legacy case that has attracted significant attention within Nigeria’s financial sector for more
than two decades.
In a motion dated October 8, 2025, Fidelity Bank had approached the apex court seeking clarification and consequential orders on the mode of settling the judgment debt. Specifically, the bank asked that the liability be paid in naira, that the applicable interest rate be 19.5 per cent per annum rather than 19.5 per cent compounded daily, and that the exchange rate for conversion be based on the date of the High Court judgment, in line with the Supreme Court’s decision in Anibaba v. Dana Airlines.
The bank also sought a declaration that the judgment debt stood at ?30,197,286,603.13, with interest on the sum payable at 19.5 per cent per annum until full settlement.
In a ruling delivered by Justice Adamu Jauro, the Supreme Court granted Fidelity Bank’s prayers one, two and three, but declined to grant prayers four and five.
By the decision, Fidelity Bank is to settle the judgment sum in naira, with interest calculated at 19.5 per cent per annum, rather than the daily compounded rate earlier awarded by the High Court. The court also ruled that the applicable exchange rate for conversion should be that in force on the date of the High Court judgment, consistent with its earlier decision in Anibaba v. Dana Airlines.
The dispute between Fidelity Bank and Sagecom Concepts Limited originated from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. The case arose from a 2002 credit facility extended to G. Cappa Plc and subsequent legal proceedings connected to the collateral.
The Supreme Court’s ruling brings finality to years of litigation and confirms a significantly lower liability than the ?225 billion figure previously speculated in some quarters. The judgment aligns with Fidelity Bank’s long-held position on the computation of the liability and materially contradicts the higher estimates earlier circulated.
Throughout the duration of the case, Fidelity Bank’s share price has remained stable, reflecting sustained investor confidence in the institution’s governance framework, risk management practices, and financial fundamentals.
Industry analysts say the ruling further reinforces the bank’s financial strength and its commitment to transparent and responsible corporate governance.
When contacted for comments, representatives of Fidelity Bank declined to comment on the substance of the judgment but expressed appreciation to the Supreme Court for providing clarity and bringing the matter to a close.
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