The Supreme Court has ruled in favour of Fidelity Bank in its long-running legal battle with Sagecom Concepts Limited, effectively bringing an end to a case that has lingered in Nigeria’s financial sector for more than 20 years.
In a judgment delivered on Friday, a five-man panel of the apex court, led by Justice Lawal Garba, upheld Fidelity Bank’s appeal, marking a major legal victory for the lender.
The decision followed a motion filed by Fidelity Bank on October 8, 2025, in which the bank sought clarification on key aspects of the judgment debt arising from earlier court decisions. Specifically, the bank requested that the judgment sum be paid in naira, that interest be charged at a flat rate of 19.5 per cent per annum rather than 19.5 per cent compounded daily, and that the applicable exchange rate be that which prevailed at the time of the High Court judgment, in line with the Supreme Court’s ruling in Anibaba v. Dana Airlines.
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Fidelity Bank also asked the court to confirm the judgment debt at N30,197,286,603.13 and to order that interest on the sum be paid at 19.5 per cent per annum until full settlement.
Delivering the ruling, Justice Adamu Jauro granted the bank’s first three prayers but declined the requests relating to the specific computation of the judgment sum and the interest payable on it. The court consequently ordered that the debt be settled in naira, with interest charged at 19.5 per cent per annum, rather than on a daily compounded basis as previously awarded by the High Court. The Supreme Court also affirmed that the exchange rate applicable should be that in force on the date of the High Court judgment.
The dispute originated from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. It stemmed from a credit facility extended in 2002 to G. Cappa Plc and subsequent legal proceedings linked to the collateral.
The apex court’s clarification brings finality to the prolonged litigation and confirms a significantly lower financial exposure than the N225 billion figure that had been speculated in some quarters. The ruling aligns with Fidelity Bank’s long-standing position on the matter and dispels concerns over exaggerated liabilities.
Throughout the duration of the case, Fidelity Bank’s share price has remained relatively stable, a development analysts attribute to investor confidence in the bank’s governance structure, risk management practices and overall financial strength.
Industry watchers say the judgment reinforces Fidelity Bank’s reputation for transparency and responsible corporate conduct. When contacted for comments, the bank’s representatives declined to speak on the details of the ruling but expressed appreciation to the Supreme Court for providing clarity and bringing the matter to a close.
