Justice Lawal Garba-led five-man panel of the Supreme Court, on Friday, December 12, ruled in favour of Fidelity Bank in an appeal it filed against Sagecom Concepts Limited, indicating a major victory in the long-running legal battle, given the earlier rulings.
The Supreme Court ruling has brought definitive closure to a legacy case that has drawn significant attention across the financial sector for more than two decades.
In a motion dated October 8, 2025, Fidelity Bank sought clarification from the Supreme Court, asking for a consequential order that the judgment debt be paid in Naira.
It also prayed for an order that the interest rate payable be 19.5 percent, rather than 19.5 percent compounded daily.
The bank also prayed for an order that the exchange rate to be used for conversion be the exchange rate on the date of the High Court judgment rather than the exchange rate on the date of payment, in line with the decision of the court in Anibaba v. Dana Airlines.
It also sought an order that the judgment debt payable be N30,197,286,603.13 billion.
The lender also prayed for an order that the interest on this sum of N30,197,286,603.13 be payable at the rate of 19.5 percent per annum until settlement of the judgment sum.
However, in a ruling delivered by Justice Adamu Jauro, the apex Court granted the Bank’s prayers 1, 2 and 3 while refusing to grant prayers 4 and 5.
With the ruling, the lender shall pay the judgment sum in Naira at an interest rate of 19.5 percent per annum rather than the daily compounded rate of 19.5 percent earlier awarded by the High Court.
The Supreme Court also granted the Bank’s prayers for the exchange rate to be the rate applicable on the date of the judgment of the High Court, in line with the Supreme Court’s earlier decision in Anibaba v. Dana Airlines.
The matter between Fidelity Bank and Sagecom Limited originated from a legacy transaction involving the former FSB International Bank, which Fidelity Bank merged with in 2005.
The matter arose from a 2002 credit facility extended to G. Cappa Plc and subsequent legal proceedings tied to the collateral.
The Supreme Court’s clarity brings finality to years of litigation and confirms a significantly lower liability than the N225 billion previously speculated in some quarters.
This ruling further aligns with the Bank’s consistent computation and materially contradicts the N225 billion previously speculated.
Meanwhile, throughout the duration of the case, Fidelity Bank’s share price has remained stable, reflecting investor confidence in the lender’s strong governance framework, prudent risk management practices, and robust financial fundamentals.
Industry experts are of the view that this judgment reaffirms the bank’s financial strength and its commitment to transparent and responsible governance.
When approached for comments on the judgment, the lender’s representatives declined to comment on the matter but expressed thanks to the Supreme Court for bringing clarity and closure to the case.
