The Supreme Court of Nigeria has delivered a landmark ruling in favor of Fidelity Bank Plc in its long-standing legal dispute with Sagecom Concepts Limited. The five-member panel, led by Justice Lawal Garba, granted key reliefs sought by the bank, bringing definitive closure to a case that has spanned more than two decades.
In a motion dated October 8, 2025, Fidelity Bank requested clarification from the apex court on the judgment debt, asking that it be paid in Naira rather than in foreign currency, that interest be calculated at 19.5% per annum instead of the 19.5% compounded daily previously ordered, and that the exchange rate for conversion reflect the rate at the time of the High Court judgment, consistent with the Supreme Court’s precedent in Anibaba v. Dana Airlines.
Justice Adamu Jauro, delivering the judgment, granted the first three prayers of Fidelity Bank, confirming that the total judgment sum of ₦30,197,286,603.13 will be payable in Naira at an annual interest rate of 19.5%. However, the court declined the bank’s fourth and fifth requests. The decision ensures a more predictable and manageable liability compared to earlier speculative estimates of up to ₦225 billion.
The dispute originates from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. The case traces back to a 2002 credit facility extended to G. Cappa Plc, with subsequent legal proceedings tied to collateral recovery.
Fidelity Bank’s share price remained stable throughout the litigation, reflecting investor confidence in the bank’s governance, risk management, and financial fundamentals. Industry experts have noted that the ruling not only clarifies the bank’s obligations but also reinforces its commitment to transparency and prudent management.
While Fidelity Bank representatives declined to comment publicly, they expressed gratitude to the Supreme Court for bringing clarity and resolution to the case, which has now officially concluded.
This decision marks a significant milestone for Fidelity Bank, closing a protracted chapter in Nigeria’s banking sector and setting a clear precedent for the handling of similar legacy disputes in the future.