By JKNewsMedia
THE SUPREME Court has ruled in favour of Fidelity Bank in its long-running legal dispute with Sagecom Concepts Limited as a five-member panel led by Justice Lawal Garba delivered the judgment on Friday, granting key aspects of the bank’s appeal.
The ruling brings definitive closure to a legacy case that has attracted attention across the financial sector for more than two decades.
Fidelity Bank had filed a motion on October 8, 2025, seeking clarification from the apex court.
The bank requested that the judgment debt be paid in Naira, that the interest rate be fixed at 19.5% per annum instead of 19.5% compounded daily, and that the exchange rate used for conversion be the rate on the date of the High Court judgment, citing the Supreme Court’s decision in Anibaba v. Dana Airlines.
The bank further sought to have the judgment debt fixed at ₦30,197,286,603.13 and requested that interest on this amount continue at 19.5% per annum until full settlement.
Justice Adamu Jauro delivered the ruling, granting Fidelity Bank’s first three prayers.
The court directed that the judgment sum be paid in Naira at an annual interest rate of 19.5% and confirmed that the applicable exchange rate should be that of the date of the High Court judgment.
The court, however, declined the bank’s fourth and fifth requests regarding the fixed debt sum and continuing interest.
The dispute traces back to a 2002 credit facility extended to G. Cappa Plc by the former FSB International Bank, which merged with Fidelity Bank in 2005.
Legal proceedings related to the collateral followed, eventually culminating in the present case before the Supreme Court.
The ruling finalises years of litigation and confirms a significantly lower liability than the ₦225 billion previously speculated. It aligns with Fidelity Bank’s own computation and contradicts earlier estimates.
Fidelity Bank’s share price remained stable throughout the proceedings, reflecting investor confidence in its governance framework, risk management practices, and financial fundamentals.
While Fidelity Bank representatives declined to comment on the matter, they expressed gratitude to the Supreme Court for providing clarity and closure to the case.
