Supreme Court on Friday delivered a landmark judgment in favour of Fidelity Bank Plc in its long-running legal dispute with Sagecom Concepts Limited, bringing closure to a case that has spanned more than two decades.
Supreme Court
A five-member panel of the apex court, led by Justice Lawal Garba, upheld Fidelity Bank’s appeal against Sagecom, affirming key prayers sought by the bank in a motion dated Oct. 8, 2025.
In the ruling delivered by Justice Adamu Jauro, the court granted Fidelity Bank’s request that the judgment debt be paid in Naira, that the applicable interest rate be fixed at 19.5 per cent per annum rather than compounded daily, and that the exchange rate used for conversion be that of the date of the High Court judgment. The decision aligns with the Supreme Court’s earlier precedent in Anibaba v. Dana Airlines.
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However, the apex court declined the bank’s fourth and fifth prayers, which sought to fix the judgment debt at ₦30,197,286,603.13 and to have interest on this amount payable until full settlement.
The dispute traces back to a 2002 credit facility extended to G. Cappa Plc by the defunct FSB International Bank, which later merged with Fidelity Bank in 2005. Subsequent defaults and collateral enforcement led to protracted litigation involving Sagecom Concepts Limited, culminating in Friday’s ruling.
The judgment materially reduces Fidelity Bank’s liability compared to earlier estimates of ₦225 billion that had circulated in some quarters. Analysts note that the ruling validates Fidelity Bank’s consistent computation of the debt and provides finality to years of uncertainty.
Throughout the litigation, Fidelity Bank’s share price remained stable, reflecting investor confidence in the institution’s governance framework, prudent risk management, and strong financial fundamentals. Industry experts believe the judgment reinforces the bank’s financial strength and commitment to transparent, responsible governance.
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When approached for comment, Fidelity Bank representatives declined to speak on the matter but expressed gratitude to the Supreme Court for bringing clarity and closure to the case.
The ruling is widely regarded as a significant victory for Fidelity Bank and a precedent-setting decision in Nigeria’s financial sector, underscoring the importance of judicial clarity in legacy banking disputes.
