The Supreme Court on Friday delivered judgment in favour of Fidelity Bank Plc in its long-running legal battle with Sagecom Concepts Limited, bringing final closure to a dispute that has spanned more than two decades.
A five-member panel of the apex court, led by Justice Lawal Garba, upheld Fidelity Bank’s appeal, marking a significant victory for the lender in a case that has drawn sustained attention within Nigeria’s financial and legal circles.
In a motion dated October 8, 2025, Fidelity Bank had approached the Supreme Court seeking clarification and consequential orders on key aspects of the judgment debt. The bank requested that the sum be paid in naira, that interest be applied at 19.5 per cent per annum rather than 19.5 per cent compounded daily, and that the applicable exchange rate be that of the date of the High Court judgment, in line with the Supreme Court’s decision in Anibaba v. Dana Airlines.
The bank also urged the court to fix the judgment debt at ₦30.19 billion and to order that interest on the amount be paid at 19.5 per cent per annum until final liquidation.
Delivering the ruling, Justice Adamu Jauro granted the first three reliefs sought by Fidelity Bank but declined the requests to fix the exact judgment sum and impose interest on the stated amount until full settlement.
Consequently, the Supreme Court ruled that the judgment debt must be paid in naira, with interest calculated at 19.5 per cent per annum, setting aside the daily compounded interest earlier awarded by the High Court. The court further affirmed that the exchange rate applicable to the conversion should be that prevailing on the date of the High Court judgment, consistent with established precedent.
The dispute arose from a legacy transaction involving the defunct FSB International Bank, which merged with Fidelity Bank in 2005. It stemmed from a 2002 credit facility granted to G. Cappa Plc and the subsequent legal proceedings relating to the enforcement of the loan collateral.
The judgment brings an end to prolonged litigation and significantly reduces the bank’s exposure, contradicting earlier claims in some quarters that the liability could reach as high as ₦225 billion. The ruling aligns with Fidelity Bank’s long-held position on the proper computation of the debt.
Market analysts note that Fidelity Bank’s share price remained largely stable throughout the legal process, reflecting investor confidence in the bank’s corporate governance, risk management practices and financial resilience.
When contacted, representatives of Fidelity Bank declined to comment in detail on the judgment but expressed appreciation to the Supreme Court for providing clarity and finality in the matter.
