A five-man panel of the Supreme Court, led by Justice Lawal Garba, has ruled in favor of Fidelity Bank in an appeal against Sagecom Concepts Limited, bringing closure to a legacy case that has lingered in Nigeria’s financial sector for more than two decades.
The ruling, delivered on Friday, followed a motion filed by Fidelity Bank on October 8, 2025, seeking clarification from the Supreme Court on the terms of the judgment debt. The bank requested that the judgment sum of N30,197,286,603 be paid in Naira, that interest be calculated at 19.5% per annum rather than compounded daily, and that the exchange rate applied be that of the High Court judgment date rather than the payment date, consistent with the precedent set in Anibaba v. Dana Airlines.
Justice Adamu Jauro, delivering the court’s decision, granted Fidelity Bank’s primary requests while refusing two of the subsidiary prayers. Consequently, the bank’s liability will now be calculated in Naira at a simple interest rate of 19.5% per annum, and the exchange rate applicable is that on the date of the original High Court judgment.
The case originated from a 2002 credit facility extended to G. Cappa Plc under FSB International Bank, which merged with Fidelity Bank in 2005. The long-standing legal proceedings revolved around the collateral and subsequent claims related to the transaction.
The Supreme Court’s judgment significantly reduces the bank’s financial exposure compared to earlier speculations that pegged the liability at N225 billion. Fidelity Bank’s share price has remained stable throughout the litigation, reflecting investor confidence in the institution’s strong governance, prudent risk management, and solid financial fundamentals.
