Supreme Court Rules in Favour of Fidelity Bank in Sagecom Case

Supreme Court Rules in Favour of Fidelity Bank in Sagecom Case

The Supreme Court on Friday ruled in favour of Fidelity Bank Plc in its appeal against Sagecom Concepts Limited, bringing final closure to a legal 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 position in the long-running case, which has drawn significant 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 the mode of payment and computation of the judgment debt. The Bank requested that the debt be paid in Naira, that interest be calculated at 19.5 per cent per annum rather than 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 earlier decision in Anibaba v. Dana Airlines.

The Bank also asked the court to fix the judgment debt at ₦30.19 billion, with interest payable at 19.5 per cent per annum until full liquidation.

Delivering the ruling, Justice Adamu Jauro granted the Bank’s first three prayers but declined the requests to fix the judgment sum at a specific amount and to impose post-judgment interest as sought. Consequently, the Supreme Court ordered that the judgment debt be paid in Naira, with interest calculated at 19.5 per cent per annum, rather than the daily compounded interest earlier awarded by the High Court. The court further affirmed that the applicable exchange rate should be that prevailing on the date of the High Court judgment.

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 subsequent legal proceedings connected to the collateral used for the loan.

The ruling brings definitive finality to the case and confirms a liability significantly lower than the ₦225 billion figure previously speculated in some quarters. The outcome aligns with Fidelity Bank’s long-standing position on the computation of the judgment sum and materially contradicts earlier estimates.

Despite the prolonged litigation, Fidelity Bank’s share price remained largely stable throughout the process, reflecting investor confidence in the institution’s governance structure, risk management practices and financial fundamentals.

When contacted, representatives of Fidelity Bank declined to comment on the judgment but expressed appreciation to the Supreme Court for providing clarity and final closure to the matter.