A five-man panel of the Supreme Court, led by Justice Lawal Garba, has ruled in favour of Fidelity Bank in an appeal it filed against Sagecom Concepts Limited.
The ruling delivered on Friday brought definitive closure to a legacy case that has drawn significant attention across the financial sector for more than two decades.
Fidelity Bank had, in a motion dated October 8, 2025, sought clarification from the Supreme Court, asking for a consequential order that the judgment debt be paid in Naira.
The financial institution prayed for an order that the interest on the judgment sum of N30,197,286,603 be payable at the rate of 19.5% per annum until full settlement, rather than 19.5% compounded daily.
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The lender also prayed that the exchange rate to be used be the exchange rate on the date of the High Court judgment rather than the exchange rate on the date of payment, in line with the court decision in Anibaba v. Dana Airlines.
In a ruling delivered by Justice Adamu Jauro, the Supreme Court granted the Fidelity Bank’s prayers 1, 2 and 3 while refusing to grant prayers 4 and 5.
Hence, the Bank shall pay the judgment sum in Naira at an interest rate of 19.5% per annum rather than the daily compounded rate of 19.5% earlier awarded by the High Court.
The Supreme Court also granted the prayers for the exchange rate to be the rate applicable on the date of the judgment of the High Court, in line with the Supreme Court verdict in Anibaba v. Dana Airlines.
The Fidelity Bank vs Sagecom case originated from a legacy transaction involving FSB International Bank, which Fidelity Bank merged with in 2005. It arose from a 2002 credit facility extended to G. Cappa Plc and legal proceedings tied to the collateral.
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The judgement of the Supreme Court concludes years of litigation and confirms a significantly lower liability than the N225billion initially speculated.
Throughout the case, Fidelity Bank’s share price has remained stable, reflecting investor confidence in the lender’s strong governance framework, prudent risk management practices, and robust financial fundamentals.