Supreme Court Rules in Favour of Fidelity Bank in Sagecom Dispute

A five-member panel of the Supreme Court, presided over by Justice Lawal Garba, on Friday upheld Fidelity Bank’s appeal against Sagecom Concepts Limited, delivering a decisive judgment that brings to an end a protracted legal battle spanning over two decades.

The ruling marks a significant victory for Fidelity Bank and provides final resolution to a legacy dispute that has drawn sustained attention within Nigeria’s financial and legal sectors.

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In a motion dated October 8, 2025, Fidelity Bank approached the apex court seeking clarification and consequential orders on the execution of the judgment. Specifically, the bank requested that the judgment debt be paid in Naira, that interest be applied at a rate of 19.5 per cent per annum rather than 19.5 per cent compounded daily, and that the applicable exchange rate for any currency conversion be that which prevailed on the date of the High Court judgment, in line with the Supreme Court’s earlier decision in Anibaba v. Dana Airlines.

The bank further urged the court to fix the judgment debt at ₦30,197,286,603.13, with interest accruing at 19.5 per cent per annum until full liquidation.

In a ruling delivered by Justice Adamu Jauro, the Supreme Court granted the bank’s first three prayers but declined the fourth and fifth. Consequently, the judgment debt is to be settled in Naira at an annual interest rate of 19.5 per cent, effectively setting aside the daily compounded interest earlier awarded by the High Court. The court also affirmed that the applicable exchange rate remains that of the date of the High Court judgment, consistent with its precedent in Anibaba v. Dana Airlines.

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 litigation relating to the enforcement of collateral tied to the facility.

The judgment brings long-awaited closure to years of litigation and confirms a liability significantly lower than the ₦225 billion figure earlier speculated in some quarters. It aligns with Fidelity Bank’s longstanding computation of the judgment sum and materially contradicts earlier exaggerated estimates.

Despite the prolonged legal proceedings, Fidelity Bank’s share price remained stable throughout the period, reflecting sustained investor confidence in the bank’s corporate governance, risk management practices, and strong financial fundamentals. Market analysts say the ruling further underscores the bank’s resilience, transparency, and commitment to responsible governance.

When contacted for comments, representatives of Fidelity Bank declined to speak on the judgment but expressed appreciation to the Supreme Court for providing clarity and finality in the matter.