Fidelity Bank Wins Supreme Court Battle Against Sagecom

By Love Oyedokun

December 15, 2025 – The Supreme Court has ruled in favor of Fidelity Bank Plc in its long-running legal dispute with Sagecom Concepts Limited, bringing finality to a case that has spanned over two decades.

Cablenews24 reports that a five-member panel of the apex court, led by Justice Lawal Garba, granted key reliefs sought by Fidelity Bank while dismissing others. The judgment resolves uncertainties surrounding the bank’s financial obligations in the high-profile case.

Key Highlights of the Ruling

• The court ordered that the judgment debt be paid in Naira, not foreign currency.
• The interest rate was set at 19.5% per annum (simple interest), rejecting the previously awarded 19.5% daily compounded rate.
• The exchange rate for conversion will be based on the rate applicable at the time of the High Court’s judgment, in line with the Supreme Court’s precedent in Anibaba v. Dana Airlines.
• The court declined the bank’s request to fix the judgment sum at ₦30.2 billion, leaving the final computation to be determined by the lower court.

This Online News Medium learnt that the dispute originated from a credit facility granted in 2002 by the defunct FSB International Bank (which later merged with Fidelity Bank in 2005) to G. Cappa Plc. Legal battles ensued over collateral and repayment terms, leading to prolonged litigation.

Despite earlier speculations suggesting a potential liability of up to ₦225 billion, the Supreme Court’s decision aligns with Fidelity Bank’s financial projections. The bank’s share price remained stable throughout the proceedings, reflecting investor confidence in its strong governance and risk management practices.

A Fidelity Bank representative declined to comment extensively but expressed gratitude to the judiciary for providing clarity and closure.

Industry analysts view the ruling as a positive development, reinforcing the bank’s financial stability and commitment to legal and regulatory compliance.

This judgment marks the end of a major legal chapter for Fidelity Bank, allowing it to focus on its growth strategy without lingering litigation concerns.

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