Supreme Court rules in favour of Fidelity Bank in Sagecom dispute

By Lukman Olabiyi

The Supreme Court has ruled in favour of Fidelity Bank Plc. in its long-running legal dispute with Sagecom Concepts Limited, bringing an end to a case that has spanned more than two decades.

A five-member panel of the apex court, led by Justice Lawal Garba, upheld Fidelity Bank’s appeal, marking a significant legal victory for the lender and providing final clarity on the matter, which has attracted wide attention within the financial sector.

In a motion dated October 8, 2025, Fidelity Bank had approached the Supreme Court seeking clarification on aspects of the judgment, including an order that the judgment debt be paid in naira rather than in foreign currency.

The bank also requested that interest be charged at 19.5 per cent per annum, instead of 19.5 per cent compounded daily, and that the applicable exchange rate for conversion 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 further urged the court to fix the judgment debt at ₦30.19 billion and order that interest on the sum accrue at 19.5 per cent per annum until full liquidation.

Delivering the ruling, Justice Adamu Jauro granted the first three prayers,but declined the fourth and fifth. Consequently, the court ordered that the judgment sum be paid in naira at an annual interest rate of 19.5 per cent, rather than the daily compounded interest earlier awarded by the High Court.

The Supreme Court also 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 credit facility granted in 2002 to G. Cappa Plc and subsequent legal actions connected to the collateral tied to the loan.

The ruling brings final closure to the protracted litigation and confirms a liability significantly lower than the ₦225 billion figure previously speculated in some quarters. It aligns with Fidelity Bank’s long-held position on the computation of the judgment sum and materially contradicts earlier.