By Ayomide Otitoju
A five-member panel of the Supreme Court, led by Justice Lawal Garba, on Friday delivered a landmark judgment in favor of Fidelity Bank in its appeal against Sagecom Concepts Limited, bringing closure to a legal dispute that has lasted more than two decades.
The ruling, seen as a significant victory for the bank, addresses key issues regarding the payment of a legacy judgment debt arising from a 2002 credit facility originally extended by the former FSB International Bank, which merged with Fidelity Bank in 2005.
Fidelity Bank had petitioned the Supreme Court in October 2025, requesting that the judgment debt be paid in Naira, that the interest rate be fixed at 19.5% per annum instead of daily compounding, and that the exchange rate for conversion reflect the rate on the date of the High Court judgment, consistent with the Supreme Court’s precedent in Anibaba v. Dana Airlines. The bank also sought to fix the debt at ₦30.2 billion and confirm interest accrual on that amount.
In a ruling delivered by Justice Adamu Jauro, the Supreme Court granted Fidelity Bank’s first three requests but denied the fourth and fifth. The judgment debt will now be settled in Naira at an annual interest rate of 19.5%, with the applicable exchange rate set at the High Court judgment date.
The ruling resolves long-standing uncertainty over the liability, confirming a substantially lower debt than the ₦225 billion previously speculated in some reports. Analysts say the decision aligns with Fidelity Bank’s consistent financial calculations and underscores its strong governance, risk management, and transparency.
Fidelity Bank declined to comment on the judgment but expressed gratitude to the Supreme Court for providing clarity and finality to the case. The decision is expected to have positive implications for investor confidence and the bank’s reputation in the financial sector.
