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The Supreme Court has scaled down Fidelity Bank Plc’s financial liability in the protracted legal battle with Sagecom Concepts Limited, ordering a recalculation of the bank’s obligations in line with established Nigerian law.
Delivered on Friday by a five-member panel led by Justice Lawal Garba, the ruling partially granted Fidelity Bank’s request for clarification and consequential orders, reducing the impact of the Court’s earlier April 11, 2025 judgment.
The dispute traces back to two loan facilities—a $3 million and a ₦100 million loan—originally obtained by G. Cappa Plc from FSB International Bank in the early 2000s. Fidelity Bank inherited these obligations during the 2005 banking consolidation. Following an alleged default, the bank sought to realise collateral securing the loans, triggering litigation that ultimately led to Sagecom Concepts Limited seeking damages. In April 2025, the Supreme Court had ruled in favour of Sagecom, imposing a staggering judgment exceeding ₦225 billion on Fidelity Bank.
Challenging the financial implications, Fidelity Bank filed a motion on October 8, 2025, seeking clarification on the calculation and payment of the judgment debt. The bank requested that the sum be paid in naira instead of foreign currency, that interest be capped at 19.5% per annum rather than compounded daily, and that the exchange rate applicable be that on the date of the High Court judgment, citing precedent from Anibaba v. Dana Airlines.
The Supreme Court granted these key requests but declined to fix a specific naira amount or determine the terminal value of the debt. The ruling stipulates that:
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The judgment debt is payable in naira.
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Interest accrues at 19.5% per annum, not on a daily compounded basis.
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The exchange rate for conversion is the rate prevailing on the date of the High Court judgment.
By limiting the method of interest calculation and confirming payment in naira, the apex court has significantly reduced Fidelity Bank’s exposure, offering a more balanced resolution in one of Nigeria’s most high-profile banking disputes.
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