The Supreme Court has ruled in favor of Fidelity Bank in its long-standing legal dispute with Sagecom Concepts Limited.
A five-member panel, led by Justice Lawal Garba, delivered the judgment on Friday, bringing closure to a case that has been ongoing for over two decades.
The court granted Fidelity Bank’s requests for clarification on the judgment debt, ordering that the amount be paid in Naira with an interest rate of 19.5% per annum.
The applicable exchange rate will be the rate on the date of the High Court judgment, consistent with the Supreme Court’s earlier decision in Anibaba v. Dana Airlines.
The dispute originated from a legacy transaction involving a credit facility extended to G. Cappa Plc in 2002.
The Supreme Court’s ruling confirms a significantly lower liability than the ₦225 billion previously speculated, aligning with Fidelity Bank’s computation. The judgment provides finality to the case, reinforcing the bank’s financial strength and commitment to transparent governance.
Throughout the case, Fidelity Bank’s share price remained stable, reflecting investor confidence in its strong governance framework, prudent risk management, and robust financial fundamentals.
Industry experts believe the judgment underscores the bank’s ability to manage risk and navigate complex legal challenges.
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