Nigeria's apex court has finally closed the book on a financial dispute that has lingered in the judicial system for more than twenty years. In a significant ruling, the Supreme Court sided with Fidelity Bank Plc in its long-running legal fight to recover a massive debt from Sagecom Concepts Limited.
A Two-Decade Legal Journey Concludes
The judgment, delivered on Friday, December 19, 2025, by a five-member panel led by Justice Lawal Garba, brings definitive closure to a case originating from a credit facility issued back in 2002. The dispute has its roots in a legacy transaction involving the former FSB International Bank, which later merged with Fidelity Bank in 2005.
The core of the conflict was a credit facility granted to G. Cappa Plc and the subsequent legal proceedings related to the collateral for that loan. After years of litigation through lower courts, Fidelity Bank took its final appeal to the Supreme Court earlier this year.
Bank's Prayers and the Court's Decision
In a motion filed on October 8, 2025, Fidelity Bank presented several key requests to the justices. The bank sought a consequential order for the judgment debt to be settled in Nigerian Naira, not another currency. It also asked the court to set the interest rate at a simple 19.5% per annum, arguing against the previously awarded rate of 19.5% compounded daily, which would have significantly increased the total sum.
Furthermore, the financial institution prayed that the exchange rate used for any necessary conversions should be the rate prevailing on the date of the original High Court judgment. It cited the precedent set in the Supreme Court's own decision in the case of Anibaba v. Dana Airlines. Lastly, Fidelity Bank requested the total judgment debt to be fixed at N30,197,286,603.13, with interest accruing at the 19.5% yearly rate until full and final settlement.
Justice Adamu Jauro, who read the lead ruling, granted the bank's first three prayers but declined the fourth and fifth requests. This means the court agreed that:
- The debt must be paid in Naira.
- The interest rate is 19.5% per year, not compounded daily.
- The exchange rate for conversion is the rate on the date of the High Court judgment, aligning with the Anibaba v. Dana Airlines precedent.
Implications of the Landmark Ruling
This Supreme Court verdict has substantial implications for both parties and sets a clear legal standard for similar financial disputes. By rejecting the daily compounded interest, the court has potentially saved Sagecom Concepts Limited from a much larger financial burden. However, the affirmation of the N30 billion principal debt and the annual interest rate represents a major victory for Fidelity Bank's recovery efforts.
The ruling reinforces legal certainty in commercial transactions and banking litigation. It underscores the Supreme Court's role in interpreting contractual and financial obligations, providing a clear reference point for how judgment debts involving foreign exchange and interest calculations should be handled in Nigeria's judicial system. The resolution of this 20-year-old case marks the end of one of the country's longest-running high-value debt recovery suits.
