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Supreme Court Rules In Favour Of Fidelity Bank In Sagecom Case  

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A five-member panel of the Supreme Court, led by Justice Lawal Garba, on Friday ruled in favor of Fidelity Bank in its appeal against Sagecom Concepts Limited.

 

Given previous rulings, this marks a significant victory for Fidelity Bank in a long-running legal dispute.

 

The judgment brings definitive closure to a legacy case that has attracted attention across the financial sector for more than two decades.

 

In a motion dated October 8, 2025, Fidelity Bank sought clarification from the Supreme Court, requesting a consequential order that the judgment debt be paid in Naira. The bank also asked that the interest rate be set at 19.5% per annum rather than 19.5% compounded daily. Additionally, it prayed that the exchange rate used for conversion be the rate on the date of the High Court judgment, in line with the Supreme Court’s decision in Anibaba v. Dana Airlines.

 

Fidelity Bank further requested that the judgment debt be fixed at ₦30,197,286,603.13 and that interest on this amount be payable at 19.5% per annum until full settlement.

 

In a ruling delivered by Justice Adamu Jauro, the apex court granted the bank’s first three prayers but declined the fourth and fifth. As a result, the judgment sum will be paid in Naira at an annual interest rate of 19.5%, rather than the daily compounded rate previously awarded by the High Court. The Supreme Court also affirmed that the applicable exchange rate should be that of the date of the High Court judgment, consistent with its earlier decision in Anibaba v. Dana Airlines.

 

The dispute originated from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. It stemmed from a 2002 credit facility extended to G. Cappa Plc and subsequent legal proceedings tied to the collateral.

 

This ruling provides finality to years of litigation and confirms a significantly lower liability than the ₦225 billion previously speculated in some quarters. It aligns with Fidelity Bank’s consistent computation and materially contradicts earlier estimates.

 

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 reinforces the bank’s financial strength and commitment to transparent, responsible governance.

 

When approached for comment, Fidelity Bank representatives declined to speak on the matter but expressed gratitude to the Supreme Court for bringing clarity and closure to the case.

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Panic In Ibadan As Rising Kidnap, Robbery Threats Trigger Official Red Alert

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Residents of Ibadan, specifically in Bodija, Agbowo, Akobo, and the Agodi GRA, are currently on high alert after the Police and the Police Community Relations Committee (PCRC) issued an urgent warning regarding a recent surge in kidnappings and armed robberies in those areas.

 

According to the DAILY POST, the Bodija Housing Estate Police Division and its community partners have formally expressed concern over the deteriorating security situation in the area.

 

In a statement signed by Bodija Housing Estate Police Division PCRC and Community Policing Unit of the division, they noted that there is an increase in the rate of kidnapping and armed robberies in areas such as Akobo and Bodija.

 

The statement urged residents to take necessary safety measures amidst rising cases of kidnapping and other criminal activities in areas such as Akobo and Bodija.

 

In the statement tagged “Urgent Safety Measures Amid Rising Kidnapping and Armed Robbery Incidents in Areas Including Akobo and Bodija the residents were alerted that the desire for quick wealth has driven some individuals to commit terrible acts.

 

Part of the statement reads, “In light of the recent increase in criminal activities such as kidnapping and armed robbery across our communities, it has become imperative to issue updated safety guidelines. The desire for quick wealth has driven some individuals to commit terrible acts, and we must all be vigilant.

 

“Please adhere strictly to the following precautions, and also note the additional measures outlined below:

 

“Remember: Your safety and that of your loved ones depend greatly on your level of awareness and willingness to take precautionary steps. Security is a collective responsibility.

 

“Report emergencies promptly to: Oyo State Police Command: control room:08081768614, 08081768574

Bodija Division: DPO +2348052046348; PCRC Helpline/ Chairman – 07068874553”.

 

JomogNews reports that some residents have been in a panic mood as a result of the notice.

 

A resident of Bodija Housing Estate, who spoke on the condition of anonymity, explained that the recent happenings necessitated the notice.

 

“The recent happenings necessitated the move. Yes we have to be careful. People now think twice before they go out. We are more security conscious than before,” he said.

 

 

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Rivers Assembly Formally Serves Impeachment Notice To Gov. Fubara

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The Rivers State House of Assembly has formally served an impeachment notice to Governor Siminalayi Fubara and Deputy Governor Ngozi Odu.

 

The move marks the third major attempt to remove the governor since 2023, following his return to office in September 2025 after a six-month state of emergency.

 

Recall that the assembly on Thursday during an emergency plenary, commenced the impeachment of the governor and his deputy.

 

26 members of the House accused the governor of misconduct, capable of undermining democracy in the state.

 

The notice which was addressed to the governor, contained the signature of at least 19 lawmakers.

 

The notice also contained about 8 alleged gross misconducts by the governor and his administration.

 

In a post on its official Facebook page,the assembly said, “The impeachment notice has been successfully served on the Governor of Rivers State, Siminalayi Fubara”.

 

 

 

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NCC, CBN Set To Roll Out Refund Framework For Failed Airtime And Data Transactions

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In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.

 

The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders. These engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.

 

The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process.

 

Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.

 

The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.

 

Speaking on the development, the Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett disclosed that the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.

 

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.

 

“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

 

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions.”

 

Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.

 

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