Connect with us

News

Supreme Court Rules In Favour Of Fidelity Bank In Sagecom Case  

Published

on

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.

News

How 2018 Federal Legal Advice Exonerated Saraki In Offa Robbery Case

Published

on

By

In light of the Kwara State Government’s fresh prosecution of Dr. Abubakar Bukola Saraki and his successor over the Offa robbery, fresh facts have emerged on why the Director of Public Prosecutions of the Federation, Mr. E. U. (Etsu Umar) Mohammed gave the duo a clean bill of health.

The Federal Director of Public Prosecutions cleared former Senate President Bukola Saraki of involvement in the Offa bank robbery in 2018, citing no evidence of a connection.

It was gathered that the DPP reviewed a 16-page police report prepared and signed by Abba Kyari, a Deputy Commissioner of Police and then head of the Inspector-General of Police Intelligence Response Team (IGP-IRT) at Force Headquarters, Abuja. The report detailed investigations into the April 5, 2018, multiple bank robbery attack in Offa, Kwara State.

The DPP in his first report dated June 22, 2018 and signed on behalf of the Attorney General of the Federation and Minister of Justice, prepared a five page legal advice in which he noted in paragraph 5 (f) that “for the Senate President (Saraki) and the Kwara State Governor (Ahmed), his office is unable to establish from the evidence in the interim report a nexus between the alleged offence and the suspects. Hence, it is our advice that further and thorough investigation in this regard be carried out”.

Following the submission of a second report by the police investigating team to his office on July 27, 2018, the DPP prepared a second legal advice, which was dated August 23, 2018. The three-page legal advice also has only three paragraphs.

In paragraph 3 (vi), he noted that “with regards to the Senate President, Senator Bukola Saraki, since there is no departure from the earlier findings in the interim report, this office is still unable to establish any prima facie case against him for any offences of criminal conspiracy, armed robbery, and culpable homicide punishable with death”.

Both legal advices had recommended six people for prosecution. They are: Ayoade Akinnibosun, Ibikunle Ogunleye, Adeola Ibrahim, Salawudeen Azeez, Niyi Ogundiran, and Michael Adiukwu.

One of the suspects, Michael Adiukwu, later died in police custody, while the other five had since been tried at the High Court in Ilorin.

During the trial, the suspects revealed how they were coerced into incriminating Senator Bukola Saraki.

They mentioned several inducements dangled before them, including money and the promise of a visa to travel out of the country.

The suspects have since been convicted and their convictions confirmed by the Court of Appeal. The matter is now pending before the apex court, the Supreme Court of Nigeria.

Continue Reading

News

₦400m Ransom Demanded As Gunmen Abduct Another Kwara Ruler

Published

on

By

Terrorists have abducted a traditional ruler in Olayinka community, located in the Ifelodun Local Government Area of Kwara State, Oba Salman Olátúnjí Aweda and are demanding a ₦400 million ransom for his release.

The abduction occurred on April 18, 2026, when armed men, suspected to be militia herdsmen, invaded the community and took the monarch, his wife, and another resident into the forest.

According to JomogNews, residents who witnessed the incident said the terrorists, numbering over 10, invaded the monarch’s residence around Saturday midnight, forced the door open, and abducted him alongside another person in the house.

The assailants reportedly led both victims into the bush.

Chairman of Ifelodun Local Government Area, Mr Abdulrasheed Femi Yusuf, visited the community on Saturday on a sympathy visit and assured residents that efforts were underway to secure the monarch’s release.

“We are deeply concerned about this incident, and we are taking swift and decisive action in collaboration with security agencies,” he said.

Continue Reading

News

Living Faith Church Founder Declares Week Of Vengeance Against Insecurity Sponsors

Published

on

By

Bishop David Oyedepo, General Overseer of Living Faith Church Worldwide, has declared that bandits and their sponsors will face divine judgment and retribution within seven days.

Speaking on Sunday, April 19, 2026, during a service themed “Covenant Day of Vengeance” at the church’s headquarters in Ota, Ogun State, the cleric stated that those responsible for killings and kidnappings would face imminent consequences.

“I declare judgement on those who caused these tragedies and their supporters in the name of Jesus,” he said.

The cleric further asserted that divine retribution would occur within a short timeframe.

“Unless I am not sent, this will happen in the next seven days,” he added.

Oyedepo also expressed confidence that Nigerians would soon witness outcomes of what he described as divine intervention, noting that the coming days would bring “testimonies of vengeance.”

 

 

 

Continue Reading

Trending