BREAKING: Fidelity Bank confirms Supreme Court ruling on GCappa and Sagecom, computes N14 billion as settlement 

Fidelity Bank has officially acknowledged a Supreme Court ruling involving a legacy dispute between GCappa and Sagecom Concepts Limited. The bank, in a public statement released Monday, confirmed that its internal calculations put the total settlement amount at N14 billion. This decision marks the end of a prolonged legal process tied to historical financial dealings.

The origin of the case traces back to a legacy transaction between the now-defunct FSB International Bank and Sagecom Concepts Limited. Fidelity Bank inherited the case after its acquisition of FSB and has been managing the fallout from the unresolved legal and financial obligations stemming from that period.

While Fidelity Bank expressed its commitment to complying with the Supreme Court’s judgment, it also raised concerns over the intentions behind recent media coverage. The bank alleged that the publication of the judgment was deliberately orchestrated and widely syndicated to cast the institution in a negative light.

According to the bank, the media campaign surrounding the judgment was not initiated by the court or an impartial party, but rather by actors seeking to embarrass the financial institution. Despite this, Fidelity emphasized its willingness to act in accordance with the law and fulfill its obligations as dictated by the ruling.

This development comes at a time when Nigerian banks are under increased scrutiny following a reported N42.6 billion loss to fraud in Q2 2024, which already surpasses the total fraud losses of the entire year 2023. The confirmation of the N14 billion settlement adds further financial and reputational pressure to Fidelity Bank, even as the sector grapples with broader systemic challenges.

Source: Nairametrics