Fidelity Bank Plc has confirmed a Supreme Court judgement involving GCappa Plc and Sagecom Concepts Limited, estimating the settlement amount at N14 billion.
In a statement released on Monday, the bank said the ruling stems from a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited, which it inherited following its acquisition of FSB.
“The issues leading up to the judgment relate to a transaction that predates Fidelity Bank’s involvement and are tied to FSB International Bank, which was merged with Fidelity,” the bank stated.
While affirming its intention to comply with the ruling, Fidelity Bank raised concerns over the manner in which the court decision is being publicized. The lender accused certain interests of orchestrating a media campaign to tarnish its reputation.
“A sponsored publication of the Supreme Court judgement has been syndicated in the media with the apparent aim of embarrassing the bank,” the statement read.
Despite the development, Fidelity Bank assured customers and investors that it remains financially strong and capable of meeting all legal obligations. The bank recently reported a 167.8% surge in profit before tax, hitting N105.8 billion in Q1 2025 — a performance driven by increased non-interest income and efficient cost management.
The Supreme Court judgement brings to a close a prolonged legal dispute over contract-related claims originally filed by Sagecom Concepts. Details of the enforcement process are expected to emerge in the coming weeks.
Fidelity Bank noted that it will provide further updates as necessary.
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