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

The judgment brought a case that has spanned over two decades to a definitive closure. In a motion dated October 8, Fidelity Bank approached 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 cent yearly rather than 19.5 per cent 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 N30,197,286,603.13, and that interest on the amount be payable at 19.5 per cent yearly 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 would be paid in naira at a yearly interest rate of 19.5 per cent, rather than the daily compounded rate previously awarded by the High Court.

The 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.