A major financial scandal is brewing as Sagecom Concept Limited has petitioned the Central Bank of Nigeria (CBN), accusing Fidelity Bank Plc of concealing a \$129 million court judgment debt in its 2024 Annual Report.
The petition, dated May 20, 2025, and signed by legal luminary Adeyinka Olumide-Fusika, SAN, claims that Fidelity Bank grossly underreported its litigation liabilities, listing only ₦2.274 billion—despite a final Supreme Court judgment awarding Sagecom over \$129 million in damages.
The legal dispute, which began in 2011 and concluded with a Supreme Court ruling on April 11, 2025, centered around a protracted property conflict involving a multi-unit complex in Ikoyi, Lagos. Courts at every level ruled in favor of Sagecom, awarding damages and interest compounding at 19.5% annually, pushing the total debt to over \$139 million by May 2025.
Sagecom’s legal team accused Fidelity Bank of misleading shareholders and regulators by omitting the judgment from its disclosures, thereby presenting a falsely stable financial outlook.
Adding weight to their claims, Sagecom also alerted the Nigeria Deposit Insurance Corporation (NDIC), copying it in the petition to the CBN. Both institutions were urged to scrutinize the bank’s reporting practices and hold it accountable.
Fidelity Bank, in response, released a statement characterizing the judgment as a legacy issue from its acquisition of FSB International Bank. However, Sagecom’s lawyers insist this defense does not absolve the bank of responsibility.
Despite the CBN’s earlier attempt to downplay concerns, Sagecom’s legal team urged the apex bank not to be swayed by “media spin” or institutional loyalty, warning that further delay could damage public confidence in the financial system.
As the matter gains attention, calls are mounting for the CBN to investigate and potentially sanction Fidelity Bank for allegedly breaching financial disclosure laws.
