Fidelity Bank on Monday confirmed a subsisting Supreme Courtroom judgment involving G. Cappa and Sagecom Ideas Restricted, including that its computation places the settlement determine at N14 billion.
The {bank} described the knowledge contained within the publication by some media platforms as false, illegal and constitutes contempt of courtroom
The {bank} disclosed this in an announcement on Monday, stating that the problems main as much as the judgment arose from a legacy transaction between the defunct FSB Worldwide {Bank} and Sagecom Ideas Restricted.
The {bank} clarified, nonetheless, {that a} sponsored publication of the apex courtroom judgment has allegedly been orchestrated and syndicated within the media with the intention of embarrassing the {bank}.
“The ability was secured with a mortgage on a property situated in Ikoyi,” it added.
“The Federal Excessive Courtroom, in its judgment, dominated that the {bank}, as authorized mortgagor, rightfully bought the leased curiosity within the property to Sagecom in 2011.
“The courtroom, nonetheless, declined to order vacant possession of the property and directed the problem of vacant possession to the Lagos State Excessive Courtroom,” the official added, alleging that within the meantime, G. Cappa remained in possession of the property and continued gathering rents from it.
“Sagecom’s declare in opposition to the {bank} was basically for liquidated damages calculated as leases on the a number of element flats within the property, plus curiosity on the identical over completely different time frames,” the official said.
In line with the official, the {bank} is satisfied that by remaining in possession of the property and persevering with to gather rents from it, G. Cappa allegedly orchestrated all of the losses suffered by Sagecom.
“Sadly, there are vital ambiguities within the judgment, leading to difficulties in calculating the precise {financial} legal responsibility to G. Cappa and the {bank}, which is about N14 billion from our computation based mostly on the alternate fee as of 2005, when the incident and explanation for motion arose.
“In the meantime, the Supreme Courtroom within the case of Anibaba v. Dana Airways Restricted, delivered in January 2025, has clarified that international foreign money judgment debt have to be transformed to Naira on the alternate fee obtainable on the date of judgment of the trial courtroom, which on this case was 30 January 2018,” the official added.
“The courtroom has accordingly ordered Sagecom to keep up the established order pending the dedication of pending motions and restrained Sagecom and all individuals from publishing any materials within the media because the matter remains to be pending in courtroom,” the {bank} added.
Fidelity Bank maintained that it stays a really robust and worthwhile {financial} establishment and is among the many most capitalized banks in Nigeria at this time, with worldwide operations.
The {bank} denied being below chapter, including that it has at all times been able to discharge its correct and lawful obligations, and desires to guarantee its depositors, prospects, buyers, and most people that the {bank} is in a powerful {financial} place, as proven in its Q1 2025 {financial} outcomes, which can be found to the general public.
At the moment, shares of the corporate are priced at N20.05 within the Nigerian inventory market as of market shut on nineteenth Could 2025, with a month-to-date efficiency of 0.50%.
