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Sagecom Petitions CBN, Accuses Fidelity Bank Of Lying About Financial Status, Omitting $129Million Judgement Debt From 2024 Annual Report

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A legal firestorm has erupted over Fidelity Bank Plc’s 2024 Annual Report, as lawyers representing Sagecom Concept Limited have written a petition to the Central Bank of Nigeria (CBN), accusing the bank of concealing a multi-million-dollar judgment debt under its litigation disclosures.

 

In a letter dated May 20, 2025, signed by Adeyinka Olumide-Fusika, SAN, of M.A. Banire & Associates/Citipoint (Legal Practitioners), the legal team asserted that Fidelity Bank significantly understated its liabilities by reporting only N2.274 billion as provisions for litigation and claims—despite an enforceable judgment of over $129 million against it as of December 31, 2024.

 

The petition, addressed to the Director of Banking Supervision at the CBN, calls for immediate regulatory scrutiny of Fidelity Bank’s financial reporting practices, which the lawyers allege were “blatant and deliberate misstatements and misrepresentations.”

 

Final Supreme Court Judgment Ignored

 

The contentious litigation, originally filed by Sagecom Concept Limited in 2011 (Suit No. LD/1734/2011), spanned over a decade and culminated in a Supreme Court ruling on April 11, 2025, in Sagecom’s favour. The courts consistently ruled in favour of Sagecom at the High Court, Court of Appeal (Appeal No. CA/L/494/2018), and ultimately the Supreme Court (SC/CV/602/2021).

 

Despite these outcomes, Sagecom’s legal team said Fidelity Bank failed to reflect the liability accurately in its audited accounts. As of December 31, 2024, the judgment debt stood at $129,321,631.73, and due to compounded interest of 19.5% per annum, the amount had risen to $139,362,314.19 by May 20, 2025.

 

“By so doing, the impression was conveyed to its shareholders and the public at large that its liability on litigations and claims was reasonably within that range,” the lawyers said.

 

According to the petition, the “misrepresentation” conveyed the impression to shareholders and the public that Fidelity Bank’s exposure was modest—just over two billion naira—when in fact it was over 90 times greater.

 

Alleged Media Manipulation

 

The letter also accused Fidelity Bank of attempting to control public perception through media spin and the top management of Fidelity Bank Plc of attempting to preemptively shape the narrative before enforcement actions commenced.

 

True to form, the bank released a follow-up statement titled “Fidelity Bank Clarifies Position on Court Judgment inherited from Defunct FSB International Bank”, portraying the judgment as an inherited liability dating back before Fidelity’s acquisition of FSB International Bank.

 

However, Sagecom’s lawyers insist the legal process was transparent and rigorous, and the claim that the matter is “inherited” does not absolve Fidelity Bank of legal and financial responsibility.

 

The CBN had earlier released a statement downplaying the issue, assuring stakeholders and depositors that there was “no cause for alarm” regarding Fidelity Bank’s operations. The CBN described the circulating reports as “misleading,” though it did not directly address the specifics of the Sagecom case.

 

In response, the lawyers urged the CBN not to “fall to the manipulation” of its supervisee and not to be complicit in what they described as a systemic attempt to mislead regulators and the public.

 

The legal team wrote: “It is our honest and sincere belief that if the judgment of the High Court which was delivered on 30/01/2018 and had therefore been in existence for seven years prior to the 31/12/2024 issuance of the Annual Report) and that of the Court of Appeal (which was delivered on 7/5/2021 and had therefore been in existence for about three and a half years prior to the 31/12/2024 date of the Annual Report) had been fully, truly, factually disclosed to your Banking Supervision Officers having the remit over your supervisee, it would have been most impossible for the said Annual Report to have been approved or authorised by the Central Bank of Nigeria for issuance and dissemination to the shareholders of your supervisee and the public at large.

 

“Since the final judgment, which was that of the Supreme Court, was delivered in the matter on the 11th of April 2025, no serious step has been commenced by us to even execute the judgment.”

 

They also offered to engage directly with the CBN prior to initiating enforcement actions, indicating a willingness to cooperate in a “reasonable manner” that acknowledges the CBN’s supervisory role.

 

In addition to the letter sent to the Central Bank of Nigeria, Sagecom Concept Limited’s legal representatives also informed the Managing Director/CEO of the Nigeria Deposit Insurance Corporation (NDIC) about the ongoing litigation and the substantial judgment debt against Fidelity Bank Plc.

 

 

The lawyers sent a separate letter dated May 20, 2025, copying the NDIC in the communication with the CBN. The letter, titled ‘RE: SAGECOM CONCEPT LIMITED VS FIDELITY BANK PLC & ANOR (JUDGMENTS IN SUIT NO LD/1734/2011; APPEAL NO CA/L/494/2018; SUPREME COURT NO SC/CV/602/2021),’ formally notified the deposit insurer of the significant financial liability that Fidelity Bank faces as its insured institution.

 

The letter stated: “As counsel for the judgment-creditor, Sagecom Concepts Limited, in the matter in the above caption, in which a quite significant judgment-sum is now outstanding against your insured institution, Fidelity Bank Plc, we have deemed it fit to put you in copy of the attached letter to the Central bank of Nigeria respecting the matter.”

 

Background

 

The dispute dates back to 2002 when FSB International Bank granted a $3 million loan to G. Cappa Plc, secured by a mortgage on a property in Ikoyi, Lagos.

 

In its abridged prospectus dated June 5, 2024, issued for a public offering by way of an offer for subscription of 10 billion ordinary shares of 50 kobo each at ₦9.75 per share, Fidelity Bank disclosed that it was “presently involved in sixty-eight (68) cases as of 31 January 2024.”

 

The bank further stated: “Of the sixty-eight (68) cases listed in the schedule, the Solicitors to the Transaction identified twenty-four (24) case files maintained by the Bank (comprising copies of court processes) that fall within or above the materiality threshold.

 

Hundred and Fifty Million Naira) and USD$633,750 (Six Hundred and Thirty-Three Thousand, Seven Hundred and Fifty United States Dollars) excluding interests, which may accumulate on the judgment sum until same is finally liquidated.”

 

As of May 20, 2025, $633,750 was valued at ₦1,020,952,237.50 using the exchange rate of ₦1,610.97 per dollar, a figure that falls significantly short of the approximately ₦225 billion claimed.

 

Meanwhile, the Lagos court awarded significant special damages in favour of Sagecom Nigeria Limited, the claimant in a protracted legal battle over a multi-unit residential property comprising several flats and two penthouses at No. 25, Probyn Road, Ikoyi, Lagos.

In its ruling, the court directed the second defendant, G. Cappa Plc, and the first defendant, Fidelity Bank Plc, to jointly and severally pay compensation to Sagecom for lost rental income. The awarded amounts were determined based on the annual rental value of each unit, denominated in U.S. dollars or its equivalent in Naira at the prevailing Central Bank of Nigeria (CBN) exchange rate at the time of payment.

 

The court’s assessment of damages took into account the specific rental values and the dates on which the losses were deemed to have commenced—ranging from November 2005 to December 2006 for different units. Up until June 20, 2011, liability was assigned solely to G. Cappa Plc.

 

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However, from June 21, 2011 onward, both G. Cappa and Fidelity Bank Plc were held jointly and severally responsible. That liability remains in place until Sagecom either regains possession of the property or the original 25-year lease—granted to G. Cappa by NEPA in January 2001—expires, whichever comes first.

 

The annual rental values for the units ranged from $30,000 to $67,500 each. Specifically, Flat 5 was valued at $30,000 per year; Flats 2 and 8 at $33,750; Flat 9 at $56,250; Flats 1, 3, 4, and 6 at $60,000; Flats 7 and 10 at $52,500; and both penthouses at $67,500 each. These amounts are payable in U.S. dollars or their Naira equivalent, calculated at the Central Bank of Nigeria’s official exchange rate on the payment date.

The court’s ruling compensates Sagecom for the extended period during which it was denied rental income following the 2005 purchase of the property—a transaction later deemed to have breached an existing court injunction.

 

Damages are calculated from each unit’s respective start date until Sagecom either regains possession or the 25-year lease, which began on January 1, 2001, expires—whichever occurs first.

 

Additionally, the court ordered that interest on the awarded annual rental values accrues at a daily compounded rate of 19.5% per annum, starting from each annual due date until full payment is made.

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Polaris Bank Champions Girls’ Hygiene Awareness with Female Hygiene Essentials Distribution in Kuramo & Victoria Island Junior and Senior Secondary Schools

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Polaris Bank has continued its commitment to empowering the Nigerian girl-child through health education and essential support, with the successful distribution of female hygiene essentials to female students of Kuramo and Victoria Island Junior and Senior Secondary Schools, Lagos. 

 

This initiative stems from Polaris Bank’s 2025 International Women’s Day celebration and forms part of our ongoing Adolescent Health and Hygiene Support Programme.

 

Through the Bank’s Girl-Child Support and Hygiene Education Initiative, the outreach aims to improve menstrual hygiene education, build confidence and dignity among young girls, and reduce school absenteeism resulting from lack of access to sanitary products.

 

Speaking at the event, Group Head, Customer Experience & Value Management, Polaris Bank, Mrs. Bukola Oluyadi, delivered a practical health talk to the girls, emphasizing the importance of maintaining proper hygiene during their menstrual cycle and in their daily lives.

 

She advised the students on essential personal care practices including the appropriate use of sanitary pads, the importance of daily use of clean underwear, and maintaining good body hygiene with deodorants and regular washing, especially during puberty when their bodies are developing.

 

“Your body is precious, and how you take care of it determines your confidence and wellbeing,” Mrs. Oluyadi told the students. “Good hygiene is not just about looking clean; it is about staying healthy, feeling comfortable, and showing up confidently in school and everywhere you go.”

 

She also encouraged the girls to cultivate life-long healthy habits, be informed about their bodies, and speak confidently about their health needs.

 

Also present at the distribution was the Non-Executive Director of Polaris Bank, Mrs. Subulade Giwa-Amu, who delivered a powerful motivational session on self-care, confidence, and self-presentation.

 

In her address, she reminded the girls that taking care of their appearance and hygiene contributes significantly to building a successful future.

 

“A clean girl equals a successful woman,” Mrs. Giwa-Amu affirmed. “Success is not only about your academic performance; it is also about how you present yourself. People see you before they know you, and first impressions always last. Loving yourself and caring for yourself should be a daily habit.”

 

She further encouraged the students to build confidence from within, stay self-assured, and always be conscious of their personal hygiene as young girls stepping into womanhood.

“Confidence starts with knowing who you are and being proud of yourself,” she added.

 

“When you take care of your body, you build respect for yourself, and others see that confidence reflected in how you speak, walk, and show up in the world.”

 

Polaris Bank’s support for the girl-child aligns with the Bank’s broader Sustainability and CSR strategy, which includes empowering young girls through education, access to essential learning materials, and social support systems that improve their health and academic performance.

 

The Bank believes that sustained investment in girls’ wellbeing ensures equal opportunity, reduces school dropout rates, and helps drive long-term social and economic development.

 

The female hygiene essentials distribution initiative directly addresses barriers that affect school attendance among adolescent girls, especially those who lack access to basic hygiene products.

 

By equipping students with knowledge and materials, Polaris Bank is helping to normalize conversations around menstruation, reduce stigma, and support healthier outcomes for young girls.

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Sterling Bank Champions Collective Action……to Accelerate Nigeria’s Renewable Energy Transition

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Sterling Bank Limited has brought together stakeholders in the renewable energy industry to explore ways to accelerate action in the sector. 

 

The premier colloquium, held in Lagos on Monday, aimed to identify priority areas for action to increase energy access and drive economic growth in the quest to attain a one trillion-dollar economy.

 

Managing Director and CEO of Sterling Bank Limited, Mr. Abubakar Suleiman, gave the charge in his address at the colloquium organized with the theme: Beyond The Grid; Unlocking New Frontiers in Renewable Energy.

 

The CEO, who was represented by Dele Faseemo, Group Executive, Corporate & Investment Banking, explained that Sterling Bank will be paying closer attention to policy actions in two or three key priority areas, especially regulation and financing.

 

He noted that by focusing on these areas, the Bank can do more to drive progress and expand access to energy, which he described as essential for supporting economic growth and overall development.

 

In a keynote address titled Scaling Electrification in Nigeria, The REA Impact, Managing Director and CEO of The Rural Electrification Agency (REA), Dr. Abba Aliyu, spoke on the vision, mission and mandate of the agency.

 

He noted that Nigeria requires about $26 billion to address its energy deficit. He said the energy transition in Nigeria is a strategic shift towards achieving universal, reliable and sustainable energy access by integrating the grid, mini-grid and off grid technologies while aligning with national development and climate goals.

 

The CEO who was represented by Mr. Abba Hayatudden, Senior Advisor to the MD, said “REA is strategically expanding and optimizing channels to accelerate the adoption and sustainable growth of renewable energy acrossthe country in the areas of value chain development, regulation enhancement, funding windows, alternative resources and technical standardization.”

 

Minister of Power, Adebayo Adelabu, commended Sterling Bank for convening the conversation on renewable energy.

 

He stated that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.

 

The minister who was represented by Engineer Samuel Ayangeaor said, “The Federal Ministry of Power has continued to expand electricity access to underserved communities in a bid to drive economic growth, foster industrial activity and create jobs across the nation.”

 

In his goodwill message, Mr. Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, noted that the current administration is implementing the most ambitious energy transformation ever undertaken.

 

He highlighted the state’s efforts in renewable energy and sustainability, including the two-gigawatt Lagos grid scale solar project.

 

The CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, emphasized the need for collective action. She urged participants not to allow the day’s deliberations to end as mere conversations or points documented in a communiqué.

 

Instead, she encouraged everyone to leverage the strength of their networks, act with intention, and remain focused on delivering meaningful impact.

 

The colloquium featured two panel sessions on financing and scaling green energy solutions in Africa, among others.

 

//Ends.

 

 

About Sterling BankSterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group.

 

With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.

 

Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at at large.

 

Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.

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Polaris Bank, Evolve Charity Trust empower 1,000 students with school essentials

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Polaris Bank, in partnership with Evolve Charity Trust, has successfully concluded its 2025 nationwide distribution of school essentials to 1,000 students across ten public secondary schools in five states, including the Federal Capital Territory (FCT). The initiative is part of the Bank’s sustained Corporate Social Responsibility (CSR) efforts to keep more children, especially the girl child, in school.

 

This year’s exercise adds to a growing intervention that has supported more than 24,000 students in public schools across 49 locations since 2021.

 

This year’s beneficiaries received a complete learning kit consisting of a school uniform, school bag, a pair of sandals, six exercise books and pens. According to school authorities, these materials continue to improve attendance, boost confidence and support academic performance.

 

In delivering the programme, Polaris Bank also stimulated the local economy by sourcing uniforms from local tailors, procuring books from bookshops and purchasing sandals and bags from community traders, thereby supporting small businesses across the beneficiary states.

 

Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal, reaffirmed the Bank’s five-year promise to champion the education of Nigeria’s girl child, noting that the materials are symbols of belief in the students’ potential to become scholars, innovators and future leaders.

 

School administrators across the country expressed gratitude for the timely support, noting that the essentials meet real and urgent needs, ease the burden on families and positively impact academic performance. Many students come from homes where parents cannot afford these items and the gesture has restored pride among beneficiaries.

 

Representatives of the Bank reiterated their commitment to improving access to education, championing access to quality learning, and encouraging students to make the best use of the materials and stay committed to success.

 

The 2025 distribution covered the following schools: Government Girls Secondary School, Kundila, Kano; Model Junior Secondary School, Maitama, Abuja; Government Junior Secondary School, Area 10, Garki, Abuja; Fortune Secondary School, Lokoja, Kogi State; National High School, Arondizuogu, Imo State; Iheme Memorial Secondary School, Iheme, Imo State; Akokwa High School, Akokwa, Imo State; Opebi Junior Grammar School, Opebi, Lagos; Gbaja Girls Junior Secondary School, Surulere, Lagos; and Gbaja Girls Senior Secondary School, Surulere, Lagos.

 

Expressing gratitude for the timely support, Hajiya Aisha Shehu Yakasai, Principal of Government Girls Secondary School in Kundila, Kano, said the essentials “meet real and urgent needs” and have eased the burden on families. Aso, Madam Maji-Abu Omanyo Esther, Principal of Fortune Secondary School, Lokoja, described the gesture as one that “brought joy and will positively impact academic performance.”

 

Commending the Bank for restoring pride among beneficiaries, Mrs. Erdoo Lortyom, Vice Principal at Model Junior Secondary School, Maitama, Abuja, noted that many students come from homes where parents cannot afford these items while Mrs. Dabiri Nwabuoku Adetoun Iyabo, Principal of Gbaja Girls Junior and Senior Secondary Schools, Surulere, thanked Polaris Bank for its “consistent yearly gesture,” assuring that the materials will be put to excellent use.

 

Representatives of the Bank reiterated their commitment to improving access to education.

 

In Kano, Branch Head, Mr. Madiebo Godwin, reaffirmed the Bank’s dedication to “championing access to quality learning,” while in Lokoja, Business Development Manager, David Ojonugwa, encouraged students to “make the best use of the materials and stay committed to success.”

 

Speaking in Imo State, the Bank’s Business Development Manager for Urualla Branch, Mr. Peter Nnamani, urged students to aim high, noting that every career dream “begins with dedication in school.”

 

 

 

Project Manager of Evolve Charity Trust, Mr. Godwin Ejeh, noted that investing in a child’s education “lights a candle that brightens entire communities,” noting the ripple effect witnessed across states visited during the distribution.

 

 

 

The initiative aligns with the United Nations Sustainable Development Goals, particularly SDG 4: Quality Education and SDG 5: Gender Equality, by promoting inclusive access to education and reducing gender-based barriers that keep girls out of school.

 

 

 

Polaris Bank affirmed its continued commitment to partnering with credible development organisations to deliver sustainable educational impact across Nigeria.

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