Court gavel
The lingering legal tussle between Sagecom Concept Ltd and Fidelity Bank Plc took a fresh turn on Monday as Sagecom asked the Supreme Court to dismiss the bank’s motion seeking a review of the ₦225 billion judgment debt earlier awarded in Sagecom’s favour.
Sagecom’s lead counsel, Adeyinka Olumide-Fusika, SAN, made the appeal before a five-member panel of justices headed by Justice Mohammed Garba, insisting that Fidelity Bank’s latest application amounted to “an abuse of court process.”
Olumide-Fusika, who appeared alongside Muiz Banire, SAN; Chief Ayotunde Ogunleye, SAN; and Adeola Adedipe, SAN, urged the panel to reject the motion outright.
On the other side, Fidelity Bank’s legal team—comprising Chief Wole Olanipekun, SAN; Chief Kanu Agabi, SAN; Onyechi Ikpeazu, SAN; and Kemi Pinheiro, SAN—filed the motion following the Supreme Court’s earlier judgment which affirmed the lower courts’ rulings in favour of Sagecom.
The bank, listed as appellant/applicant/judgment debtor in the motion (No. SC/CV/602/2021), filed the application on Oct. 8, naming Sagecom Concept Ltd as the judgment creditor and G. Cappa Plc as judgment debtor/respondent.
Fidelity Bank explained that its move was prompted by ongoing disagreements with Sagecom over the actual amount due. The lender asked the apex court to clarify the “quantum of the judgment debt” and correct what it described as errors in the computation.
Specifically, the bank requested an order recalculating the outstanding debt based on the exchange rate applicable on the date the trial court delivered its judgment. It also sought a declaration that the total payable—principal plus interest as of April 11, 2025—should stand at ₦30,197,286,603.13, far below Sagecom’s claim of ₦225,285,131,812.38.
However, Sagecom, in a counter-affidavit filed on Oct. 23 and deposed to by its Managing Director, Samuel Miriki, faulted the bank’s application. The firm argued that the judgments from the lower courts up to the Supreme Court were written “in clear and unambiguous English.”
According to the company, nothing in the rulings suggested the debt must be paid in foreign currency, nor was Fidelity denied the option of settling in naira. “None of the parties,” Sagecom stated, “can claim ignorance of what the judgment said or meant.”
Olumide-Fusika maintained that Fidelity Bank’s fresh application was “unwarranted,” reminding the panel that “all their appeals have been dismissed up to this point.”
But Chief Olanipekun, in defence of the bank, urged the justices to consider the motion, arguing it was “brought with every sense of responsibility and not intended to mock the court.”
After listening to both sides, Justice Garba reserved ruling on the matter.
It would be recalled that the dispute originated from a Lagos High Court judgment delivered on Jan. 30, 2018, in Suit No: LD/1734/2011, which awarded compensation to Sagecom Concept Ltd over unearned rent from residential flats located at 23/25 Probyn Road, Ikoyi, Lagos.
Both Fidelity Bank and G. Cappa Plc had challenged the verdict at the Court of Appeal, but their appeals were dismissed. The Supreme Court later upheld the concurrent decisions of the lower courts on April 11, 2025, cementing Sagecom’s victory.
(NAN)
