Breaking: Fidelity Bank confirms supreme court case, alleges plot to embarrass institution

Fidelity Bank has confirmed a Supreme Court judgment linked to a legacy FSB transaction, estimating a N14bn settlement, but alleges the media coverage was orchestrated to cause embarrassment

[dropcap]F[/dropcap]idelity Bank has confirmed a subsisting Supreme Court judgment involving GCappa Plc and Sagecom Concepts Limited, disclosing that the estimated settlement figure arising from the verdict stands at N14 billion.

Also read: Fidelity Bank faces insolvency threat after supreme court slams N225bn damages

In a statement issued on Monday, the bank explained that the case stems from a legacy transaction inherited from the now-defunct FSB International Bank, which was absorbed during earlier banking sector consolidations.

While Fidelity acknowledged the legal judgment, it expressed concern over what it described as a coordinated attempt to discredit the institution.

The bank alleged that a sponsored publication of the Supreme Court ruling was deliberately syndicated across various media platforms with the sole aim of causing reputational harm.

“We wish to state clearly that the apex court’s judgment relates to a long-standing matter dating back to a transaction involving the defunct FSB International Bank,” the statement read.

“However, the manner and timing of the publication of this judgment in the media appear calculated to embarrass and undermine the bank.”

Fidelity Bank said it remains committed to upholding the rule of law and would follow all legal obligations arising from the judgment.

It also assured stakeholders and customers that the development would not affect its operations or financial health.

Also read: Fidelity Bank undertakes N29.6bn right, N97.5bn public offer

Read full statement below.

We would like to address recent misleading reports regarding a court judgment involving the defunct FSB International Bank, which have wrongly suggested that Fidelity Bank is facing bankruptcy. These claims are unfounded, and we want to assure our customers, investors, and the public that Fidelity Bank remains financially strong, profitable, and fully capable of meeting all its obligations.

The issue stems from a legacy transaction from 2002, in which FSB International Bank provided a loan to G. Cappa Plc. The case has undergone extensive legal processes, and we are currently seeking clarification on the judgment to ensure that the financial implications are correctly understood.

We take these malicious reports seriously and are committed to protecting our bank’s reputation and the interests of our stakeholders. Rest assured, Fidelity Bank continues to operate as one of Nigeria’s most capitalized financial institutions, with no risk of bankruptcy. Our Q1 2025 financial results clearly demonstrate our robust position.

We remain focused on our core values and are fully dedicated to supporting our customers and communities. Thank you for your continued trust in Fidelity Bank.

Rtn. Victor Ojelabi

Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.