Amaka Obiefuna

A five-member panel of the Supreme Court, led by Justice Lawal Garba, on Friday ruled in favor of Fidelity Bank in its appeal against Sagecom Concepts Limited. Given previous rulings, this marks a significant victory for Fidelity Bank in a long-running legal dispute.

The judgment brings definitive closure to a legacy case that has attracted attention across the financial sector for more than two decades.

In a motion dated October 8, 2025, Fidelity Bank sought clarification from the Supreme Court, requesting a consequential order that the judgment debt be paid in Naira. The bank also asked that the interest rate be set at 19.5% per annum rather than 19.5% compounded daily. Additionally, it prayed that the exchange rate used for conversion be the rate on the date of the High Court judgment, in line with the Supreme Court’s decision in Anibaba v. Dana Airlines.

Fidelity Bank further requested that the judgment debt be fixed at ₦30,197,286,603.13 and that interest on this amount be payable at 19.5% per annum until full settlement.

In a ruling delivered by Justice Adamu Jauro, the apex court granted the bank’s first three prayers but declined the fourth and fifth. As a result, the judgment sum will be paid in Naira at an annual interest rate of 19.5%, rather than the daily compounded rate previously awarded by the High Court. The Supreme Court also affirmed that the applicable exchange rate should be that of the date of the High Court judgment, consistent with its earlier decision in Anibaba v. Dana Airlines.

The dispute originated from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. It stemmed from a 2002 credit facility extended to G. Cappa Plc and subsequent legal proceedings tied to the collateral.

This ruling provides finality to years of litigation and confirms a significantly lower liability than the ₦225 billion previously speculated in some quarters. It aligns with Fidelity Bank’s consistent computation and materially contradicts earlier estimates.

Throughout the case, Fidelity Bank’s share price remained stable, reflecting investor confidence in its strong governance framework, prudent risk management, and robust financial fundamentals. Industry experts believe the judgment reinforces the bank’s financial strength and commitment to transparent, responsible governance.

When approached for comment, Fidelity Bank representatives declined to speak on the matter but expressed gratitude to the Supreme Court for bringing clarity and closure to the case.

By Fidelia Okafor 

Nigerians panic as the new tax law is about to kick-off January 2026, claiming that lots of deductions of money will be done by the banks directly from customers account by early next year.

The Chairman, Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele Thursday dispelled the rumours of possible deductions of money directly from customers’  bank accounts.

President Bola Ahmed Tinubu had on June 26, 2025, signed four landmark  tax reforms bill into law, providing a transition period for individuals, as well as businesses to prepare for the comprehensive changes.

Oyedele disclosed this during a one-day media workshop, designed to provide insights to support accurate and impactful reporting, reassured Nigerians not to panic or entertain any fear over the new tax regime, stating that claims of such possible deductions are not true but false, capable of destabilising the nation’s economy.

Oyedele, as a fiscal policy expert appointed by the federal government to overhaul the nation’s tax system, said that the committee focuses on fairness, efficiency, and economic growth by simplifying taxes, offering relief to low income earners while promoting compliance.

Speaking, he stated that the new tax reform would help businesses to reduce risks while harmonising multiple taxes.

“The tax reform will be fair to small business, guarantee economic stability and growth”, he stated while adding that it would equally boost investors confidence.

On households, he said the reform would guarantee wage rewards, import, as well as tax suspension on fuel products.

Low-income earners would also be exempted while reducing rates for middle class workers.

Also, it would create more opportunities to small businesses and start-ups.

The new tax regime would also improve credit rating, lower deficit and cost of debts, as revenue mobilisation would improve tax to Gross Domestic Product, GDP, ratio. It will help non-oil revenue to perform optimally.

It’s economic road map include; ensuring legal, institutional and readiness for the reforms.

Key actions include gazetting and publishing new acts and make them available online and in print.

The federal government would soon establish the Nigeria Revenue Service (NRS); the Joint Revenue Board and the Office of the Tax Ombud, thus phasing-out the Federal Inland Revenue Service (FIRS).

To achieve all these, the Committee intends to engage with key stakeholders to seek inputs for the implementation of the tax reform laws, including relevant agencies, professional bodies, and sector associations among others.

It equally intends to create more awareness and equip institutions, taxpayers, and professionals for smooth implementations of the regime.