Supreme Court Revises Sagecom Case Ruling, Issues Clarification Favoring Fidelity Bank
In a surprising development, Nigeria’s Supreme Court on December 12, 2025, issued a clarification in the long-standing Sagecom Concepts Limited vs. Fidelity Bank Plc case, effectively revising aspects of its April 2025 judgment. The case, originating in 2011, involved claims by Sagecom for possession of a Lagos property and substantial rental damages, including daily-compounded interest and conversion of dollar rents to Naira at the prevailing exchange rate. While the original judgments by the High Court, Court of Appeal, and Supreme Court awarded interest at 19.5% per annum compounded daily and conversion at the 2025 exchange rate, the Supreme Court’s clarification adjusted the interest rate to 19.5% per annum and applied the 2018 exchange rate. Fidelity Bank, citing ambiguities in the earlier judgment’s computation of interest and currency conversion, engaged Wole Olanipekun, SAN, to seek clarification. Legal experts expressed shock, noting that Supreme Court rulings are generally final, but the bank and the court argued the clarification was within the court’s authority to ensure proper implementation, not to reopen the case.
In a surprising development, Nigeria’s Supreme Court on December 12, 2025, issued a clarification in the long-standing Sagecom Concepts Limited vs. Fidelity Bank Plc case, effectively revising aspects of its April 2025 judgment. The case, originating in 2011, involved claims by Sagecom for possession of a Lagos property and substantial rental damages, including daily-compounded interest and conversion of dollar rents to Naira at the prevailing exchange rate. While the original judgments by the High Court, Court of Appeal, and Supreme Court awarded interest at 19.5% per annum compounded daily and conversion at the 2025 exchange rate, the Supreme Court’s clarification adjusted the interest rate to 19.5% per annum and applied the 2018 exchange rate. Fidelity Bank, citing ambiguities in the earlier judgment’s computation of interest and currency conversion, engaged Wole Olanipekun, SAN, to seek clarification. Legal experts expressed shock, noting that Supreme Court rulings are generally final, but the bank and the court argued the clarification was within the court’s authority to ensure proper implementation, not to reopen the case.
Supreme Court Revises Sagecom Case Ruling, Issues Clarification Favoring Fidelity Bank
In a surprising development, Nigeria’s Supreme Court on December 12, 2025, issued a clarification in the long-standing Sagecom Concepts Limited vs. Fidelity Bank Plc case, effectively revising aspects of its April 2025 judgment. The case, originating in 2011, involved claims by Sagecom for possession of a Lagos property and substantial rental damages, including daily-compounded interest and conversion of dollar rents to Naira at the prevailing exchange rate. While the original judgments by the High Court, Court of Appeal, and Supreme Court awarded interest at 19.5% per annum compounded daily and conversion at the 2025 exchange rate, the Supreme Court’s clarification adjusted the interest rate to 19.5% per annum and applied the 2018 exchange rate. Fidelity Bank, citing ambiguities in the earlier judgment’s computation of interest and currency conversion, engaged Wole Olanipekun, SAN, to seek clarification. Legal experts expressed shock, noting that Supreme Court rulings are generally final, but the bank and the court argued the clarification was within the court’s authority to ensure proper implementation, not to reopen the case.
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