US EditionFidelity Bank Speaks on Bankruptcy Rumours Amid $3 Million Legacy Debt Dispute
- Fidelity Bank Plc disclosed it faces a Supreme Court judgment issued on April 11, 2025, in Lagos involving a ₦225 billion liability from a legacy debt dispute.
- The judgment resulted from a decade-long legal battle over real estate linked to loans taken by G. Cappa Plc from FSB International Bank, later acquired by Fidelity.
- Fidelity Bank disputes the reported ₦225 billion figure, estimating its exposure at about ₦14 billion and emphasizes the liability mainly rests with G. Cappa Plc.
- Justice Adamu Jauro criticized the bank’s conduct, emphasizing that excusing the appellant from responsibility would effectively reward it for its wrongful actions.
- Although Fidelity remains a financially strong Tier-1 lender, its liquidity constraints and potential regulatory scrutiny underscore risks from the large judgment and ongoing negotiations.
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12 Articles
Fidelity Bank drops out of trillion-naira club after court ruling
Fidelity Bank Plc, a tier-2 Nigerian commercial bank, has dropped out of the elite ₦1 trillion market capitalisation club, following a sharp decline in its share price triggered by a Supreme Court ruling. As of market close on Tuesday, May 20, 2025, the bank’s market capitalisation fell to ₦954 billion, after its share price slipped by 5% to ₦19.00 from ₦20.00 the previous day, according to data from the Nigerian Exchange Limited (NGX). The dro…
The Mischief In Fidelity Bank Bankruptcy Rumour – By Ikechukwu Amaechi
Fidelity Bank Plc has dismissed as unfounded the story making the rounds that it is on the verge of bankruptcy following a Supreme Court judgment linked to a legacy $3 million credit facility granted by the defunct FSB International Bank in 2002. The bank made the clarification on Monday, assuring the general public, depositors and stakeholders that it remains financially strong despite court judgment. In a statement by its Divisional Head, Bran…
Fidelity Bank Clarifies Court Ruling On Legacy Transaction - InsideBusiness - Business News in Nigeria
Fidelity Bank Plc has refuted recent media reports suggesting that the financial institution is facing bankruptcy following a Supreme Court ruling. In a statement signed by Meksley Nwagboh, Fidelity Bank clarified that the legal matter referenced in the report stems from a legacy transaction involving the defunct FSB International Bank and Sagecom Concepts Limited. The transaction dates back to 2002, when FSB granted a USD 3 million credit facil…
Fidelity Bank Denies Bankruptcy Rumours over N225bn in Damages Ordered by Supreme Court - Tech
Fidelity Bank Plc has dismissed rumours making the rounds that the commercial bank is on the verge of bankruptcy. The alarmists, according to the Bank, circulated news that Fidelity Bank is on the verge of bankruptcy following Supreme Court judgment linked to a legacy $3 million credit facility granted by the defunct FSB International Bank in 2002. The bank issued the clarification on Monday, assuring the general public, depositors and stakehold…
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