Fidelity Bank Plc has denied being bankrupt, stressing its capacity to discharge its legal obligations, despite a Supreme Court judgment requiring the bank to pay damages of N225 billion to a Nigerian firm, Sagecom Concepts Limited.
Gatekeepers News reports that in a statement, Meksley Nwagboh, Fidelity’s Divisional Head of Brand and Communications, clarified that the case originated from the legacy operations of FSB International Bank, which Fidelity Bank acquired.
Nwagboh explained that the issue dates back to 2002 when FSB granted a credit facility to G. Cappa Plc, which defaulted on repayment.
“The Bank is under no bankruptcy and has always been in a position to discharge its proper and lawful obligations,” Nwagboh said.
He added that Fidelity Bank has petitioned the Supreme Court for clarification on the judgment’s interpretation and accurate computation of the payable amounts.
According to Nwagboh, the judgment debt is approximately N30.7 billion, payable jointly by G. Cappa Plc and Fidelity Bank, based on the exchange rate as of the date of the trial court’s judgment in 2018.
“We are convinced that by remaining in possession of the property and continuing to collect rents therefrom, G. Cappa orchestrated all the losses suffered by Sagecom,” he said.
