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Economy

Court Relieves Fidelity Bank In Sagecom Loan Dispute

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Fidelity Bank Faces Bankruptcy

Court Relieves Fidelity Bank In Sagecom Loan Dispute

Court relieves Fidelity Bank in Sagecom loan dispute. The Supreme Court has lowered Fidelity Bank’s liability in Sagecom’s loan dispute after years of tort dispute with Sagecom.

The Supreme Court has lowered Fidelity Bank’s liability in Sagecom loan dispute after a Justice Lawal Garba-led five-member panel ruled in favour of the bank in its appeal against Sagecom Concepts Limited.

The five-member panel of the apex court, in its latest ruling on Friday, lowered Fidelity Bank’s liability in Sagecom’s loan dispute, thereby overriding its earlier decision that found Fidelity Bank severely liable on April 11, 2025, in a years-long tort dispute with Sagecom.

The previous unanimous decision of the apex court in April stemmed from a pair of loans obtained by engineering giant G. Cappa Plc from FSB International Bank in the early 2000s. The loans, recorded as $3 million and N100 million at the time, were executed before Fidelity Bank bought FSB International and its liabilities as part of the banking sector consolidation in 2005.

The cumulative facility was issued at prohibitive interest per annum, and Fidelity began seizing G. Cappa’s assets in Ikoyi and Ibadan that had been used to secure the deal when the company allegedly defaulted in 2005. G. Cappa sued at the time, and a federal judge in Lagos ordered Fidelity to desist from its aggressive depletion of G. Cappa’s assets, court documents said.

Following the April ruling, Fidelity Bank in May this year admitted it was in a deep multibillion-naira debt that could force it into bankruptcy after the Supreme Court ordered the commercial bank to pay more than N225 billion to Sagecom Concept Ltd after a years-long business dispute.

Fidelity Bank Faces Bankruptcy

Fidelity Bank

In a motion consisting of five prayers, 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 compounded daily at 19.5%. It also urged 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.

However, Friday’s ruling delivered by Justice Adamu Jauro granted Fidelity Bank’s first three prayers, but declined the fourth and fifth.
Consequent upon the verdict, 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 and earlier upheld by the apex 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 preceding decision in Anibaba v. Dana Airlines.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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