The Supreme Court on Monday awarded N225 billion in damages to an Ibadan-based general services firm, Sagecom Concept Ltd., engaged in a case against Fidelity Bank.

The ruling, delivered on April 11 by a five-member panel of justices, stemmed from Fidelity’s decision to sell off assets belonging to engineering firm G. Cappa Plc, despite a federal court order in 2006 prohibiting such actions. Sagecom, which had purchased some of the contested assets, sued for damages after discovering the properties were subject to litigation.

According to Peoples Gazette, the Supreme Court upheld earlier rulings against Fidelity, describing the bank’s conduct as a “deliberate disregard” for court orders and an attempt to “benefit from its own wrong.” Justices noted the bank had full knowledge of the injunction before proceeding with the sales.

Fidelity is now in talks with Sagecom’s legal team to negotiate a repayment plan, but officials warn that the judgment’s urgency may limit the bank’s ability to stagger payments without risking collapse. “This is the biggest crisis we’ve ever faced,” a top bank official admitted under condition of anonymity.

The Lagos High Court has calculated the total liability at over \$139 million, or N225.3 billion, based on the official exchange rate as of May 15. A follow-up hearing to address Fidelity’s challenge to the calculation is scheduled for May 19.

Fidelity, led by CEO Nneka Onyeali-Ikpe, has not made a public comment, and neither have the legal representatives for both Fidelity and Sagecom. Sources say the Central Bank of Nigeria may be forced to step in to prevent systemic fallout in the banking sector.