(In Nigeria) Fidelity Bank Rejects N225 Billion Judgment Claims, Counters Bankruptcy Fears with Fund Safety Assurance

 

Fidelity Bank is commanding significant attention across Nigeria following a widely circulated publication that claimed the financial institution was mandated to pay a staggering N225 billion in damages to Sagecom Concepts Limited, a report that has triggered widespread alarm among customers and netizens. The news, which suggested severe financial distress, led to a wave of panic, with many Nigerians speculating about the bank’s potential bankruptcy and urging one another on social media platforms to swiftly withdraw their funds to protect their savings. The frenzy has sparked intense discussions, with some expressing distrust in the bank’s stability, amplifying fears about the safety of their deposits in the face of such a colossal alleged judgment.

In a swift and resolute response, Fidelity Bank issued a statement categorically dismissing the publication as “false, unlawful, and constituting contempt of court,” aiming to quell the growing unease among its customer base. The bank reassured clients that their funds remain fully secure, emphasizing its commitment to financial stability and operational integrity.

 Fidelity Bank further clarified that the reported N225 billion judgment originates from a legacy transaction involving the defunct FSB International Bank and Sagecom Concepts Limited, distancing itself from the claims of imminent collapse. Labeling the bankruptcy rumors as a deliberate and syndicated attempt to embarrass and undermine the institution, the bank’s management has called for calm while highlighting its robust financial standing. This high-stakes episode has not only put Fidelity Bank under public scrutiny but also raised broader questions about the impact of misinformation on Nigeria’s financial sector, with customers and analysts closely watching the bank’s next steps to restore confidence.