LunagisthubFidelity Bank in Hot Water: Sagecom Petitions CBN Over Alleged Financial Misrepresentation
A legal battle has erupted between Fidelity Bank Plc and Sagecom Concept Limited, with the latter petitioning the Central Bank of Nigeria (CBN) over alleged financial misrepresentation by the bank. The controversy surrounds Fidelity Bank’s 2024 Annual Report, which Sagecom claims understates the bank’s liabilities by omitting a $129 million judgment debt.
Sagecom’s legal team, led by Adeyinka Olumide-Fusika, SAN, asserts that Fidelity Bank reported only N2.274 billion as provisions for litigation and claims in its 2024 Annual Report, despite an enforceable judgment of over $129 million against it as of December 31, 2024.
This alleged omission raises serious concerns about Fidelity Bank’s financial transparency and accountability. If true, it could have significant implications for the bank’s financial stability and reputation.
The CBN will likely investigate the matter and determine whether Fidelity Bank has indeed misrepresented its financial status. The outcome will have far-reaching consequences for the bank, its stakeholders, and the broader financial sector.
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