Fidelity Bank Plc has debunked viral claims of an impending bankruptcy, stating that such reports are baseless and misleading.
The rumour emerged following a Supreme Court judgment linked to a $3 million credit facility granted in 2002 by the now-defunct FSB International Bank, which Fidelity later acquired.
Fidelity Responds to Allegations
In a statement issued Monday by Meksley Nwagboh, Divisional Head, Brand & Communications, the bank assured the public, depositors, and stakeholders of its financial stability. Fidelity confirmed it is seeking judicial clarification on the actual judgment sum, while dismissing the bankruptcy claims as part of a “demarketing” campaign.
The bank explained that the legal matter dates back to a facility granted to G. Cappa Plc, secured by a mortgaged property in Ikoyi, Lagos. After G. Cappa defaulted, legal battles ensued over property ownership and rent collection, culminating in a Supreme Court ruling in favour of Sagecom Concepts Ltd.
Despite the court’s decision, Fidelity maintains that G. Cappa’s continued possession and rent collection led to Sagecom’s losses.
Fidelity confirmed that it has accepted the outcome of the legal process and is now in talks with Sagecom over a structured payment plan.
“The idea that this judgment has pushed Fidelity Bank to the brink of collapse is pure mischief,” a bank source told TheNiche.
Far from being insolvent, Fidelity Bank continues to report strong performance indicators. In Q1 2025, the bank posted a profit before tax (PBT) of N105.8 billion, a 167.8% increase from N39.5 billion in Q1 2024.
Gross earnings also surged to N315.4 billion, up 64.2% from the previous year, while total deposits rose to N6.6 trillion.
Dr. Nneka Onyeali-Ikpe, the Managing Director/CEO, emphasized the bank’s resilience:
“We started the year with triple-digit growth in profit… this shows the strength of our business model.”
CBN Intervenes
The Central Bank of Nigeria (CBN) also weighed in, urging the public to ignore unfounded claims.
In a statement, Hakama Sidi Ali, Acting Director of Corporate Communications, said:
“The Nigerian banking sector remains resilient, safe, and sound. There’s no cause for concern regarding depositors’ funds.”
CBN reaffirmed its commitment to risk-based supervision and early warning mechanisms to protect financial institutions.
Experts React
Financial analysts believe the rumour is part of a larger scheme to discredit Fidelity Bank, especially in light of its rapid growth and recent capital raise of N127.1 billion.
“This is a clear attempt to cause panic and undermine a thriving institution,” said analyst Olamilekan Johnson.
Observers point to a recurring pattern of targeted misinformation since the revocation of Heritage Bank’s license in 2024. Fidelity, along with Wema, Polaris, and Unity Banks, has repeatedly been dragged into similar speculative reports.
But facts don’t lie. With over 9.1 million customers, 255 branches, a UK subsidiary, and multiple awards in digital and SME banking, Fidelity Bank remains a Tier-1 force in Nigeria’s financial sector.
The bankruptcy rumour appears to be another episode in a series of baseless attacks. Fidelity Bank is not only financially sound but also on a growth trajectory, expanding its digital services, increasing earnings, and reinforcing investor confidence.
