Sagecom Concept Ltd, on Monday, prayed the Supreme Court to dismiss a motion filed by Fidelity Bank seeking the review of judgment debt delivered in its favour allegedly amounting to the tune of N225 billion.
Sagecom Ltd’s lawyer, Adeyinka Olumide-Fusika, SAN, told the five-member panel of justices headed by Justice Mohammed Garba.
Olumide-Fusika, who led other team of lawyers, including Muiz Banire, SAN; Chief Ayotunde Ogunleye, SAN, and Adeola Adedipe, SAN, described the bank’s application as “an abuse of court process.”
He urged the panel to discountenance the application.
Fidelity Bank, through its team of counsel, including Chief Kanu Agabi, SAN; Onyechi Ikpeazu, SAN; Kemi Pinheiro, SAN, and led by Chief Wole Olanipekun, SAN, had filed the motion on notice following the Supreme Court’s decisions which affirmed the lower courts’ judgment in favour of Sagecom.
The bank, in the motion on notice marked: SC/CV/602/2021, was named as appellant/applicant/judgment debtor.
While Sagecom Concept Ltd was listed as judgment creditor, G. Cappa Plc was also listed as judgment debtor/respondent in the application dated and filed on Oct. 8.
It said the application became necessary following series of engagements and disagreements between Sagecom and the bank with respect to the quantum of the judgment debt and to seek clarification at the apex court as to the actual amount to be paid.
The bank sought fyan order correcting the calculation/computation of the outstanding judgment debt due under the judgment, that same be guided by the extant position of the law on the applicable exchange rate for conversion of foreign currency judgment to Naira.
It said the rate was applicable on the date of the judgment of the trial court.
It also sought “a consequential order that the judgment debt payable (principal plus interest as at April 11, 2025) shall be the sum of NGN30,197,286,603.13 (Thirty Billion, One Hundred and Ninety-Seven Million, Two Hundred and Eighty-Six Thousand, Six Hundred and Three Naira, Thirteen Kobo),” among others.
This calculation was, however, against Sagecom ‘s position which put the totality of the judgment debt, including the interest, at N225,285,131,812.38 (two hundred and twenty five billion, two hundred and eighty-five million, one hundred and thirty-one thousand, eight hundred and twelve naira thirty eight kobo).
In its counter affidavit, filed on Oct 23, marked: SC/CV/602/2021, and deposed to by Managing Director of the company, Samuel Miriki, Sagecom said the judgment of the court from the lower courts to the apex court was written and delivered in plain English Language.
The company said it was untrue that the judgment compelled the bank to pay the judgment debt in foreign currency or denied it the option of settling it in Naira.
It said none of the parties was ignorant of what the judgement stated and meant in plain English Language.
Sagecom disagreed with the depositions of the Executive Director of the bank, Stanley Amuchie., and urged the court to dismiss their motion.
But Olanipekun, in his submission on Monday, urged the panel to grant their application.
The senior lawyer argued that the motion was not an abuse of court process.
He said the application was brought with every sense of responsibility without any intention whatsoever to taunt the court.
Responding, Olumide-Fusika disagreed with Olanipekun’s submission, describing their application as unwarranted.
He reminded the panel that all their appeals were dismissed up to the Supreme Court.
After their arguments, Justice Garba reserved ruling in the matter.
It would be recalled that a High Court of Lagos State had, on Jan. 30, 2018, in suit number: LD/1734 2011, entered judgment against Fidelity Bank and G. Cappa Plc in favour of Sagecom Concept Ltd.
Dissatisfied with the judgment, the bank appealed same to the Court of Appeal and the appellate court affirmed the decision of the lower court.
The applicant also appealed the Court of Appeal decision and the apex court on April 11, dismissed the appeal and affirmed the decisions of the two lower courts.
The judgment was said to be for compensation to Sagecom (judgment creditor) in respect of unearned rent from residential 3-bedroom flats at No. 23/25 Probyn Road, Ikoyi in Lagos State.