₦airaland Forum

DeRuggedProff:
" Some people have set shop on NGX".
For the very first time this statement I have been seen occasionally has made practical sense to me! I now know one person who has an address on NGX!

Yes o my drugged Prof . Let me give this small lesson for those that have the risk to make money on day trading. Japaul went down to 270k (full offer) some minutes ago, If you can buy at that 270k then, as at the time of typing this message, same Japaul is selling for 295k, If you buy 1m units at 270k which is N2,700,000, by now you will be selling same 1m units at N2,950,000 (Commission on both transactions may not be more than N100,000) You have made N150,000 in one hour. Period . same goes to Elijah lakes. However, it can also go contrary to expectation though.

EDUECO:
I think it depends on the stockbroking firm,it is no longer possible with Morgan capital.

The bolded is not right please. I bought a stock last week on Morgan platform by 10.45am and sold by 1.45pm same day. For avoidance of doubt on why I bought and sold within 4 hour, it is just for a profit of around seven percent, because I don't really have confidence in the stock for a long term, not even one week.

jonnysessy:
Going by Zenith Bank response. It means they are capable to meet up with the regulatory stance of the CBN since we are still in the month of June. Why did the CBN not manage and wait till the end of June before making a proclamation. Well the deed had already been done. This had given their rival more room to gap them. Though, i am not Jim Ovia. But, i stand solidly behind my bank. Please, i await your interim dividend. Please try and make it N2.00k this year to shame detractors. Small UBA was able to do N2.00k last year for their interim. We move

In all these back and forth, it is worthy to note that most banks may not be able to pay juicy dividends that most investors are expecting this year.

yMcy56:
They never bash Ellah reach Oando
Even the ogas joined for Oando matter 😁

On point landlady. Sincerely speaking, that is why I love this forum. We have combination of the good, the bad and the ugly. But the good ones' here are 80%, while the bad and ugly constitutes the remaining 20%, and everybody is unique in their own ways. In fairness to those that criticizes a stock, they are 80% correct, but that doesn't necessarily mean the stock price will obey their criticisms. Even when they are bashing a stock, you will still learn new things from their comments that will guide and be of benefits to you regarding that stock.

Above all, when I read all the pros and cons, the question I always ask myself amongst others are:

1. Are there money to be made if I buy the stock?
2. Will the money I invest on the stock yield significant investment for me in the next 6 months?

If the answer to the above is Yes, I move in and buy straight away. Nothing concerns me with who and who is in the management of the company. I am in the market to make money and not to study management style and principles. Wishing you all peace and joy o.

Ginalex:
Please what is SAHCO's ticker on NGX?

SKYAVN just after SCOA

SohSoh:
me i don't understand what is really going on with Fidelity, they tried to explain, the court order few days ago, but i didn't understand it, my own is... are they going to pay the fine or not. #SohSoh

the link : https://nairametrics.com/2025/05/19/fidelity-bank-confirms-supreme-court-ruling-on-g-cappa-and-sagecom-computes-n14-billion-as-settlement/

The Fidelity Bank Palava:
1. Parties Involved:
☞ Fidelity Bank (absorbed FSB International Bank in 2005)
☞ G. Cappa
☞ Sagecom Concepts

2. What Went Wrong?
☞ G. Cappa borrowed money from FSB International Bank but defaulted. The loan was backed by a property in Ikoyi.

3. What FSB Did
☞ FSB sold the property to Sagecom Concepts after winning a legal dispute allowing the sale, but the Federal High Court did not order G. Cappa to vacate. Instead, the court referred the matter of eviction to the Lagos State High Court. G. Cappa continued occupying the property.

4. The Legal Battle
☞ Sagecom Concepts sued Fidelity Bank (FSB’s successor) over possession of the property. In 2018, the Lagos State High Court ruled in favor of Sagecom. Fidelity Bank challenged this at the Supreme Court.

5. Settlement Issues
Fidelity Bank now agrees to settle Sagecom, but confusion exists over how much Fidelity should pay, due to currency valuation differences:
2005 exchange rate: $130 million = ₦14 billion.
2018 exchange rate (when the trial began): ₦31 billion.
Current exchange rate (~₦1,600/$): ₦220 billion+ (not applicable according to Fidelity Bank).

6. Current Situation:
Based on legal precedent, Fidelity Bank argues that the 2018 rate (₦31bn) is appropriate. The bank has requested that the court clarify the exact applicable amount. The issue remains in court.

7. Fidelity Bank’s numbers (FY 2024)
☞ Total Assets: ₦8.8 trillion
☞ Cash Position: ₦700 billion+
☞ Net Assets: ₦793 billion
☞ Gross Earnings: ₦1.1 trillion
☞ Profit After Tax: ₦278 billion

culled from another platform

In a letter dated May 20, 2025, signed by Adeyinka Olumide-Fusika, SAN, of M.A. Banire & Associates/Citipoint (Legal Practitioners), the legal team asserted that Fidelity Bank significantly understated its liabilities by reporting only N2.274 billion as provisions for litigation and claims—despite an enforceable judgment of over $129 million against it as of December 31, 2024.


A legal firestorm has erupted over Fidelity Bank Plc’s 2024 Annual Report, as lawyers representing Sagecom Concept Limited have written a petition to the Central Bank of Nigeria (CBN), accusing the bank of concealing a multi-million-dollar judgment debt under its litigation disclosures.


In a letter dated May 20, 2025, signed by Adeyinka Olumide-Fusika, SAN, of M.A. Banire & Associates/Citipoint (Legal Practitioners), the legal team asserted that Fidelity Bank significantly understated its liabilities by reporting only N2.274 billion as provisions for litigation and claims—despite an enforceable judgment of over $129 million against it as of December 31, 2024.


The petition, addressed to the Director of Banking Supervision at the CBN, calls for immediate regulatory scrutiny of Fidelity Bank’s financial reporting practices, which the lawyers allege were “blatant and deliberate misstatements and misrepresentations.”


Final Supreme Court Judgment Ignored

The contentious litigation, originally filed by Sagecom Concept Limited in 2011 (Suit No. LD/1734/2011), spanned over a decade and culminated in a Supreme Court ruling on April 11, 2025, in Sagecom's favour. The courts consistently ruled in favour of Sagecom at the High Court, Court of Appeal (Appeal No. CA/L/494/2018), and ultimately the Supreme Court (SC/CV/602/2021).
Despite these outcomes, Sagecom’s legal team said Fidelity Bank failed to reflect the liability accurately in its audited accounts. As of December 31, 2024, the judgment debt stood at $129,321,631.73, and due to compounded interest of 19.5% per annum, the amount had risen to $139,362,314.19 by May 20, 2025.


“By so doing, the impression was conveyed to its shareholders and the public at large that its liability on litigations and claims was reasonably within that range,” the lawyers said.


According to the petition, the “misrepresentation” conveyed the impression to shareholders and the public that Fidelity Bank's exposure was modest—just over two billion naira—when in fact it was over 90 times greater.


Alleged Media Manipulation

The letter also accused Fidelity Bank of attempting to control public perception through media spin and the top management of Fidelity Bank Plc of attempting to preemptively shape the narrative before enforcement actions commenced.


True to form, the bank released a follow-up statement titled “Fidelity Bank Clarifies Position on Court Judgment inherited from Defunct FSB International Bank”, portraying the judgment as an inherited liability dating back before Fidelity’s acquisition of FSB International Bank.


However, Sagecom’s lawyers insist the legal process was transparent and rigorous, and the claim that the matter is “inherited” does not absolve Fidelity Bank of legal and financial responsibility.

The CBN had earlier released a statement downplaying the issue, assuring stakeholders and depositors that there was “no cause for alarm” regarding Fidelity Bank’s operations. The CBN described the circulating reports as “misleading,” though it did not directly address the specifics of the Sagecom case.

In response, the lawyers urged the CBN not to “fall to the manipulation” of its supervisee and not to be complicit in what they described as a systemic attempt to mislead regulators and the public.


The legal team wrote: “It is our honest and sincere belief that if the judgment of the High Court which was delivered on 30/01/2018 and had therefore been in existence for seven years prior to the 31/12/2024 issuance of the Annual Report) and that of the Court of Appeal (which was delivered on 7/5/2021 and had therefore been in existence for about three and a half years prior to the 31/12/2024 date of the Annual Report) had been fully, truly, factually disclosed to your Banking Supervision Officers having the remit over your supervisee, it would have been most impossible for the said Annual Report to have been approved or authorised by the Central Bank of Nigeria for issuance and dissemination to the shareholders of your supervisee and the public at large.


“Since the final judgment, which was that of the Supreme Court, was delivered in the matter on the 11th of April 2025, no serious step has been commenced by us to even execute the judgment.”


They also offered to engage directly with the CBN prior to initiating enforcement actions, indicating a willingness to cooperate in a “reasonable manner” that acknowledges the CBN’s supervisory role.


In addition to the letter sent to the Central Bank of Nigeria, Sagecom Concept Limited’s legal representatives also informed the Managing Director/CEO of the Nigeria Deposit Insurance Corporation (NDIC) about the ongoing litigation and the substantial judgment debt against Fidelity Bank Plc.


The lawyers sent a separate letter dated May 20, 2025, copying the NDIC in the communication with the CBN. The letter, titled ‘RE: SAGECOM CONCEPT LIMITED VS FIDELITY BANK PLC & ANOR (JUDGMENTS IN SUIT NO LD/1734/2011; APPEAL NO CA/L/494/2018; SUPREME COURT NO SC/CV/602/2021),’ formally notified the deposit insurer of the significant financial liability that Fidelity Bank faces as its insured institution.


The letter stated: “As counsel for the judgment-creditor, Sagecom Concepts Limited, in the matter in the above caption, in which a quite significant judgment-sum is now outstanding against your insured institution, Fidelity Bank Plc, we have deemed it fit to put you in copy of the attached letter to the Central bank of Nigeria respecting the matter.”


Background

The dispute dates back to 2002 when FSB International Bank granted a $3 million loan to G. Cappa Plc, secured by a mortgage on a property in Ikoyi.


Fidelity Bank Plc is facing one of the biggest legal and financial crises in its history following a Supreme Court order mandating it to pay ₦225.3 billion in damages to Ibadan-based firm Sagecom Concept Limited.


The court ruling stems from a longstanding dispute over two loans originally granted by FSB International Bank to engineering company G. Cappa Plc in the early 2000s. Fidelity Bank assumed FSB’s liabilities during the 2005 banking consolidation. After a loan default, Fidelity seized collateral properties in Ikoyi and Ibadan—despite a federal court injunction—and later sold some of them to Sagecom for ₦350 million.


Sagecom later found a 2006 court disclaimer prohibiting the sale and sued to recover its funds, citing illegal asset transfers. After years of litigation, the Supreme Court ruled on April 11, 2025, in Sagecom’s favor, with Justice Adamu Jauro stating that Fidelity should not “benefit from its own wrong.” Justice Jummai Sankey labeled the bank’s actions a “deliberate disregard” for the courts.


The Lagos High Court initially awarded damages in 2011. That award was recently updated by Justice Olabisi Akinlade to reflect current economic realities: $139 million, or ₦225.3 billion using the May 15 exchange rate of ₦1,620 to $1. Fidelity is expected to contest the naira calculation at a May 19 hearing, though legal insiders say it’s unlikely to succeed.


The Lagos court awarded significant special damages in favour of Sagecom Nigeria Limited, the claimant in a protracted legal battle over a multi-unit residential property comprising several flats and two penthouses at No. 25, Probyn Road, Ikoyi, Lagos.

In its ruling, the court directed the second defendant, G. Cappa Plc, and the first defendant, Fidelity Bank Plc, to jointly and severally pay compensation to Sagecom for lost rental income.


The awarded amounts were determined based on the annual rental value of each unit, denominated in U.S. dollars or its equivalent in Naira at the prevailing Central Bank of Nigeria (CBN) exchange rate at the time of payment.


The court’s assessment of damages took into account the specific rental values and the dates on which the losses were deemed to have commenced—ranging from November 2005 to December 2006 for different units. Up until June 20, 2011, liability was assigned solely to G. Cappa Plc.

However, from June 21, 2011 onward, both G. Cappa and Fidelity Bank Plc were held jointly and severally responsible. That liability remains in place until Sagecom either regains possession of the property or the original 25-year lease—granted to G. Cappa by NEPA in January 2001—expires, whichever comes first.


The annual rental values for the units ranged from $30,000 to $67,500 each. Specifically, Flat 5 was valued at $30,000 per year; Flats 2 and 8 at $33,750; Flat 9 at $56,250; Flats 1, 3, 4, and 6 at $60,000; Flats 7 and 10 at $52,500; and both penthouses at $67,500 each. These amounts are payable in U.S. dollars or their Naira equivalent, calculated at the Central Bank of Nigeria’s official exchange rate on the payment date.


The court’s ruling compensates Sagecom for the extended period during which it was denied rental income following the 2005 purchase of the property—a transaction later deemed to have breached an existing court injunction.


Damages are calculated from each unit’s respective start date until Sagecom either regains possession or the 25-year lease, which began on January 1, 2001, expires—whichever occurs first.
Additionally, the court ordered that interest on the awarded annual rental values accrues at a daily compounded rate of 19.5% per annum, starting from each annual due date until full payment is made.


Bank executives are now negotiating a structured repayment plan with Sagecom’s legal team. However, sources close to the matter say the Supreme Court’s call for urgency may limit how much the bank can spread the payments.


“This is the biggest crisis the bank has ever faced,” a senior official said, “If Fidelity survives this, it will be because Sagecom shows leniency.”


Despite reporting ₦385 billion in pre-tax profits for 2024 and seeing a 140% surge in share price this year (closing at ₦20.80 per share on Friday), most of Fidelity’s earnings are tied to rolled-over loans, raising doubts about its liquidity.

No financial institutions have stepped forward to underwrite the judgment as of Monday. Experts warn the Central Bank of Nigeria (CBN) may need to intervene to prevent systemic risks.

Fidelity Bank and its legal team—including Senior Advocates Kanu Agabi and Onyechi Ikpeazu—have declined public comment. Meanwhile, the CBN has remained silent.

Fidelity Bank, Nigeria’s sixth-largest by assets, is currently led by CEO Nneka Onyeali-Ikpe. The bank has faced prior criticism for aggressive loan recovery tactics, including a recent case where it was blamed for a debtor’s death.

While the outcome of the payment negotiations remains uncertain, one thing is clear: the repercussions of this judgment will reverberate through Nigeria’s financial sector for months to come.

https://saharareporters.com/2025/05/23/breaking-sagecom-petitions-cbn-accuses-fidelity-bank-lying-about-financial-status

BabsO2:
In less than 20mins of market open about N300 million is changing hands as some investors rush for a panic sale. The strong Fidelity bulls are wrestling the bears unleashed by the People Gazette publication.

In fairness to the bolded, I do not see any biase in their report. They simply reported the judgement of the supreme court. It is now left for the parties to challenge the interpretation at the court

BabsO2:
There is a huge difference between N225b and N31b (or N14b). How did the People Gazette come up with N225b and the bank has a max of N31b being a stake.

The supreme court used the rate of the dollar to naira as at 16/19 May 2025 when the judgement was delivered. But Fidelity is saying that the rate should have apply to 2018 dollars/naira rate when the judgement was first delivered by the Appeal Court before it was later taken to the supreme court. The drama is still on....

KarlTom:
Fidelity MM have a very busy day ahead

https://doclib.ngxgroup.com/Financial_NewsDocs/44130_FIDELITY_BANK_PLC-FIDELITY_BANK_PRESS_RELEASE_ON_COURT_JUDGMENT_CORPORATE_ACTIONS_MAY_2025.pdf

The most important extract to note from the publication:

"However, having exhausted the appeal process, the Bank is willing to settle the obligation. Unfortunately, there
are significant ambiguities in the judgment resulting in difficulties in calculating the actual financial liability to the
G.Cappa and the Bank which is about N14billion from our computation based on the exchange rate as of 2005
when the incident and cause of action arose. Meanwhile the Supreme Court in the case of Anibaba v Dana Airlines
Limited delivered in January 2025 has clarified that foreign currency judgment debt must be converted to Naira
at the exchange rate obtainable at the date of judgment of the trial Court which in this case was 30 January 2018.
Even if the 2018 exchange rate supported by the Supreme Court is applied, the judgment debt will just be under
N30.7 billion payable by G.Cappa Plc (who delayed delivery of possession of the apartments from 2005 till June
2018 when possession was eventually delivered) with contribution from the Bank.

Consequently, the Bank has applied to the Court for a clarification and inquiry into the proper interpretation of the
judgment and the computation of the actual quantum properly and lawfully payable by G.Cappa and the Bank".

Streetinvestor2:
Why didn't the yeye judge say 1 trillion damage. The rubbish the upper court will soon throw into dustbin. I don't owe a unit of the stock

It is a supreme court judgment

Amaa2019:
What’s this news about Fidelity guys

https://gazettengr.com/exclusive-fidelity-faces-bankruptcy-as-supreme-court-orders-banking-giant-to-pay-n225-billion-damages-to-nigerian-firm/

This may likely affect the share price to some extent

emmaodet:
I believe you used the Q1/25 to divide the price instead of using a full year eps to divide the price.
It is either you use the trialing 12 months eps - Q2/24 + Q3/24 + Q4/24 + Q1/25 divide by 4 or you use forward /estimated eps 4 x Q1/25 being the easiest to use.
Your 42k Q1/25 x 4 is 168k for full year but I prefer to be conservative with 1.5 which gives us a p/e of 3

Ok. More like a justified PE ratio.

emmaodet:
The initiates Pls (TIP) - a waste management company sited in PH.
Current P/E as at yesterday when i did my valuation was 3 - current Market price (MP) of 4.5 divided by estimated full year eps ( Est. FY EPS 2025) = 1.5.

Commendations for your analysis on financial results. However, the current PE of TIP is around 10.67 and not 1.43 as quoted by the company or 3 as stated in the bolded, taking into account that the market price of TIP is 450k, while the eps is 42k

https://doclib.ngxgroup.com/Financial_NewsDocs/43999_SKYWAY_AVIATION_HANDLING_COMPANY_PLC-_QUARTER_1_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_APRIL_2025.pdf

Q1 results of SAHCO looks better in some metrics than fellow competitor NAHCO. I am not selling again. I will use seat belt here till next year.

https://doclib.ngxgroup.com/Financial_NewsDocs/43981_ABC_TRANSPORT_PLC-_QUARTER_1_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_APRIL_2025.pdf

eps of 9k as against a loss of 3k in last year Q1

cc: @locotrader

https://doclib.ngxgroup.com/Financial_NewsDocs/43907_INTERNATIONAL_BREWERIES_PLC.-_QUARTER_1_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_APRIL_2025.pdf

IB back to profit after years of consistent losses. EPS of 30k

https://doclib.ngxgroup.com/Financial_NewsDocs/43854_LAFARGE_AFRICA_PLC.-CORPORATE_DISCLOSURE__CORPORATE_ACTIONS_APRIL_2025.pdf

N4 interim dividend as predicted.

cc. @sunrisepebble

Sunrisepebble:
Information reaching me for Q1 result:
Nahco Q1 2.10 EPS
Nascon EPS I hear will be very good
Dangcem 80% eps growth YoY for Q1
Vitafoam ~N5 eps for H1
Wapco likely N4 interim dividend

NB: Not a buy or sell advice

This man. You are indeed a jewel of inestimable value!

designking:
When is Oando crediting the bonus shares to us?

I thought they said this month.

No cause for alarm. Probably after their Audited result/AGM

yok:
22 APRIL 2025 NIGERIA MARKET UPDATE WITH SOME GLOBAL PERSPECTIVE
Market was fair for the day just in line with global market perspective. With oil as key factor and US/China factor holding down oil price, now with Trump likely confirmation of soft pedaling on the feud, we should see more green days in the market.
We have updated the profit forecast for NAHCO and FCMB. FCMB will likely see a lower Profit in March 2025 l

@yok, you are welcome back, after a long break.

toyeoye:
seeing this on other platforms

NGX has a daily price movement limit of ±10% per stock, so seeing GTCO and ZENITHBANK showing more than -10% might be worth a double-check. It could be a data lag

It is as a result of mark down. Ex-dividend price + daily downside movement

emmanuelewumi:
Compounding as per reinvesting your interest and capital

First month N2 million

Twelveth month over N4 billion

lol. True definition of "Building castle in the air"

Agbalowomeri:
If I fit see Aradel @120 laidis, shebi I for buy to sell @240? God is able to do all things

The day people will gather here and beat you blue, black and red is coming. Kwantinue

https://doclib.ngxgroup.com/Listings-site/corporate-disclosure-site/Documents/VFD_GROUP_PLC_CORPORATE_ACTIONS_.pdf

Dividend of 250k and bonus of 5 new shares for 1

Mpeace:
See Aiico wey some people put better money in the hope of mega returns. E just dey mess up and down since that year.
Same with Caverton.
Those two stocks single handedly sent one of our ogas away from this forum
NSE go just dey humble us.

Personally, I think AIICO management needs to be scrutinized. AIICO is official insurer to at least 3 Nigerian airlines. I can't count how many times I have paid N3,000 for their insurance when travelling through Arik, ValueJet, and is it Ibom or Air Peace. Not to talk of revenues from other sources. With better management, AIICO will churn out better result, while the stock price is supposed to be trading around N4.

Princkez:
UBA final dividend #3.....total dividend for 2024(#5)

Good one from UBA. You gave an expo last week on the N3 dividend and you were right.

jp130:
Good morning inspired friends, please who can help me with Morgan capital account for deposit?

Bank: Zenith Bank Plc
Account name: MorganCapital Securities Limited
Account number: 1013840874

currentprice:
The livestock was below N4 when d post made .... although i missed it myself because I targeted more better stock but still waiting to see Q1 to see if it is moving train or there is a space for hanging

congratulations to @ndept & co that loaded it

we are making money this year

Yes o. Thank you I never even imagine that it can return 100% from the 386k it was selling then.

zendi:
Hope it's not 2008 repeating itself bicos of Trump's Trade World War.
Those exposed to American stocks, are they falling? In which case you could wait for Zenith at 12 as people sell off here to go and buy gems that have become cheap over there.

Bolded, not really.

But, the little green we are seeing now keeps reminding me of Oracle’s trap basket and if care is not taken, the red we are seeing now may be a testing of the mic. Regardless of the dividend by the banks, some financial institution may use the opportunity to offload their kaya, thereby making the market to go down more. In addition, I do not see the banks performing excellently this year because the forex gains that contributed to their excellent financial results last year may not be there this year, coupled with their over-bloated outstanding shares. You and I know that the upward/downward movement in the price of bank stocks dictate the direction of the market. Even the outlook for oil is not looking good in the next months. However, this does not mean that all stocks will go down together. Some stocks will still present opportunity for people to make money despite the reds in the market.

I sold 85% of my holdings last week, the remaining 15% are stocks that has forcefully turn me to an investor like @emmanuelewumi . Like Sky aviation which I bought at N24 but does not have enough volume for me to sell since 2 weeks ago.

However, it is pertinent to note that I donated 14% of the loot I made before 15th January 2025 to the market as part of my corporate social responsibility and greed. For now, I have decided to stay on the sideline and watch how events unfold in the market in the next 2 months. It is good to be a spectator and not a participant at NSEMPA when e-fight starts due to the red in the market.

Above is a personal opinion please.

Xidget:
NASCON one step forward, two step backwards

They announced N2 dividend but did not release the audited result. I doubt if DS result will be good. Board meeting was held on 27 February and up till date, the result has not been released.

Shalom428:
Looking forward to comparing Totalenergies and MRS 2025 Q1 and Q2 numbers .

The queue in MRS lately has been crazy. It does look like Dangote PMS is the preferred choice. NNPC and total are getting lesser customers lately, while MRS is buzzing.

Good observation. Same thing made me to take another close look at their Q4 result (Oct - Dec 24), but I did not see anything spectacular in their revenue viz-a-viz profit.