news

After fake news by Peoples Gazette blog, Fidelity Bank shines even brighter

Published

1 month ago

May 20, 2025

Fidelity Bank Supports Improved Maternal Health in Lagos

By Joseph Okechukwu

@GazetteNGR You do know you’ve just gotten yourself into serious trouble with this publication, right? This is so shameful. And to think that I have, on a few occasions shared your posts! Journalism should be about integrity not brown envelopes and bringing people down with falsehood.

There’s a court order restraining Sagecom, your client and or anyone from publishing any material in the media as this matter is still pending in court. But you guys have rushed to publish this utter falsehood and misled others who went along with it. I hope Fidelity Bank sues the hell out of you guys, to set an example.

For crying out loud, this is a case that’s more than 20 years old and still hasn’t been summarily resolved.

For people who may not know, what happened is, FSB – remember that bank? Yea, FSB bank granted a credit facility (loan) in the amount of $3 million to G. Cappa in 2002. Remember G. CAPPA – the now dead construction company that once held sway in Nigeria? G. Cappa secured the loan with mortgage on a property located in Ikoyi (their collateral)

Incidentally, G. Cappa defaulted on the loan – they couldn’t pay. In a bid to prevent FSB bank from selling the mortgaged property to repay the loan, G. Cappa ran to Lagos High Court, seeking to restrain the bank from selling the property. That case almost went cold and remained in court with no hope of judgement. As the case lingered, in 2005, FSB Bank sold G. Cappa’s mortgaged property to Sagecom, to retrieve the $3 million the company borrowed from it. Around that same period in 2005, during the bank capitalization process in Nigeria, Fidelity Bank acquired MANNY Bank and FSB Bank, same bank embroiled in this case. Automatically, they inherited the case that looked very easy on the surface, given that the bank did what every bank could’ve done.

So, in 2011, about 9 years later and just six years after Fidelity took over the bank, judgement was given in the G. Cappa case that had lingered for so long. In that judgement, the court exonerated the bank saying it “rightfully sold the leased interest in the property to Sagecom.” But the problem is that the court did not order vacant possession, so G. Cappa still kept the property, collecting rent on it and making money off of it, from the time that it was sold to Sagecom to the time of giving judgement in 2011. Sagecom to whom the property was legally sold never had access.

For this reason, Sagecom instituted action against the bank and G. Cappa because it was not allowed to take possession of what has been sold to it. Good case, but truly, it is G. Cappa that should pay Sagecom for damages and not the bank (FSB) now Fidelity. The bank is only joined in the breach of contract case because the bank is the seller. And that’s why Sagecom joined the bank.

In 2018, the Lagos High Court awarded judgement in favor of Sagecom against G. Cappa and the Bank. Judgement was challenged by the Supreme Court because the bank rightly held that G. Cappa orchestrated all the losses that Sagecom had suffered and should be charged solo. And it makes a lot of sense, given that the bank did what was within its right, as was upheld by the court.

Sadly, G. Cappa, the company at the center of all these, suddenly went into receivership (it went bankrupt and was now being taken over). So the bank tried to appeal the judgement severally but later decided to just settle its own obligation of the liability.

The question then arose, what is the value of the liability to G. Cappa and the Bank? As a guide, in the case of Anibaba vs. Dana Airlines Limited delivered in January of 2025, the Supreme Court clarified that foreign currency judgement debt must be converted to Naira at the exchange rate obtainable at the date of the judgement of the trial court, which in this case is 30 January, 2018. Now, if you apply the Supreme Court – supported 2018 exchange rate, the judgement debt rate will be a little less than N30.7 billion – the amount that G. Cappa and the Bank now legally owe Sagecom.

The so called N225 billion came from calculating with present day exchange rate in 2025, which isn’t the way it should be done, especially given the recorded incidence of a similar case between Anibaba and Dana Airlines Limited, as recently as January 2025! Imagine expecting to go home with 225 billion Naira for $3 million investment for which you were denied access but later reclaimed. That’s an absurdity taken too far and this is why Gazette should have been wiser with their rush to publish.

As a matter of fact, the bank even applied to the court for further clarification on what should be paid by the bank and how much G. Cappa should bear out of the calculated liability sum. After this application, the court consequently ordered Sagecom to maintain status quo pending determination of pending motions, and restrained Sagecom and all persons, including bloggers like People Gazette from publishing any material in the media as the matter is still pending in court. So basically, what this means, according to Fidelity Bank, is that People Gazette and other platforms that carried the FAKE NEWS have published falsehood and violated a court order, for which Fidelity Bank is now seeking legal redress. I have attached the court order below.

Fidelity Bank is one of the best performing banks in Nigeria today. In 2021 Fidelity Bank went from N38.1 billion in Profit Before Tax (PBT) – a 35.7% growth in profit to a Profit Before Tax (PBT) of N105.8 billion, representing an impressive 167.8% growth in the first quarter of 2025 alone! That is not to talk about their expansion into London with the acquisition of Union Bank London, and moves currently underway to expand into a few African countries.

This is the bank that gave us Air Peace Airlines through their foundational partnership, when no one else could’ve done it.

This is a bank that took share prices from a single digit of N9 to about N20 in just a year! This is even more exciting because the bank is recording all these gigantic strides under a woman. Fidelity went from average to now an indisputable Tier 1 bank, and they’ve been fighting so hard to bring it down. Otherwise, why would People Gazette publish an outright falsehood on a matter that’s still pending in court, just to cause panic and sow doubts in people. This is the second or third time I have now had to respond to a malicious attack to bring Fidelity Bank down in Nigeria. Rest assured that we know what the plan is, so stop already.

Happy to see that the Central Bank of Nigeria (CBN) has stepped in to debunk the Fake News. CBN reaction attached below as well.

society

Niger State Government Welcomes Buratai Foundation Aid for Flood Survivors

Published

2 days ago

June 17, 2025

Sahara Weekly

Niger State Government Welcomes Buratai Foundation Aid for Flood Survivors

The Niger State Government in north Central Nigeria has welcomed officials from the TY Buratai Humanity Care Foundation and Tukur and Tukur Foundation, on a condolence visit to the state following the recent tragic flooding in Mokwa.

The foundation, owned by former Chief of Army Staff, His Excellency Amb Lt General Tukur Yusufu Buratai CFR (Rtd), has initiated a medical outreach program to aid the affected communities across the country.

During the visit, the Permanent Secretary in the Ministry of Secondary and Tertiary Health, Dr Abdullahi Imam, expressed the state government’s appreciation for the foundation’s commitment to aiding recovery efforts.

The timeliness of the Foundation’s assistance during this challenging period is highly appreciated,” said Dr Imam, highlighting the vital role of timely health interventions in post-disaster recovery.

The Niger State Government, the TY Buratai Humanity Care Foundation, and Tukur and Tukur Foundation have pledged to work collaboratively to restore health and wellness in the flood-affected Mokwa community.

Officials of the foundation were warmly received by the state government, which acknowledged the importance of their support in responding to the humanitarian needs of displaced and affected residents.

Following the engagement in Minna, the foundation’s delegation proceeded directly to Mokwa to commence immediate medical interventions, prioritizing urgent healthcare for those impacted by the flooding.

According to Nana Fateema Mohammed and Muhammad S. Abubakar, Information Officers with the Ministries of Primary and Secondary Healthcare, the support has been met with heartfelt gratitude.

“Nigerlites express deep appreciation for the compassion and actionable support shown by the TY Buratai Humanity Care Foundation and Tukur and Tukur Foundation as communities rally to rebuild and recover,” they said in a joint statement.

Dr Imam echoed the sentiment, reiterating, “We express deep appreciation for the compassion and actionable support shown by the TY Buratai Humanity Care Foundation and Tukur and Tukur Foundation.”

The outreach is part of a wider effort by the foundations to deliver humanitarian and healthcare services to vulnerable populations across Nigeria, particularly in times of crisis.

society

President Tinubu condemns brutal killings in Benue State

Published

3 days ago

June 17, 2025

Sahara Weekly

President Tinubu condemns brutal killings in Benue State

By Ifeoma Ikem

Following the recent attacks in Benue state, the Federal Government of Nigeria, under the leadership of His Excellency,

President Bola Ahmed Tinubu, GCFR, has strongly condemned the recent brutal killings in Benue State and the North East region.

These senseless acts of violence are not only an affront to human dignity but also a direct challenge to the peace and stability of our nation.

In a press statement signed by the secretary to the Government of the Federation Senator George Akume , President Tinubu expressed his deepest condolences to the families of the victims and the entire people of Benue State and the North East. The loss of innocent lives in Yelewata community and other affected areas is a tragedy that calls for collective grief and urgent action.

Akume said: “Mr. President for his decisive response in directing an immediate high-level delegation to Benue State and announcing his personal visit to the region. This demonstrates his commitment to the security and welfare of all Nigerians, as enshrined in the Constitution of the Federal Republic of Nigeria.

According to him,the President’s decision to visit Benue State on Wednesday is a clear testament to his hands-on leadership and empathy for the plight of affected communities. Such proactive engagement is vital in addressing the root causes of insecurity and fostering sustainable solutions.

“Ahead of the President’s visit, I have been directed to lead a delegation comprising the Inspector General of Police, heads of intelligence agencies, the National Security Adviser, and key members of the National Assembly to assess the situation on the ground. This underscores the seriousness with which the President views these attacks.

“As a former Governor of Benue State, I am acutely aware of the devastating impact of these violent attacks on our people. The disruption of livelihoods, displacement of communities, and destruction of property threaten not only individual well-being but also the socio-economic stability of the region.

He said the Federal Government is fully committed to bringing the perpetrators of these heinous crimes to justice. I urge our security agencies to intensify their efforts, enhance intelligence-gathering, and work closely with local communities to restore peace and prevent further bloodshed,he added.

President Tinubu’s planned town hall meeting with stakeholders during his visit is expected provide a critical platform for dialogue and collaboration.It is an opportunity to listen to the concerns of the people and develop actionable strategies to end this cycle of violence.

“The economic implications of insecurity in Benue and the North East cannot be overstated. The disruption of agricultural activities, trade, and other economic ventures exacerbates poverty and food insecurity, with far-reaching consequences for the entire nation.

“Having served as Senator for Benue North-West and Minority Leader of the Senate, I understand the importance of legislative-executive synergy in tackling insecurity.President.Tinubu-led government will continue to work closely with the National Assembly and state governments to implement policies that enhance security and protect lives.

“I commend the resilience of the people of Benue and the North East in the face of adversity. Your courage and determination inspire hope, and I urge you to remain steadfast as the government takes decisive steps to address these challenges.

The Tinubu administration remains resolute in its determination to restore peace and security across Nigeria. No effort will be spared in deploying the necessary resources and strategies to safeguard our citizens and their properties.

I am confident that President Tinubu’s visit will mark a significant turning point in our efforts to restore lasting peace in Benue and the North East.

His leadership and personal engagement will undoubtedly reinvigorate our collective resolve to end these senseless killings.

He called on all Nigerians to unite in support of the Federal Government’s efforts to ensure peace and stability in every part of our country. Security is a shared responsibility, and we must all play our part in fostering harmony and reporting suspicious activities to the authorities.

Politics

Mr. President, This Is Not a Dilapidated Nigeria: An Open Rebuke of Bola Ahmed Tinubu’s Extravagant Governance

Published

3 days ago

June 17, 2025

Sahara Weekly

“More Will Jump Ship”: Tinubu Predicts Mass Defections to APC Ahead of 2027

Mr. President, This Is Not a Dilapidated Nigeria: An Open Rebuke of Bola Ahmed Tinubu’s Extravagant Governance.

By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

When President Bola Ahmed Tinubu declared in 2023 that he inherited a “dilapidated Nigeria” from his predecessor, Muhammadu Buhari, many Nigerians expected an urgent shift toward austerity, fiscal discipline, and a governance style that reflects the dire economic realities facing the nation; but what we have seen under Tinubu’s government is not the leadership of a man burdened with fixing a broken country. Instead, it is the portrait of extravagant ruling elites drowning the nation in reckless spending while millions of citizens are crushed under inflation, joblessness, insecurity, and despair.

It is for this reason that Emir of Kano and former CBN Governor Mohammed Sanusi II bluntly told Tinubu: “You do not claim to have inherited a dilapidated economy and then proceed to spend like a drunken sailor.” His words sting with truth and today, Nigerians demand a response beyond media propaganda and deflection.

Extravagant Spending Amid National Hardship

How can President Tinubu justify allocating ₦21 billion to renovate the Vice President’s residence in Abuja and an international conference center built for ₦240 million in 1991 renovated for ₦39 billion, when public universities are struggling to buy basic laboratory equipment and students sleep on floors? If the country is truly dilapidated, why should National Assembly members be gifted ₦70 billion worth of SUVs at ₦160 million each, in the same year citizens are taxed to death for basic services?

Even more appalling is the ₦5 billion budgeted for vehicles for the office of the First Lady, Senator Oluremi Tinubu (an office that does not exist in the Nigerian Constitution). Is this not fraud with a fancy name?

Then comes the presidential fleet, which received an allocation of ₦5 billion in 2024, while another ₦5 billion was budgeted for a luxury presidential yacht. Let that sink in: a yacht in a nation where nearly 133 million Nigerians live in multidimensional poverty (according to the National Bureau of Statistics, 2022).

Corruption and Nepotism Masked as Governance

How can we take Tinubu’s reform agenda seriously when he awarded a ₦15 trillion Lagos-Calabar Coastal Highway project to Gilbert Chagoury, a Lebanese-Nigerian billionaire and close ally of the President? Let us remember: Chagoury was once deported under former President Obasanjo for economic sabotage. Today, he’s back in favor; not by merit, but by political convenience.

What about the ₦5 billion allocated to the Presidential Tax Reform Committee headed by Taiwo Oyedele? To date, Nigerians have seen no report, no reform outcomes, just photo-ops, and hollow press statements.

And if things are so bad, why appoint the largest cabinet in Nigerian history (48 ministers) when the Oronsaye Report has already recommended the downsizing and merging overlapping ministries and agencies? What happened to that cost-saving reform?

The Subsidy Scam

Tinubu told Nigerians that he removed fuel subsidies to free up funds for development, but where is the money? How much has been saved and how has it been spent? Till now, there’s no transparent accounting.

On the contrary, after removing the subsidy, pump prices skyrocketed from ₦185/liter to over ₦900/liter in many states. Electricity tariffs followed suit. While Nigerians were told to “tighten their belts,” the government loosened theirs with gold-plated policies and unchecked looting.

Governance Without Empathy

Under Tinubu’s watch, education has become a privilege, not a right. Public university lecturers are owed a backlog of salaries from previous ASUU strikes. Students are being priced out of classrooms by inflated fees. And health? Only the wealthy can afford decent hospitals, while public health institutions resemble war zones.

Food prices have doubled. A 50kg bag of rice now costs over ₦75,000. Tomatoes, which used to be ₦300 per basket, now go for ₦10,000 in some markets. Yet, the President and his vice continue globe-trotting at taxpayers’ expense.

According to BudgIT’s 2024 report, the Tinubu government allocated ₦90 billion for Hajj pilgrimage. Is Nigeria now a theocracy? Should religion be more important than education, health, infrastructure, and human capital?

Meanwhile, each Senator reportedly earns ₦21 million monthly, and House of Reps members pocket ₦13.5 million. These increments were passed under Tinubu’s administration without a whisper of concern for the 133 million poor Nigerians.

The Deceptive “Renewed Hope”

Tinubu’s campaign slogan, “Renewed Hope,” has fast become “Renewed Hopelessness.” Nigerians have seen no signs of a turnaround. Instead, what they see is a system where:

Nepotism thrives: critical appointments are handed to cronies, not technocrats.

Security remains elusive: from Zamfara to Plateau, Benue to Borno, killings are rampant.

Inflation is unchecked: currently at 33.69% (May 2025), according to the NBS.

The naira is weak: trading at over ₦1,500/$1 in the parallel market.

Unemployment continues to soar: youth unemployment stands at 53.4%, the highest in West Africa.

IF THESE AREN’T SIGNS OF FAILURE, WHAT ARE?

Words from the Wise

The late Chinua Achebe once warned, “THE TROUBLE with NIGERIA is SIMPLY and SQUARELY a FAILURE of LEADERSHIP. ” That rings louder now than ever. Nobel Laureate Wole Soyinka described our leadership as a “CRIMINAL ENTERPRISE MASQUERADING as GOVERNANCE.”

Even elder statesman Chief Edwin Clark recently declared: “This GOVERNMENT is not BEING SINCERE with NIGERIANS. You don’t REMOVE SUBSIDY and then begin to LIVE a LIFESTYLE of KINGS and EMPERORS.”

In the words of Prof. Pat Utomi: “LEADERSHIP is not about ACQUIRING luxury cars and private jets. It’s about making LIVES BETTER for the AVERAGE CITIZEN.”

Yet, what we see under President Tinubu is the institutionalization of greed. Leaders are getting richer, while citizens can barely survive.

Final Word

Mr. President, the claim that you inherited a “dilapidated economy” is not enough. What matters is what you’ve done with the economy since May 29, 2023. Sadly, the answer is clear: the cost of governance has exploded, the suffering of the people has intensified and trust in public institutions has eroded further.

We demand answers:

Where are the subsidy savings?

Why the jumbo budget for luxuries?

Why ignore the Oronsaye Report?

Why increase electricity tariffs without improved service?y

Why are critical sectors neglected while SUVs are bought in bulk?

Nigerians are watching. The world is watching. This trend must be arrested; urgently. It is time for accountability, not propaganda. If this administration is truly committed to rescuing Nigeria, then start acting like you inherited a failing state and not a treasure chest for elite consumption.

Enough of deception. Enough of waste.

Written by George Omagbemi Sylvester Published by SaharaWeeklyNG.com