Peter Obi’s recent trip to Rome was a political intervention to prevent Fidelity Bank’s collapse over a ₦225 billion judgment debt
[dropcap]C[/dropcap]ontrary to earlier public perception, former Labour Party presidential candidate Peter Obi’s recent visit to Rome was not for religious purposes but a strategic political move to prevent a financial crisis at Fidelity Bank Plc.
Also read: Fidelity Bank faces insolvency threat after supreme court slams N225bn damages
An exclusive Sahara Reporters investigation revealed that Obi, former chairman and shareholder of the bank, travelled to the Vatican to meet President Bola Tinubu over the bank’s ballooning ₦225 billion liability.
This debt stems from a Supreme Court judgment favouring Sagecom Concept Limited in a long-standing case involving lost rental income on a luxury Ikoyi property.
Fidelity Bank and construction firm G. Cappa Plc were held jointly liable.
Sources close to the matter confirmed that daily compounded interest at 19.5% had raised the debt to $139.3 million, approximately ₦224.5 billion by 20 May 2025.
Before the Rome trip, Obi reportedly held private consultations with prominent Nigerian figures including Lagos Governor Babajide Sanwo-Olu, the Ooni of Ife, and former Ekiti Governors Ayodele Fayose and Kayode Fayemi.
Fayemi later accompanied him to Rome in a last-ditch effort to facilitate a meeting with Tinubu.
“Peter Obi’s visit to Rome was to meet President Tinubu to help intervene and prevent the bankruptcy of Fidelity Bank over the issue,” a source told Sahara Reporters.
“It was not a ceremonial church visit.”
The Presidency, however, allegedly insisted on public transparency, leading to the carefully choreographed encounter between Obi and Tinubu at the installation Mass of Pope Leo XIV.
Presidential aide Bayo Onanuga confirmed that Fayemi brokered the moment, urging Obi to greet the Nigerian leader.
Despite claims by Obi’s media handlers, insiders insisted he was not invited to the Vatican event and had no plans to attend after previously honouring the late Pope’s burial.
“The impromptu trip was arranged solely to appeal to the President,” one source noted.
Fidelity Bank, for its part, continues to downplay the financial threat, stating in a Monday release that its actual liability is about ₦14 billion.
However, discrepancies exist.
A 2024 prospectus indicated the bank owed ₦150 million and $633,750—significantly less than the court-affirmed sum.
The Supreme Court ruling on 11 April 2025 upheld previous judgments from Lagos courts mandating Fidelity Bank to fully compensate Sagecom Concept Limited.
The debt originated from a facility originally issued by the now-defunct FSB International Bank.
Obi has since addressed the viral image of him with Tinubu in Rome, stating: “Myself and the President are not fighting. We went for a church service in Rome. My fight is against bad governance, hunger, poverty, and lack of healthcare.”
This isn’t the first time Obi has been embroiled in financial scrutiny.
The Pandora Papers, published by Premium Times, revealed his links to offshore shell companies in tax havens, allegedly undeclared during his time as Anambra State Governor.
Also read: Breaking: Fidelity Bank confirms supreme court case, alleges plot to embarrass institution
Obi denied any wrongdoing, insisting he complied with Nigerian laws and resigned from all businesses before taking office.
Source: Read more at freelanews.com
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
