Peter Obi Went To Rome To Plead With Tinubu Over Fidelity Bank’s N225 Billion Debt, Not For Papal Inauguration
Contrary to the widespread public narrative that Labour Party presidential candidate Peter Obi travelled to Rome for the ceremonial installation of Pope Leo XIV, exclusive findings reveal that the former Anambra governor’s true mission was political and financial. Sources familiar with the behind-the-scenes drama disclosed to SaharaReporters that Obi went to Rome in a desperate bid to meet with President Bola Tinubu and seek his intervention in the deepening debt crisis engulfing Fidelity Bank Plc.
At the centre of the storm is a staggering N225 billion judgment debt awarded against Fidelity Bank by the Supreme Court in favour of Sagecom Concept Limited. The case, which has lingered through various tiers of the Nigerian judiciary, involves claims of lost rental income and breach of contract over a prime real estate development in Ikoyi, Lagos.
The legal dispute began years ago, stemming from a credit facility issued by the now-defunct FSB International Bank. Following mergers and takeovers, Fidelity Bank inherited the liability. The apex court’s April 11, 2025 ruling upheld the verdict of the High Court of Lagos and the Court of Appeal, holding Fidelity Bank jointly and severally liable alongside construction company G. Cappa Plc.
The judgment awarded massive damages to Sagecom, with a compounded interest rate of 19.5% annually. By May 20, 2025, the total debt had escalated to a jaw-dropping $139.3 million or N224.5 billion.
Peter Obi, who served as chairman of Fidelity Bank in the early 2000s and retains substantial shares in the bank, has reportedly been alarmed by the potential ramifications. Sources revealed he embarked on a diplomatic shuttle within Nigeria to lobby influential political figures, including Lagos State Governor Babajide Sanwo-Olu, the Ooni of Ife Oba Adeyeye Enitan Ogunwusi, and former Ekiti State governors Ayodele Fayose and Kayode Fayemi.
Fayemi, who agreed to support Obi’s cause, played a pivotal role in setting up a face-to-face with Tinubu. As plans to secure a private meeting in Nigeria failed due to the presidency’s insistence on transparency and public interaction, Rome presented an alternative platform.
YOU MAY READ
Atiku Offers Peter Obi VP Slot, Pledges One-Term Presidency in 2027 Coalition Bid
It was against this backdrop that Obi and Fayemi traveled to Rome, coinciding with the global gathering for Pope Leo XIV’s papal installation. The high-profile mass served as the cover for the carefully choreographed encounter. Fayemi reportedly spotted Tinubu seated among other world leaders and nudged Obi to approach him.
Presidential aide Bayo Onanuga later confirmed the event via social media, stating that Fayemi “broke the ice” between the two former rivals. The moment captured in photographs showed Obi, a Papal Knight, shaking hands with Tinubu—a gesture loaded with political implications but framed by his media handlers as a routine church visit.
However, insiders claim Obi had no prior plans to attend the event, having already participated in the late Pope’s funeral. The trip was allegedly arranged in haste to create a diplomatic window for discussions about Fidelity Bank’s predicament.
Despite the Supreme Court judgment, Fidelity Bank has maintained a firm public stance that its true liability is far lower. In a statement released on Monday, the bank pegged its total obligation at approximately N14 billion. Further financial disclosures made during its 2024 public offering prospectus list total liabilities in three court judgments at only N150 million and $633,750 (about N1.02 billion at the prevailing exchange rate of N1,610.97 per dollar).
These figures appear drastically inconsistent with the court-validated sum of N225 billion, raising eyebrows in financial and legal circles.
The Rome encounter sparked mixed reactions, with critics questioning the authenticity of Obi’s claims of political neutrality. Supporters of Tinubu have interpreted the handshake as a sign of capitulation, while Obi loyalists defend it as statesmanlike conduct.
In his post-trip remarks, Obi clarified that he harboured no personal animosity towards the President. Speaking in Abuja while donating N20 million to the Saint Andrews Anglican Church in Kubwa Diocese, he stated: “My fight is against bad governance, not against President Tinubu.”
Nonetheless, the Fidelity Bank debacle could dent Obi’s public image as a financial reformer and anti-corruption advocate, especially as more details emerge.
Obi’s business history has previously come under scrutiny following revelations in the Pandora Papers investigation by Premium Times. The report linked him to multiple offshore companies, including Beauchamp Investments Ltd. and Gabriella Investments Ltd., formed in tax havens such as Barbados and the British Virgin Islands.
These entities were reportedly incorporated before Obi assumed political office but allegedly remained undeclared while he served as governor of Anambra State—a potential violation of Nigeria’s Code of Conduct Bureau and Tribunal Act.
In interviews, Obi denied any wrongdoing, insisting that he resigned from all directorships prior to entering public office. He also maintained that all funds linked to the offshore firms were legitimately acquired through his business ventures.
In the wake of the Pandora Papers scandal, the Economic and Financial Crimes Commission (EFCC) invited Obi for questioning. This followed an executive order by then-President Muhammadu Buhari directing anti-corruption agencies to investigate all Nigerians named in the leaks.
Obi’s cooperation with the EFCC was described as cordial, but critics argue that questions around asset declaration, offshore holdings, and financial transparency continue to dog his reputation.
As Fidelity Bank scrambles to manage the fallout from the Supreme Court decision, pressure mounts on its stakeholders, including Peter Obi, to find a resolution. The bank faces potential regulatory sanctions, plummeting investor confidence, and looming insolvency if the debt is not addressed swiftly.
Obi’s decision to engage Tinubu reflects both the gravity of the situation and his behind-the-scenes influence in Nigeria’s financial sector. While the optics of the Rome meeting may suggest reconciliation, the underlying economic crisis threatens to eclipse the political theatre.
Whether Tinubu will intervene to avert a financial catastrophe or let the legal consequences play out remains unclear. One thing is certain: Peter Obi’s trip to Rome was more about survival than sanctity.
EXCLUSIVE: Peter Obi Went To Rome To Plead With Tinubu Over Fidelity Bank’s N225Billion Debt, Not For Papal Inauguration
Meanwhile, Fidelity Bank continues to publicly insist that its actual liability is only about ₦14 billion, while claiming $633,750 in other documents, a claim sharply at odds with court-awarded figures now nearing ₦225 billion.
Contrary to claims suggesting otherwise, former Labour Party presidential candidate Peter Obi’s recent visit to Rome was not a ceremonial religious trip but a high-stakes political move aimed at saving Fidelity Bank Plc from financial collapse.Sources familiar with the matter told SaharaReporters that Obi, a former chairman of Fidelity Bank in the early 2000s who still holds a significant stake in the institution, travelled to the Vatican to meet President Bola Tinubu over the bank’s looming ₦225 billion judgment debt.
The debt arose from a long-running legal battle with Ibadan-based Sagecom Concept Limited. A recent Supreme Court decision upheld earlier rulings that held Fidelity Bank jointly and severally liable—alongside construction firm G. Cappa Plc—for massive special damages tied to rental income losses on a luxury Ikoyi property.
With daily compounded interest at 19.5% per annum, the debt has ballooned to $139.3 million, equivalent to ₦224.5 billion as of May 20, 2025.
According to insiders, Obi had earlier attempted to build consensus on the issue by meeting key Nigerian political figures, including Lagos State Governor Babajide Sanwo-Olu; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi and former Ekiti State governors Ayodele Fayose and Kayode Fayemi.Travel guides
Fayemi eventually agreed to accompany Obi to Rome in a last-ditch effort to arrange an interface with President 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,” one of the sources said.
“Prior to visiting Rome to meet President Tinubu, Peter Obi had met Lagos Governor Babajide Sanwo-Olu, the Ooni of Ife, former Ekiti Governor Ayodele Fayose and eventually former Ekiti Governor Kayode Fayemi, who accompanied him to Rome to solve the problem.”
However, the Presidency reportedly resisted holding such a meeting behind closed doors, insisting that any interaction with the President must take place in public view.
“That was the reason why Obi met President Tinubu at the Vatican,” the source added.
This prompted the strategic appearance of both Obi and Fayemi at the installation mass of Pope Leo XIV on Sunday, where they greeted Tinubu during the global event attended by dignitaries and world leaders.
Presidential aide Bayo Onanuga confirmed the moment in a social media post, noting that it was Fayemi who encouraged Obi, a fellow Catholic and Papal Knight, to greet the President. The encounter, while outwardly cordial, was far from a coincidence or an act of spontaneous statesmanship.
Contrary to claims by Obi’s media handlers, sources say he was never invited to the papal installation and had no prior plans to attend, having already paid respects during the Pope’s burial.
The trip was hurriedly arranged with the singular goal of appealing to President Tinubu for assistance in resolving the Fidelity Bank debt crisis, which, if unresolved, could trigger catastrophic financial consequences for the institution.
“Don’t pay attention to the propaganda by his team members; Peter Obi was not invited to the papal inauguration. In fact, he never planned to attend because he had already attended Pope’s burial,” one of the sources said.
“The impromptu trip was arranged for him to meet with Tinubu over Fidelity Bank’s issue.”
Meanwhile, Fidelity Bank continues to publicly insist that its actual liability is only about ₦14 billion, while claiming $633,750 in other documents, a claim sharply at odds with court-awarded figures now nearing ₦225 billion.
“Fayemi sighted President Tinubu, where he sat with other leaders and asked Obi to follow him to pay homage to the Nigerian leader. Obi agreed,” Onanuga said in a statement on Sunday.Travel guides
Onanuga added that upon reaching the President, Fayemi “broke the ice between Obi and Tinubu”.
Tinubu and Obi were opponents in the 2023 presidential election, which Tinubu won. Since then, Obi has remained a vocal critic of Tinubu’s administration, often prompting sharp responses from the presidency.
Their interaction in Rome sparked mixed reactions among their respective supporters.
Peter Obi later addressed the viral photograph of himself with President Bola Tinubu during their visit to the Vatican for the inauguration of Pope Leo, stating that he is “not fighting the President”.
“Myself and the President are not fighting. We went for a church service in Rome,” he said on Monday after donating N20 million to Saint Andrews Anglican Church, Kubwa Diocese, Abuja.
“My fight is against bad governance, against hunger, against poverty, against out-of-school children, and against people not having access to health services.”
Meanwhile, the judgment against Fidelity Bank stems from a dispute that dates back years and involves a credit facility originally issued by the defunct FSB International Bank.
In a unanimous ruling delivered by five justices of the Supreme Court on April 11, 2025, the apex court upheld the decision of the Court of Appeal, which had affirmed the judgment of the High Court of Lagos, Ikeja Division, delivered on January 20, 2018.
The Supreme Court ordered Fidelity Bank to pay the full amount in damages to Sagecom Concept Limited.
Despite the judgment, Fidelity Bank maintains that the amount due is significantly lower. In a statement released on Monday, the bank said it was committed to complying with the Supreme Court’s decision but pegged its liability at approximately ₦14 billion.
In its abridged prospectus dated June 5, 2024, issued for a public offering by way of an offer for subscription of 10 billion ordinary shares of 50 kobo each at ₦9.75 per share, Fidelity Bank disclosed a different amount.
The bank said it had three cases where judgment had previously been delivered against it.
It claimed that the “total monetary sum in the Three (3) cases in which judgment was delivered against the Bank is ₦150,000,000.00 (One Hundred and Fifty Million Naira) and USD$633,750 (Six Hundred and Thirty-Three Thousand, Seven Hundred and Fifty United States Dollars) excluding interests, which may accumulate on the judgment sum until same is finally liquidated.”
As of May 20, 2025, $633,750 was valued at ₦1,020,952,237.50 using the exchange rate of ₦1,610.97 per dollar, a figure that falls significantly short of the approximately ₦225 billion claimed.
Pandora Papers Controversy
Following the Pandora Papers leaks, Premium Times reported that Peter Obi had links to multiple offshore companies in tax havens such as the British Virgin Islands and Barbados.
According to the investigation, Obi was connected to shell companies established in the 1990s, including Barbados-based Beauchamp Investments Limited and UK-registered Next International (UK) Limited, both reportedly tied to him and his family. These offshore interests were reportedly formed before Obi assumed any political office in Nigeria.Travel guides
Further revelations showed that in 2010, Obi engaged the services of Access International to help incorporate and manage Gabriella Investments Limited, a British Virgin Islands company named after his daughter.
One of the company’s directors also oversaw a Belize-based shell company that held 50,000 shares in Gabriella Investments. In 2017, Obi reportedly restructured the company under a new name, PMGG Investments Limited, and created a trust called The Gabriella Settlement, which became the sole shareholder of PMGG Investments.
However, Premium Times alleged that Obi continued to serve as a director of Next International (UK) Limited while he was Governor of Anambra State—an act that would contravene Nigeria’s Code of Conduct Bureau and Tribunal Act. In response, Obi told Arise News that he had resigned from all his business roles before taking office as governor.Travel guides
The report further claimed that Obi failed to declare his offshore companies as required by the Nigerian Constitution, which mandates public officials to fully disclose all assets, liabilities, and properties.
Obi denied any wrongdoing, insisting that he complied with all legal requirements and that the funds in the offshore accounts were legitimate earnings from his pre-political business career.
In October 2021, the Economic and Financial Crimes Commission (EFCC) invited Obi for questioning after then-President Muhammadu Buhari directed anti-graft agencies to investigate all Nigerians named in the Pandora Papers.
CREDIT: Sahara Reporter
