Hello and welcome! In today’s trending news stories;
1. Fidelity Bank Plc faces a major financial crisis after the Supreme Court of Nigeria ordered it to pay ₦225.3 billion in damages to Sagecom Concept Ltd, an Ibadan-based firm. This was because of Fidelity’s illegal sale of court-restricted properties in the 2000s, which Sagecom bought in good faith. The court ruled the bank benefited from its wrongdoing, with justices condemning Fidelity’s disregard for legal orders. The debt includes lost rental income and was updated based on the official exchange rate as of May 15, 2025.
Despite declaring ₦385 billion in pre-tax profit for 2024, insiders revealed much of this was from rolled-over loans, raising doubts about the bank’s liquidity. With no financial institution willing to underwrite the debt, the CBN may have to intervene to prevent a collapse. Negotiations for a structured repayment plan are ongoing, but the court’s urgency may limit flexibility. Fidelity’s legal team and management have declined to comment, and a final payment structure ruling is expected soon.
2. Dangote Petroleum Refinery has attributed its ability to reduce and stabilise petrol prices to the Federal Government’s naira-for-crude initiative. In a statement on Monday, the Group Chief Branding and Communications Officer, Anthony Chiejina, said the policy has helped the refinery cushion the impact of global crude price fluctuations, ensuring more affordable fuel for Nigerians.
The company stated that its efforts align with the government’s Nigeria First Policy by refining locally to enhance energy security, conserve foreign exchange, and support economic resilience. Dangote reaffirmed its commitment to operational efficiency and product quality and to working with stakeholders to ensure Nigerians benefit fully from domestic refining.
3. Former Nollywood actress Belinda Effah, now known as Grace Charis Bassey, has officially joined the U.S. Navy and become a United States citizen. The once-celebrated actress, known for roles in Kokomma and The Banker, surprised fans by announcing her graduation from Navy boot camp on Instagram.
In an emotional post, she thanked God and honored her late father, Naval Commander Asido Bassey Effah. She credited Nigeria for raising her and America for challenging her. “This is just the beginning,” she wrote.
4. Nollywood actress Mercy Johnson-Okojie has firmly denied rumours that she is battling cancer, attributing the speculation to a misinterpreted clip from her show Mercy’s Menu. The video, which went viral, featured her discussing a past cancer scare linked to a thyroid issue, not a cancer diagnosis.
In a reassuring video shared on social media, the actress thanked fans for their concern but clarified: “I do not have cancer. I am perfectly okay.” She explained that the clip was edited out of context, stating that she only had a thyroid-related swelling that raised initial concern but turned out to be non-cancerous. Mercy urged the public to stop spreading misinformation and reiterated her good health, closing with “In Jesus’ name, I am fine.”
5. Afrobeats star Davido recently hosted Nigerian highlife icon Bright Chimezie at his Lagos home, following a video call, he credited Chimezie’s classic “Because of English” as the inspiration behind his latest track “With You,” featuring Omah Lay. Davido welcomed Chimezie personally and expressed deep gratitude for his influence. Chimezie, visibly moved, praised Davido’s song as “a beautiful piece of work.” The encounter included virtual appearances by Davido’s wife, Chioma, and his uncle, Governor Ademola Adeleke, who also paid tribute to Chimezie’s enduring impact on Nigerian music.
