HomeHeadlinenews#Peter Obi’s Visit to Vatican Sparks Controversy Amid Fidelity Bank’s ₦225bn Debt...

#Peter Obi’s Visit to Vatican Sparks Controversy Amid Fidelity Bank’s ₦225bn Debt Crisis – Report

Former Labour Party presidential candidate Peter Obi’s recent appearance at the Vatican for the inauguration of Pope Leo XIV has stirred controversy, with new reports alleging that the trip was part of a covert effort to seek President Bola Tinubu’s intervention in a major financial crisis involving Fidelity Bank Plc.

Obi, President Tinubu, and former Ekiti State Governor Kayode Fayemi were all seen at the event held on Sunday, May 19, 2025, at the Vatican City. Photos of their brief exchange surfaced online, igniting speculation about a possible political reconciliation between Tinubu and Obi—two prominent rivals from the 2023 presidential election.

Presidential aide Bayo Onanuga confirmed the encounter, noting that Fayemi—also a Papal Knight—encouraged Obi, a fellow Catholic, to greet Tinubu at the ceremony.

Although Obi later clarified in a post on social media that his attendance at the Pope’s installation was not political, Sahara Reporters claims otherwise.

According to the outlet, sources familiar with the matter allege that Obi’s trip was a strategic attempt to secure Tinubu’s assistance in resolving a massive ₦225 billion judgment debt currently facing Fidelity Bank, where Obi previously served as chairman and is said to retain significant interests.

Backdoor Meeting Attempt Reportedly Denied

The report stated that Obi had attempted to arrange a private meeting with Tinubu at the President’s hotel in Rome, but the Presidency declined. Instead, they allowed only a public interaction, which was staged at the Vatican event.

“They’re supposed to have follow-up meetings,” a senior government source told Sahara Reporters. “Peter Obi was blocked from meeting Tinubu in the hotel after they met at the Vatican.”

Legal Crisis Deepens for Fidelity Bank

At the heart of the matter is a longstanding legal dispute between Fidelity Bank and Sagecom Concept Limited, over lost rental income from a prime property in Ikoyi, Lagos. The Supreme Court, in an April 11, 2025 ruling, upheld prior judgments holding Fidelity Bank and construction firm G. Cappa Plc jointly liable.

With compound interest accruing at 19.5% per annum, the debt has now reportedly ballooned to $139.3 million, approximately ₦224.5 billion as of May 20, 2025.

Fidelity Bank, however, insists its actual liability is far less, stating in a recent release that the amount owed is about ₦14 billion. In a 2024 public offering prospectus, the bank also referenced a combined judgment value of ₦150 million and $633,750 across three cases—an assertion starkly different from the court-confirmed figure.

Obi’s Consultations with Key Nigerian Figures

Ahead of the trip to Rome, Obi reportedly met with key Nigerian leaders—including Lagos State Governor Babajide Sanwo-Olu, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, and former Ekiti Governors Ayodele Fayose and Kayode Fayemi—to help mediate the crisis.

“Fayemi agreed to accompany Obi to Rome in hopes of facilitating a solution,” a source told Sahara Reporters. “The goal was to seek Tinubu’s help to avert a looming bankruptcy at Fidelity Bank.”

Despite efforts, the Presidency reportedly refused to entertain any private discussions, insisting on maintaining transparency. The public exchange at the Vatican was therefore seen as a compromise.

Doubts Over Obi’s Invitation to Vatican

A source quoted in the report questioned the narrative that Obi was officially invited to the papal installation, suggesting his appearance was a last-minute maneuver orchestrated to engage Tinubu over the Fidelity Bank situation.

“Forget the spin. Peter Obi never planned to attend the papal inauguration. The trip was arranged solely to secure Tinubu’s help,” the source alleged.

The disputed loan traces back to the defunct FSB International Bank, later absorbed by Fidelity Bank. The judgment has become a significant liability, potentially threatening the bank’s financial health.

Although the Supreme Court has ordered full payment to Sagecom Concept Limited, Fidelity Bank continues to downplay the total liability, claiming compliance while disputing the scale of the debt.

The Vatican meeting, while symbolic on the surface, appears to have deeper implications. If confirmed, the report underscores the intersection of politics, finance, and legal accountability in Nigeria’s corporate sector, with Peter Obi’s political standing and financial legacy now in the spotlight amid mounting pressure on Fidelity Bank.

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