Contrary to earlier claims that former Labour Party presidential candidate Peter Obi traveled to Rome to attend the installation of Pope Leo XIV, credible sources have alleged that the visit was, in fact, a high-stakes political maneuver aimed at resolving a massive ₦225 billion debt crisis involving Fidelity Bank Plc.
Obi, who served as the bank’s chairman in the early 2000s and still retains a significant stake, reportedly met with President Bola Ahmed Tinubu in Rome to seek intervention in a Supreme Court judgment that could threaten the bank’s financial stability.
Legal Background: ₦225 Billion Debt Judgment
The debt originates from a protracted legal dispute between Fidelity Bank, construction firm G. Cappa Plc, and Ibadan-based Sagecom Concept Ltd over rental income losses on a luxury property in Ikoyi, Lagos.
On April 11, 2025, Nigeria’s Supreme Court upheld previous rulings that held Fidelity Bank jointly liable for the damages.
With compounded daily interest at 19.5 per cent per annum, the court-awarded damages have ballooned to approximately $139.3 million (₦224.5 billion) as of May 20, 2025.
However, in a public statement, Fidelity Bank has maintained that its actual liability is only ₦14 billion, sharply contradicting both the Supreme Court ruling and earlier disclosures.
Obi’s Rome Mission
According to insider sources who spoke to SaharaReporters, Obi’s trip to the Vatican was hastily organized after efforts to secure domestic political support failed to yield results.
Before departing for Rome, Obi reportedly consulted key 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 ultimately agreed to accompany Obi to Rome in a last-ditch attempt to secure a face-to-face meeting 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,” a source familiar with the matter disclosed.
A Calculated Public Encounter
Presidency officials reportedly declined to facilitate a private meeting, insisting that any interaction with the President must occur in public view.
This resulted in Obi and Fayemi attending the papal installation, where they greeted President Tinubu in front of global dignitaries.
Presidential aide Bayo Onanuga later confirmed the encounter, stating that Fayemi introduced Obi to the President during the ceremony.
“Fayemi sighted President Tinubu, where he sat with other leaders and asked Obi to follow him to pay homage to the Nigerian leader,” Onanuga wrote.
“Fayemi broke the ice between Obi and Tinubu.”
Obi Responds to Public Reaction
The public greeting between two political rivals — who were opponents in the 2023 presidential election — sparked intense speculation and debate.
In response, Obi stated that he is not “fighting the President,” asserting that his political struggle is against “bad governance, hunger, and poverty.”
“Myself and the President are not fighting. We went for a church service in Rome,” Obi said on Monday during a visit to Saint Andrews Anglican Church in Abuja.
Fidelity Bank’s Disputed Disclosures
Despite the Supreme Court ruling, Fidelity Bank’s public filings tell a different story.
In an abridged prospectus dated June 5, 2024, the bank disclosed that the total liabilities from three court cases amounted to ₦150 million and $633,750, excluding interest. This figure is significantly less than the ₦225 billion currently attributed to the Sagecom case.
At the prevailing exchange rate of ₦1,610.97 per dollar, $633,750 equals approximately ₦1.02 billion — a stark contrast from the court’s judgment.
Pandora Papers Shadow
The Rome meeting adds fresh scrutiny to Obi’s financial dealings, especially in light of revelations from the Pandora Papers that linked him to multiple offshore companies in tax havens such as the British Virgin Islands and Barbados.
Investigations revealed Obi’s involvement in offshore entities such as Beauchamp Investments Limited and Gabriella Investments, allegedly created to manage family wealth.
Critics claim Obi failed to declare these assets while serving as Governor of Anambra State, violating Nigeria’s Code of Conduct Bureau and Tribunal Act.
Obi has denied any wrongdoing, asserting that all offshore accounts were set up with legally earned income from his pre-political business ventures.
What’s Next?
As pressure mounts on Fidelity Bank, regulatory bodies such as the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) may soon weigh in.
With a Supreme Court ruling in place and conflicting public statements from the bank, the issue threatens to evolve into a full-blown financial and political crisis.
Meanwhile, the encounter between Obi and Tinubu has left Nigerians questioning the thin line between personal financial interests and public political engagement.
