The dispute between Fidelity Bank and GON-SETEC Nigeria Limited, an engineering firm, stemming from a breach of contract, has been amicably settled.
This resolution followed the bank’s payment of a specified sum to the firm, which covered professional fees and damages related to the wrongful termination of their engagement.
Representatives from both the bank and the engineering firm convened for a reconciliation meeting on August 13, 2026, at the bank’s headquarters in Lagos, where the terms of settlement were agreed upon.
In a letter dated August 21, 2026, signed by Oluwatodimu Adeyemi from the Legal Services Division and Adebukunola Siyonbola from the Litigation and Dispute Resolution Group, the bank notified Chief Kola Kuforiji, the legal representative of the engineering firm, that the payment constituted “fee for the consultancy services rendered by your client to the bank and in full and final settlement of your client’s claim on the matter.”
Fidelity Bank had previously entered into a contractual agreement with GON-SETEC Nigeria Limited to facilitate communication with the Lagos State Waste Water Regulatory Authority, which had issued a 72-hour Abatement Notice to the bank.
This contract was formally communicated to GON-SETEC Nigeria Limited through a letter dated May 6, 2026.
The terms of engagement included reviewing the statutory notice served on the bank, advising the bank on appropriate technical and regulatory responses, directly engaging with the Lagos State Waste Water Management Office on behalf of the bank, negotiating with regulatory officials to avert enforcement actions, and advising the bank on all compliance measures necessary to satisfy the regulatory authority.
Fidelity Bank further instructed the company to act promptly to prevent prosecution, sanctions, closure of its facilities, and other enforcement measures.
In response to this contract, GON-SETEC Nigeria Limited mobilized its resources to fulfill the agreement.
According to Chief Kola Kuforiji, Principal Partner at Kola Kuforiji Law Office in Lagos, GON-SETEC Nigeria Limited successfully negotiated a two-week extension from the regulatory authority.
In a letter dated July 20, 2026, Chief Kuforiji indicated that his client was periodically updating the bank on the progress and interactions with the regulatory authority, only to discover, much to their dismay, that the bank had awarded the same contract to another firm.
This action clearly indicates that Fidelity Bank has not acted in good faith and has breached the contract.
