Fidelity Bank Responds To GON-SETEC, Seeks Amicable Resolution
The management of Fidelity Bank Plc has addressed the allegations of breach of contract made by GON-SETEC Nigeria Limited, an environmental engineering firm based in Owerri.
The firm asserted that the bank, in a letter dated May 6, 2026, engaged its services to resolve regulatory compliance issues encountered by the bank’s headquarters in Lagos, as mandated by the Lagos State Waste Water Regulatory Authority.
In a letter dated July 20, 2026, Chief Kola Kuforiji, Principal Partner of Kola Kuforiji Law Company, representing GON-SETEC, demanded compensation amounting to N150 million for specific and general damages due to the alleged wrongful termination of the contract.
Chief Kuforiji indicated that legal proceedings would be initiated against the bank should it fail to remit the specified damages within 14 days.
In response, Fidelity Bank issued a letter on August 10, 2026, signed by Oluwatodimu Adeyemi and Adebukunola Siyonbola, clarifying that the terms of engagement with GON-SETEC Nigeria Limited were limited to the provision of preliminary consultancy services.
The bank acknowledged that the consultancy services were indeed rendered; however, it emphasized that no compensation was discussed or agreed upon.
Furthermore, the bank revealed that GON-SETEC Nigeria Limited participated in the bidding process for the deployment of a Sewage Treatment Plant at its headquarters but was not selected as the successful bidder.
To amicably resolve the matter, the bank has invited GON-SETEC Nigeria Limited to a meeting to discuss and agree upon appropriate compensation for the consultancy services provided.
The meeting is scheduled for Thursday, August 13, 2026, at No. 2 Kofo Abayomi Block B, Victoria Island, Lagos.
The bank expresses hope that the company will take advantage of this opportunity to resolve the issue satisfactorily.
The management of GON-SETEC Nigeria Limited insists that Fidelity Bank actually breached its contract but submitted that the company is not averse to negotiations for peaceful settlement of the matter.
