The High Court of the Federal Capital Territory, Abuja, has ordered the temporary freezing of N7.15 billion linked to a dispute between FHT Mega Express Limited and Parallex Bank Limited.
Justice Hauwa Lawal Gummi made the order following an application filed by FHT Mega Express Limited against Parallex Bank, the Central Bank of Nigeria (CBN), and the Nigeria Deposit Insurance Corporation (NDIC).
In an interim ruling, the court directed the CBN to place the sum of N7,154,677,000.00 in a separate interest-yielding account under its custody, pending the determination of a Motion on Notice fixed for hearing on January 15, 2026.
The suit is marked CV/4737/2025, while the motion is referenced as M15374/2025. The interim order was granted on December 18, 2025.
According to a 49-paragraph affidavit deposed to by Tolu Babalaye, counsel to the claimant, FHT Mega Express maintains an account with Parallex Bank into which it paid the disputed sum. The company stated that the funds were provided as cash collateral for the issuance of Letters of Credit valued at $7,310,257.99 to facilitate international trade transactions.
The claimant alleged that despite receiving the funds, Parallex Bank failed to issue the Letters of Credit as agreed. It further stated that the funds have remained with the bank since 2023 without being applied to the intended purpose.
Court documents indicate that the bank issued an Indicative Offer of Banking Facilities to the claimant on June 7, 2023, assuring that the Letters of Credit would be issued promptly upon provision of cash collateral, and that foreign exchange sourcing would commence immediately.
FHT Mega Express alleged that delays in foreign exchange sourcing coincided with volatility in the foreign exchange market, leading to an increase in exchange rates. It stated that upon the arrival of the imported consignments, the bank demanded additional funds to cover foreign exchange differentials.
The claimant further stated that Parallex Bank refused to release the bills of lading for the imported goods, resulting in the consignments being auctioned by the Nigeria Customs Service. The goods were reportedly sold to third parties.
FHT Mega Express is seeking orders to preserve the disputed funds, expressing concern that the bank may be unable to refund the money if judgment is eventually entered in its favour.
The CBN and NDIC, named as the second and third respondents, were joined in the suit in their capacities as banking regulators. Both institutions were said to have been served with the court order.
The court has, therefore, fixed hearing of the motion on notice for today.
