A Federal Capital Territory (FCT) excessive courtroom has issued an order directing the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to freeze N7.15 billion linked to Parallex Bank Limited.
The interim order, handed down by Justice Hauwa Gummi of the excessive courtroom in Asokoro, Abuja, adopted an ex parte software introduced earlier than the courtroom by FHT Mega Express Limited.
In the go well with marked CV/4737/2025, FHT Mega Express named Parallex Bank Limited as the primary respondent, with the CBN and NDIC listed as second and third respondents.
In the December 18, 2025 order, the courtroom directed each {financial} regulators to “withhold all monies standing to the credit of the bank, amounting to N7,154,677,000.”
The choose additional ordered that the funds be positioned into “an interest-yielding account” underneath the custody and management of the regulators pending the dedication of a movement on discover.
All prayers sought by the applicant have been granted, and the matter was adjourned to January 15, 2026, for listening to of the substantive software.
The ex parte movement was introduced by Tolu Babalaye, counsel to FHT Mega Express, supported by a 49-paragraph affidavit deposed to by O. Yomi Sholoye.
Court filings additionally confirmed that listening to notices have been issued to Parallex Bank, the CBN, and the NDIC.
Court paperwork define how the disagreement started in 2023 when FHT Mega Express deposited N7.15 billion with Parallex Bank as money collateral for the issuance of letters of credit score (LC) valued at $7.31 million to assist worldwide commerce transactions.
FHT Mega Express maintains an account with Parallex Bank and mentioned the {bank} issued “an indicative offer of banking facilities” on June 7, 2023, with assurances that the LCs can be issued as soon as funds have been supplied and overseas change sourcing would start instantly.
According to the corporate, the {bank} “failed to issue the letters of credit” and didn’t deploy the funds for his or her agreed goal.
Instead, the applicant alleged, Parallex Bank delayed buying overseas change because the market fluctuated, resulting in steep change price will increase.
Matters worsened when the products arrived in Nigeria and the {bank} allegedly demanded further funds to cowl what it known as “FX differential.”
FHT Mega Express argued the demand arose solely as a result of the {bank} didn’t act promptly and insisted it met all required obligations by supplying the complete naira worth upfront.
The firm additional alleged the {bank} refused to launch the invoice of lading, ensuing within the items being stranded, deserted, and ultimately auctioned by the Nigeria Customs Service.
Repeated calls for by the applicant — for both execution of the LC or a refund — have been unsuccessful.
The firm mentioned it turned involved that Parallex Bank “might be unable or unwilling to refund the funds” if judgment have been ultimately awarded in its favour.
Hence, it sought the interim order “to preserve the funds and prevent their dissipation” pending full decision of the case.
