A Federal Capital Territory (FCT) High Court has directed the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to freeze ₦7.15 billion connected to Parallex Bank Limited.
The directive was issued by Hauwa Gummi, a judge of the High Court sitting in Asokoro, Abuja, after an ex parte application filed by FHT Mega Express Limited.
In the suit marked CV/4737/2025, FHT Mega Express listed Parallex Bank Limited as the first respondent, while the CBN and NDIC were named as the second and third respondents.
In an interim order dated December 18, 2025, the court instructed the CBN and NDIC to withhold all funds standing to the credit of the bank, totalling ₦7,154,677,000.
The judge further ordered that the funds be lodged in an interest-yielding account under the custody and control of the financial institutions, pending the hearing and determination of the motion on notice.
The court granted the reliefs sought by the applicant and adjourned the matter to January 15, 2026, for hearing of the substantive motion.
The ex parte application was argued by Tolu Babalaye, counsel to FHT Mega Express, and supported by a 49-paragraph affidavit sworn to by O. Yomi Sholoye.
Court documents showed that hearing notices were served on all respondents, including Parallex Bank, the CBN, and the NDIC.
BACKGROUND
Court records indicate that the dispute stemmed from a banking relationship between FHT Mega Express and Parallex Bank in 2023, involving funds deposited for the issuance of letters of credit (LC).
According to the applicant, FHT Mega Express operates an account with Parallex Bank into which it paid ₦7.15 billion as cash collateral for the establishment of LC valued at $7.31 million, meant to support international trade transactions.
The applicant told the court that Parallex Bank issued an indicative offer of banking facilities on June 7, 2023, assuring that the LC would be issued promptly upon receipt of the cash collateral, with foreign exchange sourcing expected to begin immediately.
FHT Mega Express, however, alleged that the bank failed to issue the letters of credit as agreed and did not deploy the funds for their intended purpose.
The company further claimed that the bank delayed sourcing foreign exchange during a volatile period in the FX market, resulting in a sharp rise in exchange rates.
According to the applicant, when the imported goods eventually arrived in Nigeria, Parallex Bank demanded additional funds to cover what it described as an FX differential.
FHT Mega Express argued that the demand resulted from the bank’s failure to act in a timely manner, maintaining that it had met all its obligations by providing the full naira equivalent required for the transaction.
The applicant also alleged that Parallex Bank refused to release the bill of lading for the imported goods, leading to the containers being abandoned and later auctioned by the Nigeria Customs Service (NSC) to third parties.
It further stated that repeated requests for either the execution of the transaction or a refund of the deposited funds were unsuccessful, prompting the legal action.
FHT Mega Express expressed concern that Parallex Bank might be unwilling or unable to refund the money should judgment be delivered in its favour, hence the request for an interim preservatory order.
The applicant told the court that the order sought was meant to preserve the funds and prevent their dissipation pending the determination of the substantive issues.