A High Court of the Federal Capital Territory (FCT), Abuja, has ordered the freezing of N7.15 billion linked to Parallex Bank Limited.
According to the court document, the ruling follows a suit filed by FHT Mega Express Limited over an alleged breach of trust and failure to honour a Letters of Credit agreement.
Justice Hauwa Lawal Gummi granted the interim order, directing the Central Bank of Nigeria (CBN) to sequester the funds in an interest-yielding account pending the determination of a motion on notice scheduled for January 15, 2026.
The respondents in the case are Parallex Bank Limited, the CBN, and the Nigeria Deposit Insurance Corporation (NDIC).
The order stemmed from an ex parte application in Suit No: CV/4737/2025, with Motion No: M15374/2025, granted on December 18, 2025.
The court emphasized that the funds must be preserved to prevent dissipation and safeguard the integrity of the dispute.
In a 49-paragraph affidavit filed by counsel to the applicant, Tolu Babalaye, Esq., FHT Mega Express stated that it deposited N7,154,677,000.00 into its account with Parallex Bank to establish Letters of Credit valued at $7,310,257.99 for international trade.
The applicant alleged that despite receiving the funds, Parallex Bank “failed, refused and neglected” to issue the Letters of Credit since 2023.
FHT Mega Express further accused the bank of trading with its funds without authorization or payment of interest, while failing to release Bills of Lading for imported goods. The affidavit claimed that the delay led to the Nigerian Customs Service auctioning the goods.
The deponent stated that the 1st Respondent has unjustly enriched itself at the expense of the Applicant, adding that the bank’s conduct amounted to negligence and a fundamental breach of mandate, according to the affidavit.
The applicant also alleged that Parallex Bank later demanded additional funds to cover foreign exchange differentials caused by volatility in the FX market. According to FHT Mega Express, the demand was “a pretext to justify wrongful withholding” of its funds, as it had already provided the naira equivalent upfront.
Justice Gummi, in granting the interim reliefs, held that the applicant had established a prima facie case warranting preservation of the disputed funds.
The court directed the CBN and NDIC, as regulators, to secure all sums attributable to Parallex Bank pending the hearing of the substantive motion.
The applicant undertook to pay damages should the order later be found to have been wrongly granted, stressing that the relief sought was purely preservative and in the interest of justice.