A Federal Capital Territory (FCT) high court 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 high court in Asokoro, Abuja, followed an ex parte application brought before the court by FHT Mega Express Limited.
In the suit marked CV/4737/2025, FHT Mega Express named Parallex Bank Limited as the first respondent, with the CBN and NDIC listed as second and third respondents.
In the December 18, 2025 order, the court directed both financial regulators to “withhold all monies standing to the credit of the bank, amounting to N7,154,677,000.”
The judge further ordered that the funds be placed into “an interest-yielding account” under the custody and control of the regulators pending the determination of a motion on notice.
All prayers sought by the applicant were granted, and the matter was adjourned to January 15, 2026, for hearing of the substantive application.
The ex parte motion was presented by Tolu Babalaye, counsel to FHT Mega Express, supported by a 49-paragraph affidavit deposed to by O. Yomi Sholoye.
Court filings also confirmed that hearing notices were issued to Parallex Bank, the CBN, and the NDIC.
Court documents outline how the disagreement began in 2023 when FHT Mega Express deposited N7.15 billion with Parallex Bank as cash collateral for the issuance of letters of credit (LC) valued at $7.31 million to support international trade transactions.
FHT Mega Express maintains an account with Parallex Bank and said the bank issued “an indicative offer of banking facilities” on June 7, 2023, with assurances that the LCs would be issued once funds were provided and foreign exchange sourcing would begin immediately.
According to the company, the bank “failed to issue the letters of credit” and did not deploy the funds for their agreed purpose.
Instead, the applicant alleged, Parallex Bank delayed purchasing foreign exchange as the market fluctuated, leading to steep exchange rate increases.
Matters worsened when the goods arrived in Nigeria and the bank allegedly demanded additional funds to cover what it referred to as “FX differential.”
FHT Mega Express argued the demand arose solely because the bank failed to act promptly and insisted it met all required obligations by supplying the full naira value upfront.
The company further alleged the bank refused to release the bill of lading, resulting in the goods being stranded, abandoned, and eventually auctioned by the Nigeria Customs Service.
Repeated demands by the applicant — for either execution of the LC or a refund — were unsuccessful.
The company said it became concerned that Parallex Bank “might be unable or unwilling to refund the funds” if judgment were eventually awarded in its favour.
Hence, it sought the interim order “to preserve the funds and prevent their dissipation” pending full resolution of the case.