A High Court of the Federal Capital Territory (FCT) sitting in Asokoro, Abuja, has directed the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to freeze ₦7.15 billion linked to Parallex Bank Limited.
The order was issued by Justice Hauwa Gummi following an ex parte application filed by FHT Mega Express Limited, which is currently locked in a legal dispute with the bank over a deposit made for international trade transactions.
The suit, marked CV/4737/2025, lists Parallex Bank as the first respondent, while the CBN and NDIC are the second and third respondents.
In the interim ruling dated December 18, 2025, the court directed the two regulators to withhold all funds standing to the credit of Parallex Bank, put at ₦7,154,677,000.
Justice Gummi also ordered that the money be transferred into an interest-yielding account under the custody and supervision of the regulators pending the hearing and determination of a motion on notice.
All the reliefs sought by the applicant were granted, while the case was adjourned to January 15, 2026, for the substantive application to be heard.
The ex parte motion was argued by Tolu Babalaye, counsel to FHT Mega Express, and backed by a 49-paragraph affidavit deposed to by O. Yomi Sholoye. Court filings further showed that hearing notices were issued to Parallex Bank, the CBN and the NDIC.
According to documents before the court, the dispute dates back to 2023, when FHT Mega Express reportedly deposited ₦7.15 billion with Parallex Bank as cash collateral for the issuance of letters of credit valued at $7.31 million to support its international trade dealings.
FHT Mega Express told the court that Parallex Bank issued an “indicative offer of banking facilities” dated June 7, 2023, giving assurances that the letters of credit would be processed once the funds were received, while foreign exchange sourcing would commence immediately.
However, the company claimed the bank failed to issue the letters of credit and did not apply the collateral for the purpose agreed by both parties.
The applicant also alleged that Parallex Bank delayed sourcing foreign exchange until market conditions changed, which allegedly contributed to sharp increases in exchange rates.
The situation, the company said, deteriorated further after its goods arrived in Nigeria, when Parallex Bank allegedly demanded additional payments to cover what it described as an “FX differential.”
FHT Mega Express maintained that it had already paid the full naira value of the transaction and insisted that the extra demand was only made because the bank did not act on time.
It further alleged that Parallex Bank refused to release the bill of lading, leaving the imported goods stranded, abandoned and eventually auctioned by the Nigeria Customs Service.
The company told the court that several attempts to compel either the execution of the letters of credit or a refund of the deposit did not yield results.
FHT Mega Express said it approached the court for urgent intervention because it feared the bank could become unable or unwilling to refund the funds if judgment is ultimately awarded in its favour.