Parallex Bank Limited has asked a Federal Capital Territory High Court to dismiss the N7.15 billion suit instituted against it by logistics firm, FHT Mega Express Limited, describing the action as an abuse of court process.
In a preliminary objection filed before the court, the bank urged Justice Hauwa Gummi to set aside the interim ex parte order that led to the freezing of its funds, alleging forum shopping and suppression of material facts by the claimant.
The court had on December 18, 2025 ordered the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to place N7,154,677,000 belonging to Parallex Bank in an interest-yielding account pending determination of the motion on notice.
How the dispute began
Court documents show the disagreement arose from a transaction involving letters of credit (LC) for import financing.
FHT Mega Express told the court it deposited N7.15 billion with Parallex Bank as cash collateral for LCs valued at about $7.31 million. The firm claimed the bank promised to issue the LCs promptly and commence foreign exchange sourcing immediately.
However, the logistics company alleged that the bank failed to issue the LCs as agreed and delayed FX procurement during a volatile market period. It added that when the goods arrived in Nigeria, the bank demanded additional funds to cover FX differentials and refused to release the bill of lading.
The firm said the goods were eventually auctioned by the Nigeria Customs Service due to abandonment, forcing it to approach the court for protection of its funds.
Bank cites earlier suit in Lagos
Parallex Bank countered that the matter was already before a Federal High Court in Lagos.
According to the bank, it had on September 4, 2025 filed suit number FHC/L/CS/1774/2025 seeking to recover an alleged N4.5 billion debt owed by FHT Mega Express from several import transactions.
On October 14, 2025, Justice Lewis Allagoa ordered parties to maintain status quo pending hearing of the substantive case.
The bank said instead of submitting to the Lagos court’s jurisdiction, the claimant filed a similar case at the Lagos State High Court seeking ex parte orders to freeze its accounts. The request was declined and the suit later discontinued.
Allegation of non-disclosure
Parallex Bank argued that FHT Mega Express failed to disclose the existence of the Lagos federal suit and the subsisting status quo order when it approached the Abuja court.
The bank maintained that the non-disclosure misled the court into granting interim reliefs and amounted to suppression of material facts.
It further contended that issues bordering on letters of credit fall within the exclusive jurisdiction of the Federal High Court and not the FCT High Court.
In an affidavit deposed to by a manager of the bank, Cynthia Akunaeziri, Parallex stated that the Lagos action seeks recovery of the debt and enforcement of its banker’s lien over goods financed through the LCs.
The judge has adjourned the matter to February 4 for hearing of the preliminary objection.
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