Nigeria: FCT Court Dismisses Suit Against Parallex Bank

1 May 2026
Vanguard (Lagos)

A Federal Capital Territory High Court has dismissed the suit filed by, FHT Mega Express Limited, the logistics firm, against Parallex Bank Limited over a N4.5 billion debt.

The logistics firm had claimed N7.1billion against the Bank.

In the suit, the Court upheld Parallex Bank's preliminary objection that the case amounted to a gross abuse of court process.

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It would be recalled that the logistic company had obtained an ex parte order against the Bank to freeze the Bank's funds up to the sum of N7.1billion with the Central Bank of Nigeria. Parallex Bank challenged this ex parte order by filing a Notice of Preliminary Objection, urging the Court to strike out and/or dismiss the suit on the ground that it constitutes an abuse of court process, particularly in light of the subsisting suit which the Bank had earlier instituted against the company before the High Court of Lagos State to recover an alleged outstanding indebtedness of the company to Parallex Bank.

In its ruling the FCT Court upheld the arguments canvassed by the Bank. Consequently, the suit was dismissed in its entirety.

The Court further awarded costs in the sum of ¦ 500,000.00 against FHT Mega Express and in favour of Parallex Bank.

The dispute dates back to September 4, 2025, when Parallex Bank filed Suit No. FHC/L/CS/1774/2025 before the Federal High Court, Lagos, seeking to recover indebtedness of N4.5 billion from FHT Mega Express.

The debt reportedly arose from Letters of Credit issued to finance import transactions worth millions of Euros.

Justice Lewis Allagoa of the Federal High Court had earlier ordered all parties to maintain the status quo pending the determination of the substantive matter.

Parallex Bank has welcomed the ruling, describing it as "a triumph for due process, transparency, and the rule of law."

The bank also said the outcome reinforces its commitment to sound corporate governance and lawful conduct in all their dealings while upholding stakeholder trust and ensuring the integrity of their operations.

Read the original article on Vanguard.

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