FCT Court has ordered CBN and NDIC to freeze N7.15bn linked to Parallex Bank over trade dispute.
NewsOnline Nigeria reports that a Federal Capital Territory (FCT) High Court sitting in Asokoro, Abuja, has ordered the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to freeze N7.15 billion belonging to Parallex Bank Limited.
The interim order was granted by Justice Hauwa Gummi following an ex parte application filed by FHT Mega Express Limited in a suit marked CV/4737/2025.
ALSO: Dangote Files Fresh Corruption Petition Against Embattled Ex-NMDPRA Boss Farouk Ahmed at EFCC
In the ruling delivered on December 18, 2025, the court directed the two financial regulators to withhold N7,154,677,000 standing to the credit of Parallex Bank and to place the funds in an interest-yielding account under their custody pending the determination of a motion on notice.
Parallex Bank was named as the first respondent in the suit, while the CBN and NDIC were listed as the second and third respondents.
Justice Gummi granted all the reliefs sought by FHT Mega Express and adjourned the matter to January 15, 2026, for hearing of the substantive application. Court records also show that hearing notices were issued to all parties.
The dispute stems from a transaction in 2023, when FHT Mega Express deposited N7.15 billion with Parallex Bank as cash collateral for the issuance of letters of credit (LCs) valued at $7.31 million to facilitate international trade.
According to the applicant, Parallex Bank issued an indicative offer on June 7, 2023, promising to issue the LCs once the funds were provided and to commence foreign exchange sourcing immediately. However, the company alleged that the bank failed to issue the LCs and did not use the funds for the agreed purpose.
FHT Mega Express claimed the bank delayed purchasing foreign exchange as rates fluctuated, leading to sharp increases in costs. When the imported goods arrived in Nigeria, the bank allegedly demanded additional payments to cover what it described as “FX differential.”
The firm argued that it had already paid the full naira value upfront and that the extra demand resulted solely from the bank’s failure to act on time.
The company further alleged that Parallex Bank refused to release the bill of lading, causing the goods to be stranded, abandoned, and eventually auctioned by the Nigeria Customs Service.
Despite repeated demands for either the execution of the letters of credit or a refund of the N7.15 billion, the company said the bank failed to comply.
FHT Mega Express told the court it feared that Parallex Bank might be unable or unwilling to refund the money if judgment is eventually entered in its favour, prompting it to seek the interim order to preserve the funds pending the final outcome of the case.
