FCT court dismisses suit against Parallex Bank
Federal Court Dismisses Suit Against Parallex Bank Over N4.5 Billion Debt
A High Court in the Federal Capital Territory has dismissed a lawsuit filed by FHT Mega Express Limited, a logistics company, against Parallex Bank Limited concerning a N4.5 billion debt.
FHT Mega Express had sought N7.1 billion from the bank in its legal action. However, the court upheld Parallex Bank’s preliminary objection, ruling that the suit constituted a significant abuse of the judicial process.
The logistics firm previously obtained an ex parte order requiring the freezing of Parallex Bank’s funds with the Central Bank of Nigeria to the amount of N7.1 billion. In response, Parallex Bank filed a Notice of Preliminary Objection, asking the court to dismiss the case due to a pre-existing lawsuit it had initiated in Lagos State to recover the outstanding debt.
In its ruling, the FCT High Court agreed with Parallex Bank’s position, leading to the dismissal of FHT Mega Express’s suit in its entirety. The court also ordered FHT Mega Express to pay costs amounting to N500,000 to Parallex Bank.
The dispute traces back to September 4, 2025, when Parallex Bank filed Suit No. FHC/L/CS/1774/2025 in the Federal High Court in Lagos, aiming to recover the N4.5 billion owed by FHT Mega Express. This debt reportedly originated from Letters of Credit issued to facilitate import transactions.
Justice Lewis Allagoa of the Federal High Court had previously instructed all parties to maintain the status quo until the substantive matter was resolved.
In a statement regarding the court’s decision, Parallex Bank welcomed the ruling as a victory for due process and transparency. The bank reiterated its commitment to effective corporate governance and ethical conduct in its operations, emphasizing the importance of maintaining stakeholder trust and operational integrity.
