The Federal Capital Territory High Court has dismissed a N7.1 billion suit filed by FHT Mega Express Limited against Parallex Bank Limited, ruling that the case constituted an abuse of court process.
In its ruling, the court upheld a preliminary objection raised by Parallex Bank and struck out the suit in its entirety. It also awarded costs of N500,000 against FHT Mega Express in favour of the bank.
The logistic company had obtained an ex parte order against the Bank to freeze the Bank’s funds up to the sum of N7.1 billion 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 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.
Analysts close to Parallex Bank described the ruling as a reaffirmation of due process and transparency, noting that it strengthens confidence in the judicial system.
The decision is also expected to clear the way for Parallex Bank to recover funds tied up in the longstanding dispute and affirms its right to pursue all lawful remedies in protecting its financial and reputational interests.
