The Federal Capital Territory (FCT) High Court has adjourned to March 10, 2026, a major legal dispute involving N7.15 billion between Parallex Bank Limited and FHT Mega Express Limited.
The adjournment follows the bank’s request for the court to set aside an interim freezing order placed on its funds, which it argues was granted without proper fair hearing and amidst other pending related court cases on the same matter.
Okay News reports that the core of the dispute is an interim order issued by Justice Hauwa Lawal Gummi in December 2025, which directed the Central Bank of Nigeria (CBN) to preserve N7.15 billion in an interest-yielding account until the substantive case is resolved. The order was granted following an ex parte application by FHT Mega Express, which alleged that the bank breached its contractual obligations, a claim Parallex Bank strongly contests.
In its legal filings, Parallex Bank has argued that the lawsuit and the freezing order are an abuse of the judicial process, designed to create confusion and potentially deprive the court of orderly justice administration. The bank contends that the matter lacks sufficient urgency to justify the ex parte order and that related suits on the same subject were already pending, which should have been considered before freezing its assets.
FHT Mega Express, in its submissions, maintains that the bank’s actions defeated its contractual duties, justifying the legal action and the preservation of funds. The upcoming hearing on March 10 is now critical, as the court is expected to hear oral arguments from both parties on the validity of the suit and the interim order, deciding whether to keep the freeze in place or set it aside pending the full trial.
