A Federal Capital Territory High Court has dismissed the suit filed by FHT Mega Express Limited against Parallex Bank Limited over a disputed debt transaction.
The logistics firm had claimed ₦7.1 billion against the bank and had earlier obtained an ex parte order freezing Parallex Bank’s funds with the Central Bank of Nigeria up to the said amount.
Parallex Bank, however, challenged the order by filing a notice of preliminary objection, urging the court to strike out or dismiss the suit on the ground that it constituted an abuse of court process.
The bank argued that the action was improper in view of a subsisting case it had earlier filed against FHT Mega Express before the Federal High Court in Lagos to recover an alleged outstanding indebtedness of ₦4.5 billion.
The dispute dates back to September 4, 2025, when Parallex Bank instituted Suit No. FHC/L/CS/1774/2025 before the Federal High Court, Lagos, seeking to recover the alleged debt from FHT Mega Express.
The indebtedness was said to have arisen from Letters of Credit issued to finance import transactions worth millions of euros.
Justice Lewis Allagoa of the Federal High Court, Lagos, had earlier ordered all parties in the matter to maintain the status quo pending the determination of the substantive suit.
In its ruling, the FCT High Court upheld the arguments canvassed by Parallex Bank and held that the suit filed by FHT Mega Express amounted to a gross abuse of court process.
Consequently, the court dismissed the suit in its entirety.
The court also awarded costs of ₦500,000 against FHT Mega Express and in favour of Parallex Bank.
Reacting to the ruling, Parallex Bank welcomed the decision, describing it as a triumph for due process, transparency and the rule of law.
The bank said the outcome reinforced its commitment to sound corporate governance, lawful conduct, stakeholder trust and the integrity of its operations.