The Federal Capital Territory (FCT) High Court has dismissed a N7.1 billion suit filed by FHT Mega Express Limited against Parallex Bank Limited, describing the action as an abuse of court process.
In its ruling, the court upheld a preliminary objection raised by Parallex Bank and struck out the case, awarding N500,000 in costs against the logistics firm.
FHT Mega Express had earlier secured an ex parte order to freeze funds belonging to the bank up to N7.1 billion with the Central Bank. However, Parallex Bank challenged the move, arguing that the suit was improper given an existing case it had already instituted against the company at the Lagos State High Court over an alleged outstanding debt.
The bank’s legal team maintained that the duplicative nature of the proceedings amounted to an abuse of judicial process. The FCT High Court agreed, siding with the bank and dismissing the suit in its entirety.
The dispute between both parties dates back to September 4, 2025, when Parallex Bank filed a suit at the Federal High Court in Lagos seeking to recover N4.5 billion allegedly owed by FHT Mega Express. The debt reportedly stemmed from Letters of Credit issued to finance import transactions valued in millions of euros.
In the earlier proceedings, Justice Lewis Allagoa had directed all parties to maintain the status quo pending the determination of the substantive case.
Reacting to the latest ruling, Parallex Bank described the judgment as a victory for due process, transparency, and the rule of law. The bank stated that the decision reinforces its commitment to corporate governance and lawful business conduct.
Legal analysts say the judgment underscores the judiciary’s stance against multiplicity of suits and strengthens confidence in Nigeria’s legal system. They added that the ruling could pave the way for Parallex Bank to recover funds tied up in the dispute while safeguarding its financial and reputational interests.
