Court sets March date in N7.15bn dispute, Parallex Bank seeks fair hearing

The Federal Capital Territory (FCT) High Court has adjourned the N7.15 billion legal dispute between Parallex Bank Limited and FHT Mega Express Limited to March 10, 2026, legal representatives of the bank confirmed to Nairametrics on Wednesday.

The adjournment follows a formal request by Parallex Bank urging the court to set aside an interim freezing order imposed on its funds.

The bank argued that the order, which was granted without its participation, violated its constitutional right to a fair hearing and overlooked the fact that related proceedings on the matter were already pending.

With the next hearing now fixed, both parties are expected to present oral arguments on the validity of the suit and the interim orders, after which the court will determine the appropriate next steps.

The dispute centres on a contentious ex parte order issued in December 2025 by Justice Hauwa Lawal Gummi of the FCT High Court, which directed the Central Bank of Nigeria (CBN) to preserve N7.15 billion allegedly linked to the matter in an interest-yielding account. Parallex Bank, the CBN, and the Nigeria Deposit Insurance Corporation (NDIC) were all named as respondents.

Parallex Bank’s legal team has described the interim order as an attempt to confuse the judicial process and generate conflicting outcomes, stressing that the bank has always acted in good faith and in accordance with its contractual obligations.

“This conduct is emblematic of bad faith litigation and constitutes a clear abuse of the judicial process,” the bank stated in court filings reviewed by Nairametrics.

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FHT Mega Express, in its affidavit, contended that Parallex Bank allegedly breached contractual obligations, justifying the preservation of funds.

However, experts note that ex parte orders are provisional tools in civil litigation, designed to address urgent matters but subject to review once affected parties are heard.

Parallex Bank maintains that the freezing order was granted without adequate urgency and amid ongoing related suits, making the March 10 hearing critical in determining whether the interim order will be maintained or discharged.

Court filings indicate that both parties have submitted written addresses, sharply contesting the propriety of the suit.

Analysts say the bank’s challenge highlights the importance of due process in Nigeria’s judicial system, and its insistence on fair hearing reinforces confidence in the legal protections for financial institutions.

The case is filed under Suit No: CV/4737/2025, with Motion No: M15374/2025, and the December interim order was issued to prevent dissipation of funds while the substantive dispute is adjudicated.

Observers say the upcoming hearing could set an important precedent on the limits and review of ex parte orders in commercial litigation.