FCT Court Orders CBN and NDIC to Freeze N7.15bn Linked to Parallex Bank Over Trade Dispute
The FCT High Court in Abuja has directed the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to freeze N7.15 billion belonging to Parallex Bank Limited. This action stems from a trade dispute involving FHT Mega Express Limited, which deposited the funds as collateral for a letter of credit.
The court granted an interim order following allegations of delays and additional payment demands by Parallex Bank, leading to increased costs for FHT Mega Express. The matter has been adjourned for a substantive application hearing on January 15, 2026.
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