Parallex Bank: N7.15bn case involving FHT Mega Categorical adjourned to March 10

The Federal Capital Territory (FCT) Excessive Court docket has adjourned to March 10, 2026, a N7.15 billion authorized dispute involving Parallex Bank Restricted and FHT Mega Categorical Restricted.

Authorized representatives of Parallex Bank disclosed the brand new listening to date to BusinessTimes on Wednesday.

The adjournment comes days after the bank urged the courtroom to put aside an interim freezing order positioned on its funds, arguing that the order was granted in breach of its constitutional proper to honest listening to and amid pending associated fits.

With the following listening to now mounted for March, the courtroom is predicted to listen to oral arguments from each events on the validity of the go well with and the interim orders already made.

What they’re saying 

The matter centres on a contentious interim order that preserved N7.15 billion allegedly linked to the dispute, pending the willpower of a substantive movement on discover.

The courtroom had earlier mounted February 4, 2026, for arguments on the purposes earlier than it, however the listening to has now been pushed to March 10.

In accordance with courtroom filings and submissions reviewed by BusinessTimes, each events have filed written addresses sharply contesting the propriety of the go well with and the interim orders.

• “It’s designed to create confusion, generate conflicting judgments from courts of coordinate jurisdiction, and probably deprive the Federal Excessive Court docket of the orderly administration of justice,” the bank argued of their processes.
• The bank’s legal professionals added that such conduct “is emblematic of unhealthy religion litigation and constitutes a transparent abuse of the judicial course of.” 
• FHT, in its additional affidavit, argued that the bank “defeated or breached its contractual obligations,” which it mentioned justified the submitting of the go well with.

With the brand new adjourned date, the events are anticipated to advance these arguments orally in open courtroom, after which the choose will decide the acceptable subsequent steps within the case.

Backstory 

The dispute stems from an interim resolution delivered in December 2025 by Justice Hauwa Lawal Gummi of the FCT Excessive Court docket.

• The ruling adopted an ex parte utility filed by FHT Mega Categorical Restricted in search of pressing preservation of funds allegedly related to the dispute.
• The courtroom ordered that N7.15 billion be preserved pending the listening to of a substantive movement on discover.
• The Central Bank of Nigeria (CBN) was directed to sequester the funds in an interest-yielding account.

Parallex Bank Restricted, the CBN, and the Nigeria Deposit Insurance coverage Company (NDIC) have been named as respondents within the go well with.

The applying was filed underneath Go well with No: CV/4737/2025, with Movement No: M15374/2025, and was granted on December 18, 2025.

In granting the interim aid, the courtroom held that preserving the funds was crucial to forestall dissipation and to guard the integrity of the dispute between the events.

What it is best to know 

Ex parte purposes and interim orders are recognised procedural instruments in civil litigation, significantly the place urgency is alleged.

• Nonetheless, such orders are provisional and don’t quantity to a remaining willpower of the rights of the events.
• Ex parte orders are sometimes granted with out listening to the opposite facet, on the idea that giving discover could defeat the aim of the applying.
• They’re discretionary and topic to evaluate as soon as the affected events are given a chance to be heard.
• Courts have inherent powers to discharge or put aside such orders if they’re obtained with out jurisdiction or by suppression of fabric details.

Parallex Bank maintains that the freezing order was granted with out adequate urgency and whereas associated fits on the identical material have been pending.

The March 10 listening to will due to this fact be important in figuring out whether or not the interim orders stay in pressure or are put aside.