Parallex Bank Limited has urged a Federal Capital Territory (FCT) High Court to dismiss the N7.15 billion lawsuit instituted against it by FHT Mega Express Limited, describing the suit as an abuse of court process.

The bank made the request through a notice of preliminary objection, asking the court to set aside the interim ex parte order that resulted in the freezing of its funds and to strike out the entire suit for lack of merit.

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Parallex Bank is accusing FHT Mega Express, a logistics firm, of forum shopping, suppression of material facts, and misuse of judicial process. According to the bank, the plaintiff deliberately approached the court ex parte without full disclosure of relevant facts, thereby misleading the court into granting the interim order.

FHT Mega Express had filed the suit against Parallex Bank, the Central Bank of Nigeria (CBN), and the Nigeria Deposit Insurance Corporation (NDIC). Following the suit, the court ordered the CBN and NDIC to freeze the sum of N7,154,677,000 standing to the credit of Parallex Bank.

In its objection, Parallex Bank argued that the ex parte order was improperly obtained and has caused significant operational and reputational damage to the bank. It maintained that there was no legal basis for the freezing of its funds and that the matter ought not to have been brought before the court in the manner adopted by the plaintiff.

The bank further contended that the issues raised by FHT Mega Express are either already subject to other proceedings or could have been addressed through proper legal channels, rather than resorting to what it described as an oppressive and prejudicial application.

Parallex Bank therefore asked the court to vacate the interim order, unfreeze its funds, and dismiss the suit in its entirety in the interest of justice.

The case has drawn attention within the financial and legal sectors due to the size of the funds involved and the inclusion of banking regulators as parties to the suit. The court is expected to hear arguments on the preliminary objection at a later date.