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Tag: Parallex Bank

  • Court strikes out FHT Mega Express suit against Parallex Bank

    Court strikes out FHT Mega Express suit against Parallex Bank

    The Lagos State High Court has struck out the suit filed by FHT Mega Express Limited against Parallex Bank and ordered the company to publish the court’s decision in three national newspapers, according to the Certified True Copy (CTC) of the judgment obtained today.

    Justice A.T. Muyideen of the Ikeja Judicial Division, in the ruling delivered on 18 November 2025, terminated Suit No. LD/ADR/6143/2025, in which FHT Mega Express Limited claimed that Parallex Bank was indebted to it. 

    The company had initially sought ex-parte orders to attach funds belonging to the bank, but the court refused the application and directed that the bank be served.

    The CTC of the judgment shows that Parallex Bank, upon being served, responded through its senior counsel, Dr. Kemi Pinheiro SAN, who filed multiple processes, including a preliminary objection dated 17 November 2025. In the objection, the bank contended that the suit was an abuse of court process.

    The bank’s filings, as captured in the certified judgment record, revealed that Parallex had earlier instituted Suit No. FHC/L/CS/1774/2025 at the Federal High Court on 4 September 2025 against FHT Mega Express Limited, seeking to recover over N4.5 billion allegedly owed by the company. 

    The Federal High Court had reportedly ordered parties to maintain the status quo, a development FHT Mega Express failed to disclose before initiating the Lagos High Court action.

    According to the CTC, Parallex Bank argued that the company attempted to secretly obtain ex-parte orders to freeze the bank’s funds despite being aware of the subsisting Federal High Court proceedings.

    Following its failed ex-parte bid and confronted with the bank’s strong objection, FHT Mega Express applied on 18 November 2025 to discontinue the matter.

  • Firm sues Parallex Bank over ‘unreleased shipping documents’

    Firm sues Parallex Bank over ‘unreleased shipping documents’

    FHT Mega Express Limited, a Lagos-based equipment, machinery, and logistics firm, has sued Parallex Bank Limited at the Lagos State High Court, Tafawa Balewa Square, over an alleged failure to release shipping documents for imported goods worth €7,310,257.99 despite receiving full payment of N7,154,677,000 to establish letters of credit since 2023.

    The company is seeking a court order to freeze N7.15 billion in the bank’s accounts across Nigeria in interest-yielding instruments pending the substantive suit.Through its counsel, Adedayo Oshodi (SAN), FHT filed a motion ex parte marked ID/AOR/6143/2025 on October 17, 2025.

     In a 41-paragraph affidavit deposed by General Manager Ezekiel Olumi, the company stated it had no prior relationship with Parallex Bank, was never a credit customer, and never took any loan.

    The arrangement, which began in June 2023, was strictly non-borrowing and meant solely for creating letters of credit to pay European suppliers.

    Parallex Bank issued an Indicative Offer of Banking Facilities on June 7, 2023, requiring full naira deposits equivalent to the euro values.

     FHT opened a current account on July 27, 2023, and between July 2023 and February 2024 deposited N7,154,677,000 to fund four LCs tied to Form M numbers: MF20230085253 (€4,750,609.00), MF20230122580 (€839,648.99), MF20230125197 (€502,485.00), and MF20230132545 (€1,720,000.00).The consignments, totaling 30 containers of heavy machinery, arrived between February 2024 and February 2025.

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    The bank released documents, including bills of lading, for only one consignment worth €502,485.00 (N434,408,834.68).

     Documents for the remaining 29 containers were withheld. On December 10 and 12, 2024, FHT demanded the release of the documents, but Parallex instead asked for an additional N3,759,024,395.45 to cover exchange rate differentials.

     Due to the missing bills of lading, the Nigeria Customs Service seized and auctioned the uncleared goods.When the matter came up on Thursday before Justice Abdul-Raheem Muyideen, Oshodi (SAN) urged the court to grant the freezing order to preserve the funds, stressing that the N7.15 billion was paid in full for goods purchase.

    The judge declined the ex parte relief, directed that the motion be served on Parallex Bank, and adjourned to Monday, November 18, 2025, for the motion on notice.As of November 14, 2025, Parallex Bank, which upgraded from microfinance to commercial banking status in 2021, has not responded publicly to the allegations.

     The case underscores growing tensions over letters of credit amid Nigeria’s persistent foreign exchange volatility, with the naira falling from about N460/€ in mid-2023 to over N1,600/€ by late 2025.

     FHT Mega Express insists it fulfilled all obligations and seeks justice to recover its funds and address losses from the auctioned consignments.

  • Winners emerge at Parallex Bank’s save and win promo

    Winners emerge at Parallex Bank’s save and win promo

    One hundred and fifty-four winners have emerged at the Parallex Bank save and win promo raffle draw in Abuja.

    Fifty customers received airtime worth N5,000 each, another 50 won N10,000 each while 30 customers took home N20,000 each.

    Another 20 lucky winners won N50,000 each, three lucky winners were awarded ₦100,000 each and the grand prize of ₦1 million was won by Blessed Barnabas.

    The event, held on Thursday, excited customers as multiple winners emerged in the presence of members of the public and representatives from the Federal Competition and Consumer Protection Commission.

    Speaking on the bank’s initiative, Preye Ojeme, Head of the Public Sector Department at Parallex Bank Abuja, stated: “The Save and Win Promo is designed to reward our retail customers for saving with us and to encourage a savings culture in the country.”

    Ojeme emphasised the bank’s dedication to supporting customers through various financial products tailored to meet personal and business needs.

    “We offer a range of retail products, including microloans and other financial solutions, to assist our customers, whether they are individuals, SMEs, or corporate clients. Our digital platform is robust, providing seamless banking experiences,” she said.

    Highlighting Parallex Bank’s long-term vision, Ojeme added: “Our mission is to be the preferred financial solutions provider, redefining customer experiences through innovation. We are committed to achieving this vision every day.”

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    Barnabas expressed delight at winning ₦1 million, describing it as an unexpected yet pleasant surprise.

    She noted that the win had strengthened her trust in Parallex Bank and affirmed her decision to encourage others to choose the bank for their financial needs.

    Parallex Bank described the promo as a gesture of appreciation for its loyal customers and a motivation for them to maintain consistent savings, especially in the current economic climate.

    Ojeme expressed confidence that the Save and Win initiative would inspire more Nigerians to cultivate a savings habit while also enjoying the potential reward of winning cash prizes.
    He added that the grand finale of the promo, which will happen in Lagos, will hold in April 2025.

  • Lagos sports commission partners Parallex bank to enhance payment solutions for athletes

    Lagos sports commission partners Parallex bank to enhance payment solutions for athletes

    …drives talent development

    To promote financial inclusion and support for athletes, the Lagos State Sports Commission has formed a strategic partnership with Parallex Bank to revolutionize payment solutions and foster talent development across the state.

    Speaking at the meeting, Mr. Lekan Fatodu, the Director General of the Lagos State Sports Commission, who led the state’s delegation to Parallex Bank’s Head Office in Victoria Island, emphasised that this collaboration is a crucial step in advancing the state’s agenda to create sustainable opportunities in sports. 

    The initiative aims to empower athletes with the necessary resources and support to achieve excellence.

    He further stated that the partnership will establish a more efficient and transparent financial system within the sports sector, ensuring that athletes receive their payments promptly through secure channels, while also investing in the future generation of sports talent in Lagos.

    Fatodu explained that the commercial bank shares a similar interest with the State’s development agenda of bringing innovation to sports, with the broader goal of promoting long-term success of athletes both on and off the field and improving the sporting ecosystem across the state. 

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    “By introducing a streamlined payment system, we are not only improving the welfare of our athletes but also encouraging a culture of excellence within Lagos sports. Our athletes are our pride, and we are committed to ensuring they receive the support they deserve to excel”, the Director General stated.

    In his remarks, the Managing Director and CEO of Parallex Bank, Mr. Olufemi Bakre, revealed that the proposition between the Commission and the bank aligns seamlessly with the institution’s mission to support initiatives that make meaningful impact on society, particularly in empowering youth and fostering sustainable growth through sports development. 

    Mr. Bakre emphasized that the commitment of the bank to back sports development is a significant step in the bank’s endeavour to advance communities and create opportunities that extend beyond the playing field, ultimately driving positive social and economic outcomes.

    He said, this strategic collaboration marks a major milestone in the bank’s commitment to creating value for every citizen, regardless of their status. And given the demographic that the Commission leads and interacts with—many of whom fall within the population our bank seeks to support with various financial interventions, supporting athletes and nurturing emerging talent is an investment we are fully committed to.

    Emphasizing the bank’s dedication to supporting the advancement of sports in Lagos State, the Managing Director revealed that Parallex Bank is honoured to establish a strategic partnership with the Lagos State Sports Commission, adding that the aim is to enable talent development and provide a seamless and efficient payment solution that meets the specific needs of athletes, ensuring they are well-compensated for their hard work. 

    The meeting was attended by top-level officials of Parallex Bank and senior management members of the Lagos Sports Commission.

  • ‘We assure customers of tech-driven, premium services’

    ‘We assure customers of tech-driven, premium services’

    The Managing Director of Nigeria’s foremost customer-centric financial institution, Parallex Bank, Mr. Femi Bakre, has assured customers of continued technology-driven, premium value-adding services that will exceed their expectations.

    The Managing Director made this known at the opening of the bank’s Lekki, Lagos branch on Wednesday. During the event, he commended the board, management, and staff of the bank for their stead​fastness and commitment to ensure a sustainable profitable institution and its positive reception by the public in less than two years of operation.

    He stated that the bank is rapidly becoming the preferred bank in the industry due to the efficiency, convenience  and reliability of its digital platforms, a result of the substantial investments made in digital technology.

    Reiterating the bank’s commitment to providing solutions to its customers, the chief executive added that this achievement undoubtedly enhanced the bank’s reputation among discerning customers.

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    He pledged that the bank will continue to introduce products and solutions that meet and exceed the needs of all customer segments, including individuals, corporates, and businesses, especially SMEs and commercial entities.

    Parallex Bank is committed and poised to support businesses to grow to the next level by providing easily accessible and affordable financial products and services that suit their needs.

    He noted that the bank will continue to develop banking solutions tailored for the tech-savvy, the Gen Zs, millennials and Nigerians in the diaspora.

    The Chairman of Parallex Bank, Dr. Adeola Phillips, in her speech, described the opening of its Lekki branch as a demonstration of the bank’s commitment to serving more customers, reaching more communities, and contributing to the country’s economic growth.

    She referred to the branch’s opening as an exciting new chapter for Parallex Bank, which comes a few weeks after the opening of its Marina, Lagos branch.

    Dr. Phillips disclosed that Parallex Bank will open four new branches in strategic locations, such as Ibadan, Abuja, Warri, and Isolo. She added that the expansion signifies the bank’s unwavering commitment to bringing value-adding banking experiences to its customers.

    The bank’s vision remains to leverage talent and technology to enhance efficiency, expand its product offerings, and deliver exceptional customer experiences.

    She expressed her gratitude to shareholders, customers, and stakeholders for their unwavering support and trust in Parallex Bank. Their presence at the opening ceremony reaffirms their commitment to shaping the bank’s future.

    She assured the bank’s customers that the Board, management, and staff of Parallex Bank will continue to meet and exceed their expectations.

    The event was attended by captains of industry, existing and potential customers, as well as celebrities from Nigeria’s entertainment industry. Members of the bank’s Board and Management also joined in the glamorous celebration of the new branch opening.