FHT Mega Express sues Parallex Bank over shipping docs
A Lagos equipment and logistics company has initiated legal action against Parallex Bank Limited over allegations that the lender withheld shipping documents for imported machinery valued at more than 7.3 million euros despite receiving full naira payment of 7.15 billion to establish letters of credit. FHT Mega Express Limited filed suit at the Lagos State High Court seeking to freeze the equivalent sum in bank accounts pending resolution of the dispute, which stems from transactions beginning in 2023 when the firm deposited funds to cover four separate letters of credit for European suppliers.
According to court filings, Parallex Bank released documentation for only one shipment worth approximately 502,000 euros while withholding bills of lading for 29 containers of heavy machinery, later demanding an additional 3.76 billion naira to address foreign exchange rate differences. Nigeria Customs Service subsequently seized and auctioned the uncleared goods due to missing documentation. Justice Abdul-Raheem Muyideen declined immediate relief but ordered service on the defendant bank.
