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Court directs CBN, NDIC to freeze N7.15bn linked to Parallex Bank

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A High Court of the Federal Capital Territory (FCT) sitting in Asokoro, Abuja, has ordered the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to freeze N7.15 billion linked to Parallex Bank Limited over a dispute involving letters of credit.

The interim order was issued by Justice Hauwa Gummi following an ex parte application filed by FHT Mega Express Limited.

In the suit marked CV/4737/2025, FHT Mega Express listed Parallex Bank Limited as the first respondent, while the CBN and NDIC were named as the second and third respondents.

In the ruling dated December 18, 2025, the court directed the CBN and NDIC to withhold all funds standing to the credit of Parallex Bank in the sum of N7,154,677,000. The judge further ordered that the funds be moved into an interest-yielding account under the custody and control of the financial regulators, pending the hearing and determination of the substantive motion.

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Justice Gummi granted all the reliefs sought by the applicant and adjourned the matter to January 15, 2026, for hearing of the motion on notice.

The ex parte application was moved by counsel to FHT Mega Express, Tolu Babalaye, and supported by a 49-paragraph affidavit deposed to by O. Yomi Sholoye. Court records showed that hearing notices were issued to all respondents, including Parallex Bank, the CBN, and the NDIC.

According to court documents, the dispute arose from a banking relationship between FHT Mega Express and Parallex Bank in 2023, involving funds deposited for the issuance of letters of credit (LC).

FHT Mega Express told the court that it maintains an account with Parallex Bank and deposited N7.15 billion as cash collateral for the establishment of LCs valued at $7.31 million to support international trade transactions.

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The company said Parallex Bank issued an indicative offer of banking facilities on June 7, 2023, assuring that the letters of credit would be issued immediately upon receipt of the collateral, with foreign exchange sourcing expected to commence promptly.

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However, the applicant alleged that the bank failed to issue the letters of credit as agreed and did not apply the funds for their intended purpose. Instead, the bank allegedly delayed the purchase of foreign exchange during a period of market volatility, resulting in a significant increase in exchange rates.

FHT Mega Express further alleged that when the imported goods eventually arrived in Nigeria, Parallex Bank demanded additional funds to cover what it described as foreign exchange differentials. The company argued that the demand stemmed from the bank’s failure to act in a timely manner, insisting it had fully met its obligations by providing the required naira equivalent upfront.

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The applicant also accused the bank of refusing to release the bill of lading for the goods, leading to the containers being abandoned and later auctioned by the Nigeria Customs Service.

According to the company, repeated demands for either the completion of the transaction or a refund of the deposited funds yielded no result, prompting the legal action.

FHT Mega Express told the court that it sought the interim preservatory order out of concern that Parallex Bank might be unable or unwilling to refund the funds if judgment is eventually entered in its favour, stressing that the order was necessary to prevent dissipation of the disputed sum pending the determination of the case.

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BREAKING: Reps Names New Minority Principal Officers as Fred Agbedi Emerges Minority Leader

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…Abbas pledge collaboration with opposition leaders to advance 10th Assembly’s legislative agenda

By Gloria Ikibah

The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has formally announced the completion of the minority leadership structure in the 10th House following the nomination and endorsement of three lawmakers to fill vacant principal officer positions.

Speaking during plenary, Abbas informed members that the minority caucus had unanimously agreed on the appointments through a consensus arrangement.

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According to the Speaker, the nomination was conveyed to the House in line with the decision of minority members of the 10th Assembly.

He said: “The election of the House of Representatives, Federal Republic of Nigeria, the minority members of the 10th Assembly hereby unanimously nominate the following members by consensus to fill the vacant positions of the minority in the parliament.”

Announcing the appointments, Abbas stated: “Number one, Minority Leader, Rt. Honourable Frederick Abedi PhD.  Number two is the position of Minority Whip, and the person they have endorsed is no other than Honourable Monsur Soro.

He added: “The last but not the least is my brother from the northwest, in person of Rt. Honourable Abdusamadu Dasuki, the position of Deputy Minority Leader.”

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Following the announcement, the Speaker congratulated the newly appointed principal officers and expressed confidence in their ability to contribute meaningfully to the work of the House.

He also assured the new opposition leaders of the support of the House leadership as they assume their responsibilities.

“So honourable colleagues, today the body of principal officers is complete, and I want to seize this opportunity on behalf of the whole entire house to congratulate the three people and to wish them all the best in their new positions.

“And let them be assured that the leadership of the house will work with them assiduously in ensuring that we achieve our legislative agenda objectives of this very important 10th Assembly,” Abbas said.

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The Speaker wished members well and prayed for continued success in the work of the legislature.

“May God bless you all”, he concluded. 

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Xenophobic attacks: Nigerians Evacuated From South Africa In First Batch Return Home

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Finally the first set of Nigerians evacuated from South Africa has arrived at the Murtala Mohammed International Airport in Lagos following renewed xenophobic attacks in the country.

The Air Peace flight carrying the returnees arrived at the airport around 10:25 am on Thursday.

Nigeria’s Minister of State for Foreign Affairs, Sola Enikanolaiye, among others, was on hand to welcome the 258 evacuees who were escorted by officials of the Nigerian Mission in South Africa, led by the Acting High Commissioner, Temitope Ajayi.

Addressing the returnees, Enikanolaiye said Nigeria will not stand idly by while its citizens are subjected to attacks and harassment wherever they may be in the world; hence, the swift and necessary action to bring them home.

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In a statement following their arrival, the Foreign Affairs Ministry’s spokesperson, Kimiebi Ebienfa, quoted Enikanolaiye as commending the excellent coordination of the process by the High Commission of Nigeria in Pretoria.
He urged Nigerians in South Africa to remain law-abiding and vigilant and to report any threats to the Nigerian Mission. The minister said that the Federal Government remains fully engaged with the South African authorities at the highest levels to ensure the protection of Nigerian nationals and to address the root causes of these incidents.

The minister conveyed the heartfelt greetings and assurances of President Bola Tinubu to the returning nationals.

“No Nigerian should live in fear simply because of their nationality. The evacuation does not signal defeat; it underscores the proactive and citizen-centred foreign policy of the Tinubu administration,” the statement read in part. “More flights carrying returnees are expected to arrive in the country in the coming days as the evacuation exercise continues.”

The returning nationals are undergoing the process of documentation, profiling, and necessary medical checks and will be provided with temporary accommodation before being reunited with their families, the ministry said.

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Anti-foreigner violence has convulsed South Africa for weeks as gangs armed with sticks, whips, and shields have marched through parts of the “rainbow nation”, demanding that people with no residency papers leave by June 30.

Foreign nationals have reported being intimidated and beaten by mobs going door to door, families have been forced from their homes, and many have left in the face of the threats.

Ghana, Mozambique, and Malawi have already repatriated hundreds of their citizens in recent weeks.

South Africa is Africa’s largest economy and hosts more than three million foreigners, just over five per cent of its population, according to the country’s statistics agency.

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258 Nigerians Fleeing Xenophobic Attacks Return Home as FG Begins Evacuation from South Africa

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…Enikanolaiye says rescue mission reflects Tinubu’s commitment to protecting Nigerians abroad

By Gloria Ikibah

The first batch of 258 Nigerians evacuated from South Africa following renewed xenophobic attacks has arrived safely in the country, with the Federal Government describing the operation as a clear demonstration of President Bola Tinubu’s commitment to the welfare and protection of Nigerians wherever they reside.

The returnees landed at the International Wing of the Murtala Mohammed International Airport, Lagos, on Thursday morning aboard a special Air Peace flight arranged and fully funded by the Federal Government.

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The evacuees, who were accompanied by officials of the Nigerian High Commission in Pretoria led by Acting High Commissioner, Ambassador Temitope Alexander Ajayi, were received on behalf of the Federal Government by the Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye.

Addressing the returnees, Enikanolaiye conveyed President Tinubu’s message of solidarity and reassurance, stressing that the safety and dignity of Nigerians abroad remain a top priority for the administration.

He said: “The Federal Government of Nigeria will not stand idly by while our citizens are subjected to attacks and harassment, wherever they may be in the world, hence the swift and necessary action to bring our people home.”

The minister noted that the evacuation exercise was coordinated by the Ministry of Foreign Affairs in partnership with the Nigerian High Commission in South Africa and several government agencies, including the Federal Ministry of Humanitarian Affairs, the Ministry of Aviation, Federal Ministry of Health, Nigeria Immigration Service and security agencies.

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According to the ministry, the operation underscores the government’s determination to protect Nigerians from violence, discrimination and intimidation abroad.

The statement stressed that the evacuation should not be interpreted as a retreat but rather as a proactive intervention aimed at safeguarding citizens caught in a difficult situation.

“No Nigerian should live in fear simply because of their nationality. The evacuation does not signal defeat; it underscores the proactive and citizen-centred foreign policy of the Tinubu administration,” he added.

Enikanolaiye also commended the Nigerian Mission in Pretoria for its role in ensuring the successful evacuation of the affected citizens.

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The minister disclosed that Nigeria remains in active diplomatic engagement with South African authorities to address the situation and ensure the safety of Nigerians still residing in the country.

“I commend the excellent coordination of the process by the High Commission of Nigeria in Pretoria and urge all Nigerians in South Africa to remain law-abiding, vigilant, and to report any threats to the Nigerian Mission.

“The Federal Government remains fully engaged with the South African authorities at the highest levels to ensure the protection of Nigerian nationals and to address the root causes of these unfortunate incidents”, he stated.

The returnees are currently undergoing documentation, profiling and medical screening, after which they will receive temporary accommodation and other forms of assistance before being reunited with their families.

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The Ministry of Foreign Affairs said additional evacuation flights are expected in the coming days as efforts continue to bring home Nigerians affected by the attacks.

The ministry also appealed for calm while diplomatic efforts aimed at resolving the crisis are intensified.

The latest evacuation follows renewed concerns over xenophobic violence in South Africa, where foreign nationals, including Nigerians, have periodically faced attacks, harassment and threats in recent years.

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