Parallex Bank Limited has initiated legal action at the High Court of the Federal Capital Territory (FCT), seeking to overturn a N7.15 billion freezing order placed on its assets. The bank argues that the order was obtained in violation of its right to a fair hearing.

According to court documents, Parallex Bank contends that it was not given adequate opportunity to present its case before the freezing order was issued. The bank is asking the court to set aside the order, arguing that the principles of natural justice were not observed.

The details surrounding the initial freezing order remain unclear from available information, but the bank's legal challenge centers on procedural irregularities. Parallex Bank maintains that it was unfairly targeted and that the freezing order is detrimental to its operations and reputation.

This development comes at a time when the Nigerian banking sector is facing increased scrutiny and regulatory oversight. The outcome of this legal challenge could have implications for other financial institutions regarding due process and fair hearing rights in similar situations. Market watchers will be keenly observing the court's decision and its potential impact on the banking industry.

The court is expected to hear arguments from both sides in the coming weeks. The resolution of this case will likely determine the extent to which financial institutions can challenge regulatory actions based on claims of procedural unfairness.