Stockbroking Firm Sues Bishop Oyedepo For N2BN Over Bad Dealings

Justice Muhammed Yinusa of a Federal High Court, Lagos, yesterday fixed March 25, 2015, for ruling on the preliminary objection filed by founder, Living Faith Church a.k.a. Winners’ Chapel, Bishop David Oyedepo, against a suit instituted against him for alleged breach of contract.

The suit was filed by a stockbroking firm, Value Line Securities and Investment Limited, and its Managing Director, Samuel Enyinnaya.
The plaintiffs are seeking, among others, N1.86 billion from Oyedepo, his family, his book publishing company and the Winners’ Chapel over alleged breach of contract on a N9 billion investments entrusted to the plaintiffs.
They prayed the court to declare as illegal the freezing of their bank accounts by NSE and to make an order to immediately unfreeze their accounts.
At the resumed hearing of the case yesterday, Oyedepo’s lawyer, Mr. Chioma Okwuanyi, informed the court of his client’s preliminary objection to the stockbroker’s claims.
Okwuanyi contended that the Federal High Court lacked jurisdiction to adjudicate on a matter pertaining to capital market.
He argued that by the provisions of Section 34 of the Investment and Securities Act, only the Investment and Securities Tribunal had the vested authority to entertain a dispute between a capital market operator and his client.
Okwuanyi further submitted that if it was true as the plaintiffs had said that the matter was “a simple contract” bordering on investment portfolio management, the state High Court and not the Federal High Court had jurisdiction on the case.
Besides, the lawyer argued that the plaintiffs’ suit as presently constituted before Justice Mohammed Yunusa was premature, as the plaintiff had yet to explore all the avenues laid down to resolve such dispute before heading for the court.

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Posted: at 17-02-2015 10:03 AM (9 years ago) | Hero

 

Posted: at 17-02-2015 12:11 PM (9 years ago) | Addicted Hero

NIGERIAN MEN OF GOD

Posted: at 17-02-2015 12:40 PM (9 years ago) | Gistmaniac

this is the 4th pastor in a week to be involved in such scandal and funny it seems they are all penticoastal pastors

Posted: at 18-02-2015 08:46 AM (9 years ago) | Upcoming