Court Adjourns N1.86bn Lawsuit Against Bishop Oyedepo

A Federal High Court in Lagos has adjourned ruling on the preliminary objection filed by the founder, Living Faith Church, a.k.a. Winners’ Chapel, Bishop David Oyedepo, against the N1.86bn claim by a stock brokerage firm to May 27, 2015, Punch online reports. 

Bishop David Oyedepo could be ordered to pay at lead N1.9bn to the firm if found guilty

The firm, Valueline Securities and Investment Limited and its Managing Director, Samuel Enyinnaya, sued Oyedepo for alleged breach of contract in a N9bn stock market deal.

Also joined in the claim are Oyedepo’s family, his book publishing company, the Winners’ Chapel and the Nigerian Stock Exchange.

The firm accused the NSE of being biased in its investigations into the N9bn business dispute.

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.

Oyedepo’s lawyer, Mr. Chioma Okwuanyi, urged the court to discountenance the firms claims and to decline jurisdiction over the case which was a fallout of capital market transaction.

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The ruling on the objection was, however, adjourned for the third time till May 27, the parties having filed and moved their final written addresses since February 26.

In the three-ground preliminary objection, Okwuanyi contended 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 and not a Federal High Court, to which the plaintiff had brought the matter.

The lawyer argued that the plaintiffs’ suit as presently constituted before Justice Mohammed Yunusa was premature, as the firm had yet to explore all the avenues laid down to resolve such a dispute before heading for the court.

In its own objection, the NSE, through its counsel, Mr. M.O. Liadi, also contended that the firm ought to have approached the NSE Council to ventilate their grievances rather than approach the Federal High Court.

Before the ruling, Oyedepo’s lawyer had come out to accuse the stock brokerage firm of gold digging. In another high profile case Oyedepo has been involved, the Bishop was accused of taking endorsement monies from President Goodluck Jonathan for his re-election.

Oyedepo has come out numerous times to reject the accusations.

On January 26, 2015 Sunday,  President Goodluck made a surprise appearance at Oyedepo’s Living Faith Church, also known as Winners Chapel, Ota, Ogun State, asking the congregation to pray for the country.

The visit resulted in an alleged threat by Bishop Oyedepo to open the gate of Hell on those who opposed Jonathan. The Bishop has however denied the allegations , describing them as as an attempt to rubbish his reputation.

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