Bishop Oyedepo floors stock broker in court over N1.86bn suit

 

A Federal High Court in Lagos has thrown out a N1.86bn suit filed against the founder of the Living Faith Church, otherwise known as Winners’ Chapel, Bishop David Oyedepo, by a stock brokerage firm, Valueline Securities and Investment Limited.

Justice Jude Dagat, in his verdict affirmed that the plaintiffs’ suit was incompetent and subsequently dismissed it for want of jurisdiction.

Valueline Securities and Investment Limited and its Managing Director, Samuel Enyinnaya, had in February 2015 dragged Oyedepo and his family to court for an alleged breach of contract in a N9bn stock market deal.

Also joined as the 10th defendant in the suit was the Securities and Exchange Commission.The plaintiffs, in their statement of claim, maintained that Oyedepo, his family and organisations entered into an Investment Portfolio Management Agreement with them and appointed them as the portfolio managers to oversee and to ensure the profitability of the said investment worth about N9bn in the Nigerian Stock Exchange.

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