A Federal High Court, Lagos, yesterday struck out N1.8 billion suit against founder of the Living Faith Church, Bishop David Oyedepo, by a stock brokerage firm, Valueline Securities and Investment Ltd.
Trial judge, Jude Dagat, in his ruling, described the applicants’ suit as incompetent and dismissed it for lack of jurisdiction.
Valueline Securities and Investment Ltd and its Managing Director, Samuel Enyinnaya, had in February 2015, sued Oyedepo and his family for an alleged breach of contract in a N9 billion stock market deal.
The applicants, through their counsel, Mr. Rickey Tarfa (SAN), sued for the enforcement of their fundamental rights and were claiming a total of N1.86 billion from the defendants jointly and severally as professional fees and damages.
Joined with Oyedepo in the suit were his wife; his children and blood relatives; Priscilla, Jesutobi, Makinde and Isaac, as well as his book publishing firm.
Also sued were the World Mission Agency Inc, which is the overall ruling organ of the Winners’ Chapel; Covenant University, Ota, Ogun State; and the Nigerian Stock Exchange.
The applicants, in their statement of claim, averred that Oyedepo, his family and organisations entered into an Investment Portfolio Management Agreement with them.
They said that he appointed them as portfolio managers to oversee and to ensure the profitability of the said investment worth about N9 billion in the Nigerian Stock Exchange.
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