Stockbroker Loses N1.8bn Suit Against Bishop Oyedepo

A N1.86bn suit filed against the founder of the Living Faith Church, a.k.a. Winners’ Chapel, Bishop David Oyedepo, by a stock brokerage firm, Valueline Securities and Investment Limited has been has struck out.

Justice Jude Dagat of the Federal High Court in Lagos, in a ruling on Friday, described the plaintiffs’ suit as incompetent and dismissed it for want of jurisdiction.

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

Joined as the 10th defendant in the suit was the Security and Exchange Commission.

The plaintiffs, through their lawyer, Mr. Rickey Tarfa (SAN), sued for the enforcement of their fundamental rights and were claiming a total of N1.86bn from the defendants jointly and severally as professional fees and damages.

But the Oyedepos, through their lawyer, Mr. Chioma Okwuanyi, filed a preliminary objection and asked the court to dismiss the suit for lack of jurisdiction.

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

In his ruling on Friday, Justice Dagat upheld the defendants’ preliminary objections and dismissed the plaintiffs’ suit.

The judge agreed with the defendants that the plaintiffs ought to have taken their case before the Security and Investment Tribunal rather than the Federal High Court.