Justice Mohammed Yunusa of the Federal High Court in Lagos has fixed May 27 to rule on the preliminary objection filed by the founder, Living Faith Church, a.k.a. Winners’ Chapel, Bishop David Oyedepo, against the N1.86 billion claim by a stock brokerage firm.
The firm, Valueline Securities and Investment Limited and its Managing Director, Samuel Enyinnaya, had taken legal actions against Oyedepo for alleged breach of contract in a N9 billion stock market deal. Also joined in the claim are Oyedepo’s family, his book publishing company, the Winners’ Chapel and the Nigerian Stock Exchange (NSE).
The plaintiffs accused the NSE of being biased in its investigations into the N9 billion business dispute. They urged the court to declare as illegal, the freezing of their bank accounts by NSE and make an order to immediately unfreeze their accounts.
Oyedepo, however, through his lawyer, Mr Chioma Okwuanyi urged the court to discountenance the plaintiffs ‘claims and to decline jurisdiction over the case, which was a fallout of capital market transaction.
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.