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.
According to the plaintiffs, it was agreed that 2.25 per cent of the net asset value of the portfolio and an annual incentive fee of 10 per cent of the returns on the investment would be paid to the plaintiffs.
They however said trouble started “when Oyedepo wanted to buy his first private jet and the World Mission Agency Inc ordered the sale of majority of the securities in the investment portfolio, and that despite the professional advice to the contrary, the plaintiffs were made to sell the securities to raise the N3bn needed to buy the jet, a development which brought about huge losses to the investment.”
In Kaduna, the peaceful Ashura procession was concluded without any incident. However, armed paid thugs attacked some members of IMN on their way to their various homes injuring them.
“This was followed by torching of Islamic Centre of IMN at Tudun wada Kaduna and subsequent demolition by a combined team of policemen and the Army. Three members of the Movement were killed there.”
Musa, who has been declared wanted by Kaduna government, added that “The story was similar in Jos, Plateau state, where armed soldiers brutally attacked the Ashura procession, then proceeded to invade the Islamic Centre belonging to IMN, making some arrests while threatening to demolish the worship complex.
“Nevertheless, peaceful Ashura processions were conducted in Katsina, Yola, Potiskum, Suleja, Bauchi, Gombe, Lafia and Kano among many towns.
“In Kano though, the police arrested some Muslim sisters of IMN on their way to their various homes. These have been taken to Bompai police headquarters.
“A number of arrests were also made in Kaduna and were arraigned before the Shariah Court, Daura road. These were sent to prison. We are following developments and will update as appropriate.”
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.
According to the plaintiffs, it was agreed that 2.25 per cent of the net asset value of the portfolio and an annual incentive fee of 10 per cent of the returns on the investment would be paid to the plaintiffs.
They however said trouble started “when Oyedepo wanted to buy his first private jet and the World Mission Agency Inc ordered the sale of majority of the securities in the investment portfolio, and that despite the professional advice to the contrary, the plaintiffs were made to sell the securities to raise the N3bn needed to buy the jet, a development which brought about huge losses to the investment.”
In Kaduna, the peaceful Ashura procession was concluded without any incident. However, armed paid thugs attacked some members of IMN on their way to their various homes injuring them.
“This was followed by torching of Islamic Centre of IMN at Tudun wada Kaduna and subsequent demolition by a combined team of policemen and the Army. Three members of the Movement were killed there.”
Musa, who has been declared wanted by Kaduna government, added that “The story was similar in Jos, Plateau state, where armed soldiers brutally attacked the Ashura procession, then proceeded to invade the Islamic Centre belonging to IMN, making some arrests while threatening to demolish the worship complex.
“Nevertheless, peaceful Ashura processions were conducted in Katsina, Yola, Potiskum, Suleja, Bauchi, Gombe, Lafia and Kano among many towns.
“In Kano though, the police arrested some Muslim sisters of IMN on their way to their various homes. These have been taken to Bompai police headquarters.
“A number of arrests were also made in Kaduna and were arraigned before the Shariah Court, Daura road. These were sent to prison. We are following developments and will update as appropriate.”
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