Peter Fowoyo
Founder of Living Faith Church, known as Winners Chapel, Bishop David Oyedepo, has been taken to court over alleged breach of agreement.
A brokerage firm, Valueline Securities and Investment Limited, alleged that the case against Oyedepo has to do with a multi-billion naira investment within the Nigerian stock market.
Hearing in the suit, filed in a Lagos High Court, which has the firm and its Managing Director, Samuel Enyinnaya, as the first and second plaintiffs, is being adjudicated upon by Justice Mohammed Yunusa, who has fixed February 16, 2015 for hearing.
Also sued, apart from Oyedepo and the Living Faith Church, are World Mission Agency Inc. (the overall ruling organ of the church), Covenant University, David Oyedepo Foundation, Mrs. Faith Abiola Oyedepo (Oyedepo’s wife), Joys Priscillia Oyedepo, Love Jesutobi Oyedepo, David Makinde Oyedepo, Isaac Oyedepo (all Oyedepo’s children and blood relatives), and the Nigerian Stock Exchange (NSE).
In their statement of claim, the plaintiffs averred that Oyedepo and his relatives and organisations, who are the first to 10th defendants in the suit, had approached them and indicated intention to make investment in the Nigerian stock market, and eventually appointed the plaintiffs as the portfolio managers of the said investments.
The plaintiffs added that an Investment Portfolio Management Agreement (IPMA) was subsequently signed between the plaintiffs and the first to tenth defendants, whereby the plaintiffs were given far reaching powers to exercise discretion and use everything within the ambit of the law to ensure profitability of investment and equally give periodic reports.
Founder of Living Faith Church, known as Winners Chapel, Bishop David Oyedepo, has been taken to court over alleged breach of agreement.
A brokerage firm, Valueline Securities and Investment Limited, alleged that the case against Oyedepo has to do with a multi-billion naira investment within the Nigerian stock market.
Hearing in the suit, filed in a Lagos High Court, which has the firm and its Managing Director, Samuel Enyinnaya, as the first and second plaintiffs, is being adjudicated upon by Justice Mohammed Yunusa, who has fixed February 16, 2015 for hearing.
Also sued, apart from Oyedepo and the Living Faith Church, are World Mission Agency Inc. (the overall ruling organ of the church), Covenant University, David Oyedepo Foundation, Mrs. Faith Abiola Oyedepo (Oyedepo’s wife), Joys Priscillia Oyedepo, Love Jesutobi Oyedepo, David Makinde Oyedepo, Isaac Oyedepo (all Oyedepo’s children and blood relatives), and the Nigerian Stock Exchange (NSE).
In their statement of claim, the plaintiffs averred that Oyedepo and his relatives and organisations, who are the first to 10th defendants in the suit, had approached them and indicated intention to make investment in the Nigerian stock market, and eventually appointed the plaintiffs as the portfolio managers of the said investments.
The plaintiffs added that an Investment Portfolio Management Agreement (IPMA) was subsequently signed between the plaintiffs and the first to tenth defendants, whereby the plaintiffs were given far reaching powers to exercise discretion and use everything within the ambit of the law to ensure profitability of investment and equally give periodic reports.
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