”Stockbroker is a Gold-Digger”, Says Oyedepo’s Lawyer

The counsel for the Founder, Living Faith Church
a.k.a. Winners’ Chapel, Bishop David Oyedepo,
Mr. Chioma Okwuanyi, has accused the stock
brokerage firm, Valueline Securities and
Investment Limited, which sued his client and
others, of being on a gold-digging mission.
But Okwuanyi vowed that the law would catch up
with the firm. He said:
“As far as I am concerned, Valueline are just on a
gold-digging mission. They are just there looking
for a scapegoat but the law must surely catch up
with them. They defrauded investors by going to
obtain margin loans purportedly on behalf of
investors without telling the investors. How can
that be done? We did the correct thing by going
to the regulatory body to say look at what these
people did.
We were before the regulatory body for 21
months, nobody complained. After they had
issued their report, Valueline, having seen that it
was against them, rushed to the Federal High
Court. Is that justice? So, as far as I am
concerned, they are just gold-digging but the law
must take its course.”
Valueline and its Managing Director, Samuel
Enyinnaya, had instituted a legal action against
the Nigerian Stock Exchange, Oyedepo and nine
others alleging breach of contract and claiming
about N1.86bn in damages jointly and severally
against the defendants.
In their suit marked FHC/L/CS/1999/2014, the
plaintiffs were challenging their trial before the
NSE which had frozen their business accounts
over the saga.
The plaintiffs asked the court to “declare that the
NSE had been conducting the trial before it in a
manner prejudicial to the their fundamental right
to fair hearing.”
They prayed the court to reverse what they
described as malicious freezing of their trading
accounts by the NSE.
Besides, the plaintiffs urged the court to compel
the NSE to pay them N61m for the closure of
their accounts and to make an order compelling
the first to 10th defendants to pay them N780m,
being their unpaid professional fees for managing
their investment portfolio.
In addition, the plaintiffs also want N1bn in
damages jointly and severally against the
defendants for the trauma and psychological
torture and loss of reputation they suffered by the
actions of the defendants as well as N25m
solicitors fees and the cost of instituting the
action.
But in their own objection, the 1st to 10th
defendants, through their lawyer, Okwuanyi,
argued that, “Contrary to the intendment and
spirit of the agreement and in violent desecration
of all known investment criteria and without the
courtesy of informing the investors, the plaintiffs
went berserk on a borrowing spree.
“This was compounded by the fact that the
borrowing was not done on behalf of the 1st to
the 10th defendants because all the margin loans
were in the name of the plaintiffs and their
cronies. None was in the name of the 1st to the
10th defendants.
“The 1st to the 10th defendants vehemently
protested the borrowing and rejected same as
borrowing was and still banned in the activities of
the 1st to the 10th defendants.
“The losses occasioned to the investment of the
1st to the 10th defendants were as a result of the
negligence and recklessness of the plaintiffs. It
was an outright fraud.
“None of the reports submitted by the plaintiffs
captured the margin borrowing because they
were all in their names and not in the name or on
behalf of the 1st to the 10th defendants.
“The 1st to the 10th defendants officially
complained to the Nigeria Stock Exchange, who
in accordance with its regulatory functions and
duties, set up a panel to investigate the
complaint.
“The panel painstakingly investigated the
complaint for almost two years and came out with
an interim report.”
Okwuanyi, however, told the court to throw out
the case for want of jurisdiction, insisting that the
Federal High Court could not by law entertain the
matter, which was already before the NSE panel.

2 thoughts on “”Stockbroker is a Gold-Digger”, Says Oyedepo’s Lawyer

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