Emmanuel Thomas
Nigeria, Oct 7, 2016 – A Federal High Court sitting in Ikoyi, Lagos today told Founder of Living Faith Church Worldwide, Bishop David Oyedepo to approach the Investment &Security Tribunal to explore amicable settlement of dispute between him and his client.
Oyedopo and others had filed a N700 million suit against Valuelines Security and Investment Ltd in suit number FHC/L/CS/1999/14.
But counsel to Valuelines Security and Investment Ltd had raised objection bothering on jurisdiction and procedures for resolving issues involving clients and firms operating in the Nigerian Stock Market.
Ruling on the matter, His Lordship, Justice J. K. Dagat said Oyedepo and others have not explored laid down procedures, which is internal mechanism for resolving issues arising from the stock market.
Quoting relevant sections of the Security and Exchange Commission(SEC) Act, he advised the plaintiff to do the needful.
The judge also said that he is not referring the matter to the Investment and Security Tribunal on point of procedure struck out the suit.
