Bishop Oyedepo Dragged To Court Over Alleged Contract Breach
Bishop David Oyedepo, the General Overseer of the Living Faith Church, has been dragged before the Ogun State High Court in Ota over an alleged N29,532,000 unpaid contract sum awarded by the church.
Paudemic International Limited and its managing director, Abraham Olorunda, are the plaintiffs.
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Additionally, Covenant Microfinance Bank Limited was named as a defendant.
Ejes Gist News Nigeria reports that in case number HCT/429/2020, the plaintiffs demanded interest of 221% per year from October 2019 until the day judgment is rendered, and then 10% per year from the judgment date until the final liquidation of the judgment amount.
In their statement of claim, the plaintiffs asserted that they were awarded a contract for the construction of a cylindrical steel tank at Covenant University, Ota, via a letter dated October 20, 2008, for the amount of N14,108,080.
Olorunda stated that they approached Covenant Microfinance Bank Limited, one of the defendants’ conglomerates, for an advanced payment guarantee of 75% of the contract sum, or N10,581,000,000, in order to execute the contract.
He stated that when the contract reached 90 percent completion, the defendants issued a N10.581 million check to the claimants, which was returned unpaid on three separate occasions upon presentation by the claimants.
The claimants also asserted that when they were unable to repay the Advance Payment Guarantee due to the bounced check, the bank converted it into a loan and began charging interest.
The claimants asserted that in a letter dated February 11, 2019, they complained about the returned check to the agent of the defendants, but the defendants took no action to rectify the situation.
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