Companies

Firm sues Oyedepo, Winners Chapel over unpaid contract

A firm, Paudemic International Limited, and its Managing Director, Abraham Olorunda, have filed a suit against the Living Faith Church Worldwide, popularly known as Winners Chapel, and its founder, Bishop David Oyedepo, before the Ogun State High Court sitting in Ota over an alleged N29.532 million unpaid contract awarded by the church.

The Covenant Microfinance Bank Limited was also joined in suit number HCT/429/2020 as a defendant.

The claimants, in the suit, are demanding an interest of 221 per cent per annum from October 2019 to the day judgement is delivered.

The firm and the MD are also asking for 10 per cent per annum from the judgement date until the final liquidation of the judgement sum.

The claimants alleged that they were awarded a contract for the construction of a cylindrical steel tank at Covenant University, Ota, through a letter dated October 20, 2008, in the sum of N14.108 million.

READ ALSO: How my successor’ll emerge, by Bishop Oyedepo

Olorunda revealed that they (claimants) approached Covenant Microfinance Bank Limited, one of the conglomerates of the defendants, for an advanced payment guarantee of 75 per cent of the contract sum, which was N10.581 million for the execution of the contract.

The MD said upon reaching the 90 per cent completion stage of the contract, the defendants issued a cheque of N10.581 million to the claimants, noting that the cheque was returned unpaid upon presentation on three different occasions by the claimants.

He added that when they could not pay back the Advance Payment Guarantee due to the dishonoured cheque, the bank converted it to a loan and started charging interest on the same.

Olorunda stated that they wrote a letter to the agent of the defendants on February 11, 2019, complaining about the returned cheque.

The firm MD noted that the defendants took no steps to correct the complaints.

The Star

Segun Ojo

Recent Posts

US targets Nigerian fashion market to boost bilateral trade

The United States is seeking to deepen commercial ties with Nigeria through the fashion industry,…

6 hours ago

Real Madrid to appoint tennis legend Nadal as board member

Real Madrid have announced plans to appoint retired tennis superstar Rafael Nadal to their board…

7 hours ago

Army rewards soldier with N500,000 for rejecting kidnapper’s bribe

The Nigerian Army has rewarded a soldier, Private Utim Terwase, with N500,000 for rejecting an…

7 hours ago

Dangote in talks to expand refinery IPO access

Dangote Industries Limited held discussions with stock exchanges across Africa on expanding participation in its…

8 hours ago

Senate proposes six-month jail term for hospitals rejecting emergency patients

Hospitals and healthcare providers that reject emergency patients could face up to six months’ imprisonment…

8 hours ago

PSC demotes 16 officers, dismisses three

The Police Service Commission (PSC) has dismissed three senior police officers and demoted 16 others…

9 hours ago

This website uses cookies.