A fresh twist has emerged in the legal battle between Nigerian oil billionaire Muhammadu Indimi and his twin daughters, Zara and Ameena Indimi, as the founder of Oriental Energy Resources seeks to personally join an appeal challenging a court judgment that awarded the sisters $43.51 million in unpaid dividends.
The application comes months after the Federal High Court ruled in favour of Zara and Ameena, holding that they were entitled to dividends based on their original shareholdings in the company. The judgment ordered Oriental Energy Resources to pay the twins $43.51 million following a dispute over the reduction of their equity stakes.
Court records show that the sisters claimed each initially owned about five per cent of the company before their shareholdings were reduced to approximately 0.63 per cent. They argued that the reduction significantly affected the dividends they received after Oriental Energy declared a $435.1 million dividend payout in 2016.
In its February judgment, the Federal High Court agreed with the sisters, finding that they remained entitled to dividends calculated on their earlier ownership interests.
Oriental Energy Resources has since appealed the decision, arguing that the changes to the sisters’ shareholdings were lawful and voluntary. The company also maintained that previous financial settlements had already resolved the dispute.
In the latest development, Indimi has applied to participate in the appeal in his personal capacity, despite the company’s existing appeal against the judgment. The Court of Appeal is expected to first determine whether his application to be joined as a party should be granted before hearing the substantive appeal.
The dispute has drawn significant attention beyond the Indimi family, raising broader questions about shareholder rights, corporate governance, and succession planning in privately owned family businesses across Africa.
Muhammadu Indimi founded Oriental Energy Resources in the early 1990s, building it into one of Nigeria’s leading indigenous upstream oil companies with interests in major offshore assets, including the Ebok, Okwok, and OML 115 oil fields. The company has been a key player in expanding indigenous participation in Nigeria’s petroleum industry.
