Nigerian oil billionaire and founder of Oriental Energy Resources, Muhammadu Indimi, has applied to join the appeal against a court judgement ordering the company to pay $43.51 million to his twin daughters over a dispute involving dividend entitlements.
The application follows the latest twist in a legal battle, which has attracted commentary from different quarters as it relates to shareholder rights and succession issues in privately owned family businesses across Africa.
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His twin daughters in the suit are Zara and Ameena Indimi.
Indimi’s application follows an earlier appeal filed by Oriental Energy after the Federal High Court, in February, ruled in favour of Ameena and Zara Indimi, who claimed they were denied dividends after their shareholdings in the company were significantly reduced.
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Indimi is seeking to participate in the appeal in his personal capacity despite the company’s existing appeal against the judgement.
The case has grown beyond a family dispute, emerging as a significant legal contest over ownership rights within one of Nigeria’s leading indigenous oil companies and attracting wider interest over governance practices in privately owned firms.
Court documents show the disagreement centres on the ownership stakes of Ameena and Zara Indimi in Oriental Energy Resources.
The sisters argued that each originally owned about 5% of the company before their interests were reduced to roughly 0.63%, significantly lowering the dividends they received after Oriental Energy declared a $435.1 million dividend in 2016.
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In February, the Federal High Court agreed with the sisters, ruling that they remained entitled to dividends based on their earlier shareholdings and ordering Oriental Energy to pay them $43.51 million.
Daily Trust