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Muhammadu Indimi has asked the Court of Appeal to join Oriental Energy’s appeal against the $43.51 million judgement awarded to his twin daughters.
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The dispute centres on claims that Zara and Ameena Indimi’s combined shareholding in the company was reduced, affecting their dividend entitlements.
The outcome could shape future conversations around shareholder rights, succession planning and governance in privately owned family businesses.
August 5, (THEWILL) — Nigerian oil billionaire and founder of Oriental Energy Resources, Muhammadu Indimi, has asked the Court of Appeal for permission to join the appeal challenging a Federal High Court judgement that awarded $43.51 million to his twin daughters, Zara and Ameena Indimi, in a dispute over dividend entitlements.
The latest development adds another layer to a high-profile legal battle that has drawn attention beyond the Indimi family, with corporate governance experts closely watching its implications for shareholder rights and succession planning in privately owned African businesses.
Battle Over Dividend Rights
The dispute stems from the ownership structure of Oriental Energy Resources, one of Nigeria’s largest indigenous upstream oil companies.
Court filings indicate that Zara and Ameena alleged that each previously held about 5 percent of the company’s equity before their stakes were reduced to approximately 0.63 percent.
They argued that the reduction significantly diminished the dividends they received after Oriental Energy declared a $435.1 million dividend in 2016.
In February, the Federal High Court ruled in favour of the sisters, holding that they remained entitled to dividends based on their earlier shareholdings. The court consequently ordered Oriental Energy Resources to pay them $43.51 million.
Company Challenges Judgement
Oriental Energy has since appealed the ruling, arguing that the reduction in the sisters’ shareholdings was lawful and carried out voluntarily.
The company also maintains that previous financial settlements between the parties had already resolved the issues raised in the suit, insisting that the Federal High Court erred in its findings.
Rather than filing a separate appeal, Indimi is now seeking leave to participate in the proceedings in his personal capacity, despite the company already challenging the judgement.
The Court of Appeal is expected first to determine whether the businessman can be joined as a party before hearing arguments on the substantive appeal.
Beyond A Family Dispute
Although the matter originated as a disagreement within one of Nigeria’s most prominent business families, it has evolved into a broader legal contest over ownership rights in privately held companies.
Corporate lawyers say the outcome could influence how shareholder interests, dividend rights and equity transfers are interpreted in family-controlled businesses, particularly where succession arrangements become contentious.
The case has also renewed discussions around governance standards in privately owned enterprises, where ownership structures are often less transparent than those of publicly listed companies.
Oriental Energy’s Position
Founded by Indimi in the early 1990s, Oriental Energy Resources has grown into one of Nigeria’s leading indigenous oil producers.
The company operates major offshore assets, including the Ebok, Okwok and OML 115 fields, and has played a significant role in expanding indigenous participation in Nigeria’s upstream petroleum industry following reforms aimed at increasing local ownership of oil assets.
The Court of Appeal’s decision on Indimi’s application will determine whether he joins the appeal as a separate party before the case proceeds to arguments over the validity of the Federal High Court’s $43.51 million judgement.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
