Ex-PAT CEO sues investors over buy-out deal

A legal battle has broken out over the 2023 acquisition of Pan African Towers (PAT), as the company’s former Chief Executive Officer, Azeez Amida, has sued private equity firms Development Partners International (DPI), Verod Capital, and their affiliates at the Federal High Court in Lagos.

Amida, in suit FHC/L/MISC/608/2025, claims the investors breached a binding management buy-out agreement that entitled him to a 5% equity stake in PAT.

He alleges that despite a signed term sheet documenting the stake, the allocation was never finalised, and he was later removed as CEO in November 2024.

At Thursday’s proceedings, Justice Akintayo Aluko directed all parties to maintain the status quo while adjourning hearing of Amida’s motion for an injunction to January 15, 2026.

The motion seeks to block any sale or transfer of DPI and Verod’s interest in PAT pending resolution of the dispute.

Amida’s counsel, Prof. Kemi Pinheiro (SAN), warned of a “deliberate plan” by the defendants to dispose of shares in PAT Holding Limited, the vehicle used for the acquisition. The defendants—DPI, Verod Capital Management Limited, Verod Capital Growth Fund III LP, African Development Partners III LP, and PAT Holding Limited were absent and unrepresented in court, though they have filed an objection challenging the suit’s competence.

Amida, who became PAT’s CEO in 2022 during a period of financial strain, is credited with spearheading a turnaround that saw revenue grow from N10 billion to N15 billion, EBITDA rise from N4 billion to N6.5 billion, liabilities reduced, and major telecom contracts renewed.

He contends that the investors are unjustly withholding his promised 5% equity, amounting to a breach of both contractual and shareholder rights.

The case resumes on January 15, 2026.