Indimi seeks to join appeal over $43.5m judgement in daughters’ dividend dispute

Nigerian oil billionaire and founder of Oriental Energy Resources, Muhammadu Indimi, has applied to join the appeal challenging a Federal High Court judgement that ordered the company to pay $43.51 million to his twin daughters, Zara and Ameena Indimi, in a dispute over dividend entitlements.

The application marks the latest development in the legal battle, which has drawn attention over shareholder rights and succession issues in privately owned family businesses.

Indimi is seeking to participate in the appeal in his personal capacity, despite Oriental Energy already filing an appeal against the February judgement.

The dispute centres on the shareholding of Zara and Ameena in the company. The sisters argued that they each originally held about five per cent equity in Oriental Energy before their stakes were reduced to approximately 0.63 per cent, resulting in lower dividend payments after the company 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 original shareholdings and directing Oriental Energy to pay them $43.51 million.

However, the company has appealed the judgement, insisting that the reduction in the sisters’ shareholdings was lawful, the transfers were voluntary, and that previous financial settlements had already resolved the dispute.

The Court of Appeal is expected to first determine whether Indimi can be joined as a party to the case before proceeding with the substantive appeal.

Founded by Indimi in the early 1990s, Oriental Energy Resources is one of Nigeria’s leading indigenous upstream oil companies, with interests in offshore assets including the Ebok, Okwok and OML 115 oil fields. The company has played a significant role in expanding indigenous participation in Nigeria’s petroleum sector.