ABUJA, Nigeria (SCANS) — A Federal High Court has sided with the twin daughters of Nigerian billionaire Muhammadu Indimi in a multimillion-dollar dividend dispute, ordering his privately held oil company to transfer $43.51 million in disputed equity payouts, court documents and industry sources confirmed Wednesday.
The judgment favors Ameena and Zara Indimi, who challenged what they characterized as an unauthorized reduction of their shareholdings in Oriental Energy Resources Ltd. The sisters claimed they owned 10 percent of the firm and were entitled to their proportional share of approximately $435 million in dividends tied to the company’s Niger Delta operations.
According to court filings, the twins alleged their equity stake was diminished without consent, effectively barring them from profits generated by the offshore exploration enterprise. The court agreed, determining that Oriental Energy Resources must pay the full $43.51 million judgment.
The case underscores governance challenges that plague Nigeria’s energy sector, where closely held companies operate without the transparency requirements imposed on public corporations. Neither Oriental Energy nor Indimi, one of the country’s most prominent oil magnates, has issued formal responses to the ruling or disclosed detailed financial records.
Legal experts say the decision may trigger additional litigation. Possible avenues include an appeal by Oriental Energy or enforcement proceedings initiated by the sisters’ legal team, either of which could extend the case significantly and reshape how family-controlled oil firms address shareholder protections in Nigeria.
The dispute has gained unusual public attention for a family matter within Nigeria’s insular energy establishment, reviving questions about succession planning and corporate governance standards in enterprises where founder control and family interests often override institutional frameworks.
