$43m Dividend Dispute: Nigerian Oil Billionaire Muhammadu Indimi Intervenes in Daughters’ Lawsuit
Nigerian oil tycoon Muhammadu Indimi has filed a personal application to join an ongoing appeal against a court order directing his company, Oriental Energy Resources, to pay $43.51 million to his twin daughters, Zara and Ameena Indimi, following a high-stakes dispute over slashed company dividends
The legal battle has escalated into one of Africa’s most watched corporate clashes, drawing intense scrutiny toward shareholder rights, corporate governance, and succession planning within privately owned family empires.
The Core of the $43.5 Million Dispute
The conflict traces back to 2016, when Oriental Energy declared a massive $435.1 million dividend.
Court documents reveal that twin sisters Zara and Ameena Indimi argued they originally held approximately 5% equity each in the indigenous oil firm. However, their stakes were drastically diluted to roughly 0.63%, severely shrinking their payouts.
In February, the Federal High Court ruled in favour of the sisters. The court declared them entitled to dividends based on their original shareholdings and ordered Oriental Energy to pay them $43.51 million.
Oriental Energy Fights Back
Oriental Energy has swiftly appealed the ruling, maintaining that the reduction of the sisters’ shareholdings followed due legal process.
The company also argued that the equity transfers were entirely voluntary and that past financial settlements had already fully resolved the matter.
Established by Indimi in the early 1990s, Oriental Energy Resources is a pioneer in Nigeria’s upstream oil sector, managing major offshore assets including the Ebok, Okwok, and OML 115 fields.
