Nigerian Oil Billionaire Ordered to Pay Twin Daughters $43.51 Million

A Nigerian court has ruled that billionaire businessman Muhammadu Indimi and his privately owned company, Oriental Energy Resources Ltd., must pay $43.51 million to his twin daughters following a protracted legal dispute over unpaid dividends.

The Federal High Court delivered the ruling after sisters Ameena Indimi and Zara Indimi argued that they jointly hold a 10 percent stake in Oriental Energy, entitling them to a proportional share of the company’s profits. The twins claimed that their ownership stakes had been reduced without their consent, which effectively blocked them from receiving dividends from the company’s lucrative oil operations.

Oriental Energy, controlled by Indimi, had maintained that the sisters’ claims were either already settled or invalid due to prior payouts. However, after examining the evidence, the court concluded that the sisters were entitled to $43.51 million, representing dividends that had been withheld over the years.

The ruling is a major legal victory for Ameena and Zara and shines a light on the governance challenges of family-owned businesses in Nigeria, especially in the highly profitable oil sector. Experts say the case underscores the importance of clear shareholder agreements and transparency to prevent disputes over ownership and profit distribution.

Although Oriental Energy is a privately held company and not required to disclose detailed financials publicly, the size of the amount involved has drawn national attention, highlighting the prominence of the Indimi family in Nigeria’s oil industry.

The company may consider appealing the ruling, and the timeline for compliance remains unclear. Nevertheless, this judgment sets an important precedent for family businesses in Nigeria, emphasising the need to respect shareholder rights and maintain proper documentation of ownership and dividend distribution.

Source: Thepressradio.com