Lagos, Nigeria – A Nigerian court has ordered oil exploration firm Oriental Energy, owned by billionaire Mohammed Indimi, to pay $43.51 million to two daughters of the oil magnate, Ameena and Zara Indimi, following years of litigation over unpaid dividends linked to the company’s offshore oil operations.
Okay News reports that the ruling, delivered by the Federal High Court, has drawn widespread attention due to the scale of the financial claims and the prominence of the Indimi family in Nigeria’s energy sector. Court filings show that the twin sisters argued they jointly held a 10 percent equity stake in Oriental Energy, entitling them to a share of dividends from a payout pool reportedly valued at about $435 million.
According to the plaintiffs, their shareholdings were later reduced without their consent, effectively cutting them out of a major dividend round and denying them millions of dollars in earnings. The court agreed with their position, ruling that the sisters were entitled to the unpaid dividends and ordering the company to pay the full $43.51 million. While details of the judge’s reasoning and the precise calculation have not been fully disclosed, the decision represents a significant shift in a dispute that had largely played out behind closed doors.
Mohammed Indimi is the Founder and Chairman of Oriental Energy Resources Limited, a privately-owned oil exploration and production company established in 1990. The family legal battle has been ongoing, with Indimi’s eldest son filing an affidavit against sisters Ameena and Zara earlier in February. Oriental Energy had also told a federal court that Muhammadu Indimi bought out his children’s stakes for $10 million, arguing they had no grounds to claim $43.5 million from the company.
Oriental Energy is one of Nigeria’s notable privately held oil companies, with interests in offshore fields that have generated substantial revenues over the years. The ruling carries implications beyond the immediate family, raising broader questions about corporate governance, shareholder rights, and transparency within closely held, family-run businesses in Nigeria’s extractive industries. What began as a private family disagreement has now become a high-profile legal battle, with reports indicating that other family members may be involved in parallel disagreements over ownership stakes and historical payments. This shareholder dispute highlights the complexities of family-owned enterprises and the importance of clear governance structures. Resolving such shareholder dispute through the courts sets precedents for how similar cases may be adjudicated in the future.
