Indimi Seeks to Join Appeal Against $43.5m Judgment Awarded to Twin Daughters

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

The latest development marks another chapter in a high-profile legal battle that has drawn attention for its implications on shareholder rights, corporate governance, and succession planning in privately owned family businesses across Africa.

Indimi's application comes after Oriental Energy Resources filed an appeal against the Federal High Court's February judgment, which ruled in favour of Zara and Ameena. The sisters had argued that they were wrongfully deprived of dividends after their shareholdings in the company were significantly diluted.

While Oriental Energy is already contesting the ruling, Indimi is seeking permission to participate in the appeal in his personal capacity.

Court documents indicate that the dispute centres on the ownership interests of the twin sisters in Oriental Energy Resources. According to their claims, each initially held approximately five per cent of the company before their stakes were reduced to about 0.63 per cent. They argued that the reduction substantially diminished the dividends they received after the company declared a $435.1 million dividend in 2016.

In its February judgment, the Federal High Court held that Zara and Ameena remained entitled to dividends based on their original shareholdings and ordered Oriental Energy to pay them $43.51 million.

Oriental Energy has challenged the decision, maintaining that the reduction in the sisters' shareholdings was lawful, that 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 should be joined as a party before proceeding to hear the substantive appeal.

Founded by Indimi in the early 1990s, Oriental Energy Resources has grown into one of Nigeria's largest privately owned upstream oil companies. The company holds interests in several offshore assets, including the Ebok, Okwok and OML 115 fields, and has played a significant role in expanding indigenous participation in Nigeria's upstream petroleum sector following reforms aimed at increasing local ownership of oil assets.