A Nigerian court has ordered an oil exploration firm owned by billionaire Mohammed Indimi, to pay $43.51 million to two daughters of the oil magnate, Ameena and Zara Indimi.
Indimi is the Founder and Chairman of Oriental Energy Resources Limited, a privately-owned oil exploration and production company that he started in 1990. He is one of Nigeria’s most prominent billionaires.
According to Africa Report, the ruling, delivered by the Federal High Court, follows years of litigation over unpaid dividends linked to the company’s offshore oil operations .
Court filings show that the twin sisters argued that they jointly held a 10 per cent equity stake in Oriental Energy, entitling them to a share of dividends from a payout pool reportedly valued at about $435 million.
The plaintiffs stated that 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 of the amount have not been fully disclosed, the decision represents a significant shift in a dispute that had largely played out behind closed doors.
The family legal battle has been ongoing. Earlier in February, Indimi’s eldest son filed an affidavit against sisters Ameena and Zara.
Oriental Energy had also told a federal court that Indimi bought out his children’s stakes for $10m, implying that they have no grounds to claim $43.5 million from the company.
