Indimi Seeks to Join Appeal Over $43.51m Dividend Award to Twin Daughters

Muhammadu Indimi, founder of Oriental Energy Resources, is seeking to join an appeal against a Federal High Court judgment that awarded $43.51 million in dividends to his twin daughters, Ameena and Zara Indimi. The sisters said their stakes in the privately held oil company were reduced from about 5% each to roughly 0.63%. They argued that this unfairly reduced their share of a $435.1 million dividend declared in 2016. In February, the court ruled that they were entitled to dividends based on their earlier holdings. Oriental Energy has appealed, maintaining that the share transfers were lawful, voluntary and covered by previous settlements. The Court of Appeal will first decide whether Indimi can participate personally before hearing the main appeal. The case has drawn attention because it could clarify minority shareholder rights, dividend entitlements and succession disputes in Nigeria's family-controlled private companies.

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