Nigerian oil billionaire Muhammadu Indimi has applied to join the appeal against a Federal High Court judgment ordering Oriental Energy Resources to pay $43.51 million to his twin daughters, Ameena and Zara Indimi, in a closely watched shareholder dispute.
According to court filings, Indimi is seeking to participate in the appeal in his personal capacity, arguing that the outcome could directly affect his legal interests. The application comes after Oriental Energy Resources had already appealed the February ruling of the Federal High Court.
Dispute Details
At the heart of the dispute is the ownership structure of Oriental Energy Resources and the dividend payments arising from the company’s 2016 declaration of $435.1 million in dividends.
Ameena and Zara Indimi contend that they each originally held approximately 5% of the company before their interests were diluted to about 0.63%, substantially reducing the dividends they received. They argued that the reduction in their shareholdings was unlawful and sought payment based on their original ownership interests.
In February, the Federal High Court ruled in favour of the sisters, holding that they remained entitled to dividends calculated on their earlier shareholdings. The court consequently ordered Oriental Energy Resources to pay them $43.51 million.
Oriental Energy has challenged the judgment, maintaining that the reduction in the sisters’ shareholdings was lawful, that the transfers were voluntary, and that previous financial settlements had resolved any outstanding claims between the parties.
Before considering the merits of the appeal, the Court of Appeal will first decide whether Indimi should be joined as a party to the proceedings. That decision could determine the scope of arguments presented during the substantive appeal.
