A Nigerian court has delivered a major blow to one of the country’s most powerful oil families, awarding twin sisters Ameena and Zara Indimi $43.51 million in a bitter dividend battle against their father’s company, Oriental Energy Resources Limited.
Oil, Money, & Family Drama
The Federal High Court in Nigeria ordered Oriental Energy Resources Limited to pay the sisters $43.51 million combined in what has become a high-profile dispute over unpaid dividends. The ruling marks a dramatic escalation in a long-running internal fight over ownership stakes and profit entitlements within the privately held oil firm founded by 78-year-old businessman Muhammadu Indimi, who in 2015 was worth $500 million, according to Forbes.
The twins had argued that they were excluded from a dividend pool reportedly worth about $435 million. According to court filings, they maintained that they jointly held a 10% stake in the company and were entitled to a corresponding share of declared dividends. They further claimed their equity stake was reduced without their knowledge or approval, cutting them off from millions in earnings tied to offshore oil production, Business Insider Africa reports.
This was a high-drama case, as even one son of Indimi, who fathered 20 children, testified against the sisters.
The court ruled in the daughters’ favor, determining that $43.51 million was owed.
Founded by Indimi, Oriental Energy operates in Nigeria’s oil and gas sector but, as a private company, does not publicly disclose detailed financial data. Nigeria remains one of the biggest producers of oil as it holds the 10th largest proven oil reserves in the world. It is Africa’s second-largest producer, following Libya.