Court Orders Nigerian Oil Billionaire To Pay Twin Daughters $43.51 million
- Oriental Energy founder Muhammadu Indimi have been ordered by the court to pay $43.51 million to his twin daughters
- The dispute is over unpaid dividends, once again highlighting the challenges around family-owned business
- The sisters claimed they were entitled to a 10% stake in Oriental Energy and argued they were unfairly excluded
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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends
A Nigerian Federal High Court has ordered Oriental Energy, a leading oil company founded by billionaire Muhammadu Indimi, to pay $43.51 million to his twin daughters in a dispute over company dividends.
The ruling, reported by The Africa Report, was a major win for Ameena and Zara Indimi, who argued they were unfairly excluded from a dividend pool tied to Oriental Energy’s offshore earnings.
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According to the sisters, they are entitled to a combined 10% stake, which should have entitled them to a share of roughly $435.1 million( over N588 billion) in dividends.
They alleged that their holdings were sharply reduced without proper consent, thereby denying them their rightful payout.
Oriental Energy to pay sisters N588bn
Oriental Energy, a privately held Nigerian exploration and production company with key offshore assets in the Niger Delta, has been a cornerstone of Indimi’s business empire.
Its private ownership structure and limited public disclosure of financial details have made such disputes difficult to resolve outside the courts.
The case has drawn attention due to the size of the sums involved and the prominence of the Indimi family.
The dispute once again provides insight into the challenges in family-owned businesses, especially succession planning and governance conflicts, which can lead to legal battles.
Billionaire.Africa reports that the dispute may extend beyond the twin daughters, and more family members could come forward over control of holdings and decide to access past payments if it should offset dividend claims.
The court order also gives recognition to the twins’ claims, but details on how the $43.51 million figure was calculated and the timetable for compliance were not disclosed.
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Nigeria’s courts are increasingly hearing high-value private sector disputes, often involving questions about shareholder rights, internal corporate resolutions, and access to company information.
The company can decide to appeal, and enforcement of the court order could take months.
This further illustrates the tension between family expectations and corporate governance in wealthy households in Nigeria.
Arthur Eze loses oil license
Earlier, Legit.ng reported that the Senegalese government has decided to withdraw the offshore exploration licences previously held by Atlas Oranto Petroleum, the privately owned oil and gas company established by Nigerian billionaire Arthur Eze.
The Cayar Offshore Shallow exploration licence, which covers about 3,600 square kilometres north of the Dakar peninsula, was formally withdrawn in September 2025 under the supervision of Minister Birame Souleye Diop.
Senegalese government said the reason is Atlas Oranto’s repeated failure to provide the neccessart bank guarantees and limited exploration activity since the block was awarded in 2008, despite multiple deadline extensions.
Source: Legit.ng
