A Federal High Court in Abuja has ordered Oriental Energy Resources Limited to pay $43.51 million in withheld dividends to Ameena Indimi Dalhatu and Zara Indimi, daughters of billionaire oil magnate Muhammed Indimi.
Justice Inyang Ekwo delivered the ruling and held that the sisters are entitled to the funds based on their shareholding in the company. According to the judgment, each daughter will receive $21,755,000, bringing the total payout to $43.51 million.
The dispute stemmed from a 2015/2016 dividend pool valued at $435.1 million. The plaintiffs, who were former directors, held a combined 10 percent stake in Oriental Energy Resources Limited. They argued that they were unlawfully denied their 5 percent individual entitlements.
In addition, they claimed their shares were diluted in 2016. The company allegedly increased its share capital without their valid consent. As a result, their individual stakes reportedly dropped from 5 percent to 0.06 percent each. They also stated that no financial consideration was provided for the restructuring.
However, the defense disagreed. Oriental Energy and Muhammed Indimi argued that the daughters had assigned their dividend rights to their father in 2016. In exchange, they allegedly received a $10 million buy-out payment. The defense further maintained that the shares were originally gifted, giving the chairman authority to restructure the equity.
The court dismissed these arguments. Justice Ekwo ruled that the sisters remained lawful shareholders when the dividends were declared. The court also issued a permanent injunction preventing further interference with their shareholder rights.
Oriental Energy operates key upstream assets, including the Ebok and Okwok oil fields. This ruling marks a major resolution in a high-profile corporate dispute within the Indimi family.
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