A Nigerian Federal High Court has ordered Oriental Energy Resources Ltd., the privately held oil company founded by billionaire Muhammadu Indimi, to pay $43.51 million to his twin daughters following a prolonged legal battle over dividends.
The ruling marks a significant victory for Ameena and Zara Indimi, who argued they were wrongfully excluded from a dividend pool reportedly tied to approximately $435.1 million declared by the company. Based on their claims, the amount suggested a combined 10 percent entitlement if their shareholdings were upheld.
The sisters told the court that their individual stakes in the company were reduced without due process. They argued that the alleged reduction effectively stripped them of dividend payouts they were legally entitled to receive.
Oriental Energy, a Lagos-based exploration and production firm with major offshore assets in the Niger Delta, is one of Nigeria’s most prominent privately owned upstream operators. The company was built over decades by Indimi, whose business interests span energy and finance.
Despite the court’s decision, Indimi has not publicly commented on the judgment. The company has also not released detailed information regarding its financial position or share register. Such disclosures are not mandatory for privately held upstream firms operating outside public reporting frameworks in Nigeria.
Details surrounding the calculation of the $43.51 million award and the timeline for compliance have not been fully disclosed in public records. However, the court clearly sided with the daughters on the central issue of dividend entitlement, a development that could reshape negotiations within one of Nigeria’s most influential business families.
Legal experts note that enforcement could become the next major hurdle. Private companies in Nigeria can explore multiple legal avenues to delay or challenge unfavorable judgments. An appeal could significantly extend the case.
Whether the daughters receive payment promptly or face further litigation will test the strength of the ruling and the parties’ willingness to pursue a negotiated settlement rather than continue courtroom proceedings.
The coming weeks are expected to determine the next phase of the dispute — whether through appeal, enforcement action, or settlement talks — and whether the court’s order will translate into funds paid or remain another chapter in a high-profile corporate legal battle.
