Nigerian oil billionaire Muhammadu Indimi joins appeal in $43.5 million dividend dispute

Muhammadu Indimi, founder of Oriental Energy Resources, one of Nigeria’s largest privately‑owned upstream oil firms, has applied to be joined as a party in the appeal of a court judgment against his twin daughters, Zara and Ameena Indimi. The sisters sued the company, claiming their shareholdings were reduced from about 5 % each to roughly 0.63 %, depriving them of dividends from the 2016 payout of $435.1 million. In February, the Federal High Court ruled in their favour and ordered Oriental Energy to pay $43.51 million in dividend compensation. The company has appealed the decision, arguing the share reduction was lawful. Indimi seeks to intervene in the appeal in his personal capacity, and the appellate court will first decide whether to admit him.

Legal analysts say the case could become a landmark for minority shareholder rights and succession planning in African family‑controlled businesses.