A report by Jaridar Taskar Labarai has detailed a major commercial court ruling involving billionaire oil magnate Muhammadu Indimi and two of his daughters.
Muhammadu Indimi
The Federal High Court of Nigeria on February 25, 2026, ordered Indimi’s company, Oriental Energy Resources, to pay a total of $43.51 million to his daughters, Ameena Indimi and Zara Indimi, over unpaid dividends.
Ameena Indimi and Zara Indimi
According to the report, the dispute arose after the two daughters filed a suit alleging that they were denied their rightful share of profits despite holding equity in the company. They claimed to own 10 per cent shares and argued that the company had generated profits of approximately $435.1 million but failed to pay them corresponding dividends.
The plaintiffs further alleged that their shareholding was diluted without their consent, depriving them of benefits due to shareholders.
However, the company and their father denied the allegations. The defence maintained that some of the children had previously received about $10 million under an arrangement related to the sale of shares, suggesting that payments had already been made.
In its judgment, the court held that the earlier payments did not sufficiently address the issue of disputed dividends. After reviewing arguments from both parties, the court ruled that there was merit in the claim of unpaid entitlements and consequently directed the company to pay $43.51 million as dividend arrears.
It remains unclear whether the company will appeal the judgment. Legal analysts say the size of the award and the prominence of the company in Nigeria’s oil and gas sector make an appeal likely.
Observers describe the case as one of the most significant commercial disputes involving a family-owned oil business in Nigeria, highlighting broader concerns about transparency, equity distribution, and corporate governance within family-run enterprises.
What began as a family disagreement has now evolved into a landmark commercial ruling, with attention turning to whether the matter will be settled or proceed to the Court of Appeal.
