Nigeria: Court Orders Oriental Energy to Pay $43.5m to Founder’s Twin Daughters in Dividend Dispute

A Federal High Court of Nigeria has ordered Oriental Energy Resources Ltd., the private oil company founded by billionaire Muhammadu Indimi, to pay his twin daughters $43.51 million following a protracted legal battle over dividends that has drawn one of the country’s most prominent business dynasties into open court, BusinessDay Nigeria has reported.

The ruling represents a significant victory for Ameena and Zara Indimi, who argued that they were wrongfully excluded from a dividend pool tied to approximately $435.1 million that the company was said to have declared. The amount implied a combined 10 percent entitlement if their claimed shareholdings were upheld.

The sisters alleged that their individual stakes were reduced without due process, effectively depriving them of dividend payouts they say were rightfully theirs.

Oriental Energy, a Lagos-based exploration and production firm with key offshore assets in the Niger Delta, is one of Nigeria’s better-known privately held upstream operators. The company was built over several decades by Indimi, a businessman whose interests span energy and finance.

Indimi, whose business profile and philanthropic activities have made him one of the country’s most recognisable figures, has not publicly commented on the judgment. Oriental Energy has also not disclosed details of its financial position or share register, which is common among private upstream companies operating outside mandatory public reporting requirements.

The precise methodology behind the $43.51 million award and the timeline for compliance have not been fully disclosed in public reports. However, the court clearly sided with the daughters on the core question of entitlement, a decision that could shift the balance of power in any negotiations that follow.

Enforcement, however, may prove as consequential as the judgment itself. Private companies in Nigeria often have several avenues to delay or challenge adverse rulings, and a potential appeal could significantly prolong proceedings. Whether the daughters ultimately receive payment — and on what timeline — will test both the robustness of the ruling and the family’s willingness to settle rather than pursue further litigation.

The next phase — appeal, enforcement action, or a negotiated settlement — will determine whether the court’s order results in payment or becomes merely another chapter in a legal saga whose final resolution remains uncertain.