Indimi Joins Appeal Against $43.5M Judgment to Daughters

Nigerian oil billionaire and founder of Oriental Energy Resources, Indimi, has applied to join the appeal against a Federal High Court judgment that ordered the company to pay $43.51 million to his twin daughters, Ameena and Zara Indimi. This legal battle centers on a dispute regarding the sisters' dividend entitlements after their shareholdings were significantly reduced from approximately 5% to about 0.63%.

The court ruled in February that the sisters were entitled to dividends based on their original shareholdings, leading to Oriental Energy's appeal, which claims the reduction was lawful and voluntary. Indimi seeks to participate in the appeal personally, despite the company's existing appeal.

The case has broader implications for corporate governance and shareholder rights within family-owned businesses in Africa. The Court of Appeal will first decide on Indimi's involvement before addressing the substantive appeal.