$435.1M FEUD: Indimi’s daughters admit receiving dividends, demand 10% stake in Oriental Energy

Following a disagreement over $435.1m dividends in 2015, two daughters of Nigerian oil magnate Mohammed Indimi – Ameena and Zara – instituted a lawsuit against their father’s company, Oriental Energy. Ameena – a former managing director of the company – said in her statement of claim that she and her siblings (who owned a 5% stake each in the company) were deceived into relinquishing their shareholdings to their father, who now owns 99% of the company. Each child was left with a 0.6% equity.

The two sisters say it was after this act that they were informed of the $435.1m dividends. Ameena and Zara argue that they are entitled to a combined 10% of the dividends which is approximately $43.51m. They also asked the court to order Oriental Energy to offset their legal fees which is N20m ($12,500).

However, Oriental Energy in its counter-affidavit stated that all the children willingly relinquished their shareholdings to their father. The oil firm also denied declaring $435.1m in dividends but did not state how much was declared.

Listed as evidence is an email purportedly sent by Ameena to her father asking him to pay a $10m “sweetener” or “peppercorn” to her siblings in exchange for their shareholdings of the company to which he obliged.

The oil firm said that $1m was given to each of Indimi’s children in exchange for their shares, while Ameena, who is the chief complainant, got $3m. The sisters admitted receiving a “peppercorn” but did not state the amount.

Amended statement includes ‘small’ dividend

In the latest court filing, Ameena and Zara now admit to receiving dividends from Oriental Energy in 2018, 2019 and 2021. However, the paid dividend was based on their current shareholding of 0.6% each which they described as unacceptable.

Zara’s Bank of America account shows that on 29 March 2018, she received $61,546 as an interim dividend and then $52,000 as a bonus.

The two sisters are asking the court to reinstate their shareholdings to 5% each.

In addition, the two daughters are also seeking sanctions against the company’s lawyer for acting unprofessionally and conniving with their father to take over their shareholdings of the company without following the laid down guidelines as stipulated by Nigerian law.

Oriental Energy – three offshore projects

Oriental Energy is owned by Indimi, one of Nigeria’s wealthiest men. The 77-year-old has 20 children of which five sit on the board of the company he founded in 1990.

The oil firm currently has three projects in the offshore Nigerian oil and gas industry, which include OML 115, Ebok Field (OML 67) and the Okwok Field (OML 67).

Indimi’s children enjoy massive public attention in Nigeria for their lavish lifestyle and relationships with the high and mighty.

His daughter, Yakolo, was married to Mohammed Babangida, son of former military president Ibrahim Babangida. Indimi’s son, Ahmed, is married to Zahra, daughter to former president Muhammadu Buhari. He is also an in-law to the wealthy Aliko Dangote family.

(The Africa Report)