Ahmed Indimi has backed Oriental Energy and his father, Muhammadu Indimi, putting him at odds with his sisters in a case that could reshape ownership dynamics within the family’s oil empire.
Ahmed Indimi, the son-in-law of Nigeria’s former President Muhammadu Buhari, has testified against his sisters, Ameena and Zara Indimi, in a case involving Oriental Energy and dividends of over $435.1m.
A court filing shows that Ahmed appeared in a federal court as a witness for Oriental Energy. Ameena and Zara are suing Oriental Energy over a $435.1m dividend the company reportedly declared in 2015. The sisters claim that they each held an equity of 5% when the company declared the $435.1m dividends in December of 2015. They argue that they are jointly entitled to $43.51m.
The sisters claim that in 2016, before the dividends were disbursed, their father, Muhammadu Indimi, coerced and misled them and their siblings into relinquishing their shares. As a result, he now controls 99% of Oriental Energy, while each of the eight children on the board retains just 0.6%.
Oriental Energy, however, disputes the allegation, insisting that Indimi legitimately paid each child $1m for their equity, with Ameena, the lead plaintiff, receiving $3m.
In his testimony, Ahmed told the court he had willingly sold his shares to his father and dismissed his sisters’ claims against both their father and Oriental Energy. However, under cross-examination, he admitted that he received no dividends for 2015, a detail the sisters are now using to support their case.
The sisters say they got paid dividends in 2018, 2019 and 2021 based on their current stake of just 0.6%.
Rejecting evidence
In its final written address, Oriental Energy argued that following the deed of transfer, the sisters “transferred their rights to prior, present and future dividends” in Oriental Energy to their father dated 26 May 2016, and are therefore barred from making any further claims for dividends against the company. The firm also denies declaring dividends of $435.1m in 2015, even though it fails to state how much was declared. Oriental Energy argued that the $10m payment to the children is enough evidence to dismiss the case.
However, the sisters asked the court to dismiss the evidence of the payment of $10m tendered by Oriental Energy and their two brothers, who testified in court. Specifically, Ameena said the evidence is not admissible in court because it is not properly documented.
“The defendant (Oriental Energy) contended that as consideration for the assignment of dividend rights, Ameena was paid $3m while Zara was paid $1m. However, this was never pleaded in the statement of defence,” she said. With the trial now over, the court is expected to deliver judgment in the coming weeks.
Who is Muhammadu Indimi?
Indimi is one of Nigeria’s richest men, with 20 children, many of whom are married into the country’s political and royal elite. In 2016, his son, Ahmed, married Buhari’s daughter Zara in a lavish ceremony at the presidential villa. Earlier, his daughter Rahama married Muhammad Babangida, son of former military ruler General Ibrahim Babangida.
Founded in 1990, Indimi’s company, Oriental Energy, operates three offshore oil and gas assets in Nigeria: OML 115, the Ebok Field and the Okwok Field (both under OML 67). Of his 20 children, at least five currently sit on the oil exploration and production company.
(The Africa Report)
