Their shares fell from 5% to 0.63%. Now twin daughters are fighting with billionaire dad for $43.5 million

A Nigerian oil billionaire wants a piece of the courtroom action his own daughters started. Muhammadu Indimi, founder of Oriental Energy Resources, has asked to personally join an appeal over a $43.51 million judgment his company was ordered to pay to his twin daughters, Ameena and Zara Indimi, in a fight over unpaid dividends, according to ThisDay.

It sounds like something out of a soap opera, but the case has turned into one of the most closely watched business disputes in Nigeria. Lawyers and corporate governance experts say it could set the rules for how family-run companies across Africa handle ownership fights when they stay behind closed doors instead of settling in public.

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How This Family Dispute Started

The trouble goes back to shareholding math. Ameena and Zara Indimi say they each once owned about 5% of Oriental Energy Resources. Somewhere along the way, those stakes shrank to roughly 0.63% apiece. That drop mattered a lot in 2016, when the company declared a $435.1 million dividend and the sisters' smaller slice meant a smaller check.

The sisters took the matter to court, arguing they were still owed money based on their original ownership share, not the diluted one. In February, Nigeria's Federal High Court agreed with them and ordered Oriental Energy Resources to pay the $43.51 million.

The Company Pushes Back

Oriental Energy Resources didn't take the ruling lying down. It has already filed an appeal, arguing that cutting the sisters' shareholdings was completely legal, that the sisters agreed to the transfers themselves, and that earlier financial settlements had already put the matter to rest.

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Now the company's founder wants his name on the appeal too. Indimi is asking to join the case in his own personal capacity, not just as the man who built the company. Before judges even touch the bigger question of who owes what, the Court of Appeal first has to decide whether Indimi is allowed to join the fight at all.

Why Lawyers Outside the Family Are Watching

This isn't just a rich family's private drama. Across Africa, most large companies are still privately owned and tightly held by families, and their shareholder agreements almost never see daylight. That makes a case like this one rare and valuable, because a ruling could hand down real guidance on minority shareholder rights, dividend entitlements, and what happens when ownership shifts inside a company that answers to almost nobody outside the family.

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For banks, investors, and anyone thinking about doing business with a privately held company, the case is also a reminder that clean, transparent ownership records matter, especially in businesses where the people running the company and the people who own it are often the same people.

Meet the Man at the Center of It

Indimi built Oriental Energy Resources from scratch in the early 1990s and is counted among Nigeria's pioneering indigenous oil entrepreneurs. Decades later, the company has grown into one of the country's top privately held upstream oil producers, with stakes in offshore fields including Ebok, Okwok, and OML 115.

Oriental Energy has played a real role in Nigeria's oil industry story, helping push forward the country's drive to put more local ownership into a sector long dominated by foreign players. That reputation is part of what's drawing attention to this case, since it puts a well-known name and a well-known company under a legal microscope usually reserved for public corporations.

For now, the courtroom drama isn't over. The Court of Appeal still has to rule on whether the company's own founder can formally step into a lawsuit his daughters brought against the business he built.