Muhammadu Indimi, a Nigerian billionaire businessman and founder of Oriental Energy Resources, who has been embroiled in a bitter legal battle with his own children over a $435 million dividend dispute has now paid $10 million to end the legal battle with his children.
His daughters, Ameena and Zara, have accused their father and the oil company of denying them their rightful share of the declared dividends.
The siblings claim they are entitled to $43.51 million, representing their combined 10 percent stake in the company, but allege that their shareholdings were reduced without their consent.
The case has led to accusations of intimidation and the use of questionable tactics to suppress the sisters’ claims.
Muhammadu Indimi, hosted Vice-President Kashim Shettima and other governors in Dubai last December for the inauguration of his Floating Production Storage and Offloading (FPSO) vessel for Okwok Field.
The leaders praised him for the vessel’s expected boost to Nigeria’s crude oil production capacity by 30,000 barrels per day.
“Over the decades, Alhaji Muhammadu Indimi has stood as a model businessman and symbol of excellence in the oil and gas industry,” said the vice-president.
Despite the encomiums, however, there is no respite for the 77-year-old oil magnate as the feud between him and his children continues to play out in court before this agreement was finally reached.
