The hugely wealthy Indimi family are pitted against each other over unjust stake reductions in the family-owned business, Oriental Energy Resources, a
The hugely wealthy Indimi family are pitted against each other over unjust stake reductions in the family-owned business, Oriental Energy Resources, a private oil exploration and production firm founded by their billionaire father, Mohammed Indimi in 1990.
The company which is the cornerstone of Indimi’s wealth operates three major offshore assets; the Ebok Field, Okwok Field, and OML 115 in the Niger Delta region. Its flagship Ebok Terminal serves as a strategic offshore production hub for crude oil storage and offloading.
His daughters, Ameena and Zara, have now taken legal action against him and his oil company, alleging they were unjustly denied their rightful share of a $435.1 million dividend declared by Oriental Energy Resources. The siblings claim they are entitled to the amount, representing their combined 10 percent stake in the company and accuse their father of misleading them into signing away shares worth hundreds of millions of dollars, thus reducing their shareholdings. Their legal team contends that their individual five percent stakes in the company were reduced to just 0.6 percent each, stripping them of significant equity and resulting dividends.
The sisters further accuse their father of using intimidation tactics, coercion, to suppress their claims. The sisters want their father to account for the missing funds. They argue that the dividends, which were declared and yet remain unpaid to them, represent a breach of trust and transparency.
The feud has expectedly taken a toll not only on the family’s public image but also on the family relationships. Ironically, Indimi’s net worth, which peaked at $670 million in 2014 drastically declined to $500 million in 2015. He however remains a top business figure with significant holdings across sectors, including being the largest shareholder of Jaiz Bank.
The Indimi family feud marks a rise and unprecedented public conflict in some of Nigeria’s most affluent families and raises questions about the dynamics of wealth and power in prominent households.
