by Godwin Orozo-
Abuja, Nigeria – A family feud has erupted within the household of billionaire Muhammadu Indimi, as some of his children accuse him of forcing them to give up their shares in Oriental Energy.
The company, however, has told a federal court that Indimi fairly compensated them with $10 million, dismissing their claims to an additional $43.5 million in dividends.
At the heart of the dispute is a staggering $435 million in dividends from the oil giant. Some of Indimi’s children claim they were pressured into signing away their stakes. “We were left with no choice,” one of them reportedly said. “We were coerced into transferring our shares under duress.”
Oriental Energy, in its court filing, insists that the children willingly accepted the buyout and no longer have any legal claim to further payments. “The transaction was completed fairly,” a company spokesperson stated.
“Their allegations are baseless.” Despite the ongoing legal battle, Indimi has remained active in the business world.
In December, he hosted Vice-President Kashim Shettima and several governors in Dubai for the launch of his Floating Production Storage and Offloading (FPSO) vessel for Okwok Field.
The project is expected to boost Nigeria’s crude oil production by 30,000 barrels per day.Indimi, known as one of Nigeria’s most powerful businessmen, has maintained that his actions were in the best interest of the company.
“I built this company from the ground up,” he reportedly told associates. “Everything I’ve done has been for the growth of Oriental Energy.”
As the court proceedings unfold, tensions within one of Nigeria’s wealthiest families continue to rise, with no resolution in sight.
