Fresh Allegations of Bank Collusion Emerge in $43.5 Million Dividend Dispute
New and serious allegations of collusion have surfaced in the ongoing legal battle between twin sisters, Ameena Indimi-Dalhatu and Zara Indimi, and Oriental Energy Resources Limited. Court documents reviewed reveal that several commercial banks may have actively assisted in concealing funds belonging to Oriental Energy, potentially obstructing the enforcement of a court judgment awarded in favor of the sisters.
The Origins of the Shareholders' Dispute
This complex case originated from a protracted shareholders' dispute where the sisters, who are daughters of Oriental Energy's majority owner, Alhaji Mohammed Indimi, claimed they never received dividends declared by the company back in 2015. Although Oriental Energy's audited financial statements reportedly indicated these dividends had been paid, the plaintiffs maintained they were never given their rightful entitlements.
On January 2, 2026, Justice N.E. Maha of the Federal High Court in Abuja delivered a landmark judgment in Suit No. FHC/ABJ/CS/853/2022, ruling decisively in favor of the sisters. The court ordered Oriental Energy to pay a substantial sum of $43,510,000 in unpaid dividends, plus interest at 10 percent per annum from the date of judgment until full settlement is achieved.
Garnishee Proceedings and Court Orders
Following this judgment, the sisters initiated garnishee proceedings to recover the awarded amount, naming four major financial institutions as garnishees: Stanbic IBTC Bank Limited, Guaranty Trust Bank Plc, Access Bank Plc, and Zenith Bank Plc. Garnishee proceedings represent a crucial legal mechanism used to enforce monetary judgments by attaching funds or debts owed to a judgment debtor that are held by third parties such as banks.
On February 13, 2026, Justice P.O. Lifu issued a comprehensive garnishee order directing these banks to identify and freeze all accounts belonging to Oriental Energy across all branches nationwide. This included current accounts, savings accounts, fixed deposit accounts, and domiciliary accounts, with the clear objective of securing sufficient funds to satisfy the judgment debt.
Allegations of Non-Compliance and Concealment
Court filings reveal a troubling pattern of alleged non-compliance with the court's directive. While Guaranty Trust Bank Plc, Access Bank Plc, and Zenith Bank Plc submitted affidavits disclosing accounts linked to Oriental Energy, Stanbic IBTC Bank Limited did not disclose any account in its affidavit. Instead, Stanbic IBTC alleged that Oriental Energy had obtained a facility of approximately N900 million which remained unliquidated, claiming the company was therefore indebted to the bank under an outstanding credit facility.
During a court hearing held on March 13, 2026, counsel to the plaintiffs, Mr. Mene-Josiah, presented serious allegations that certain banks either provided inaccurate disclosures or permitted continued withdrawals from Oriental Energy's accounts in direct violation of the court order. Counter-affidavits filed by the plaintiffs detailed specific allegations including:
- Stanbic IBTC Bank Limited allegedly allowed withdrawals from multiple accounts after being formally served with the garnishee order
- Guaranty Trust Bank Plc reportedly failed to disclose two accounts allegedly holding substantial funds belonging to Oriental Energy
- Guaranty Trust Bank Plc attempted to rely on a garnishee order nisi made by the High Court of Akwa Ibom State as justification for not releasing funds
An independent search conducted in the Akwa Ibom State case revealed that the order Guaranty Trust Bank sought to rely upon had actually been set aside on July 9, 2025. The plaintiffs contend that despite being aware of this fact, the bank deliberately failed to disclose it to the court.
Legal Implications and Ongoing Proceedings
These actions, according to the plaintiffs, suggest possible collusion between the banks and Oriental Energy to conceal funds and systematically undermine enforcement of the court's directive. As of the time of reporting, the banks had not publicly responded to these serious allegations.
After hearing the detailed allegations, the court has adjourned the matter to April 16, 2026, to allow the banks sufficient time to respond to potential contempt proceedings initiated against them by the sisters. Meanwhile, Oriental Energy has reportedly filed an appeal against the original judgment and applied to set aside the garnishee order.
Legal experts consulted on this matter emphasize that banks served with a garnishee order have a clear legal obligation to fully disclose any funds held on behalf of a judgment debtor. They must not permit any withdrawals unless the order is formally suspended or set aside by a competent court. Failure to comply with these requirements could expose financial institutions to serious contempt proceedings with potentially severe legal consequences, including substantial fines and reputational damage.
This case highlights the critical importance of financial institutions maintaining strict compliance with court orders and transparent disclosure practices, particularly in high-stakes commercial disputes involving substantial sums of money.
