Fresh allegations of possible bank collusion have surfaced in the escalating legal dispute over a $43.5 million dividend judgment involving Oriental Energy Resources Limited and twin sisters, Ameena Indimi-Dalhatu and Zara Indimi, as efforts to enforce the ruling intensify in court.

The case stems from a long-running shareholders’ disagreement in which the sisters, daughters of Oriental Energy’s majority owner, businessman Alhaji Mohammed Indimi, claimed they were denied dividends declared by the company in 2015. Although the company’s audited accounts reportedly indicated that the dividends had been paid, the plaintiffs insisted they never received their entitlements.

On January 2, 2026, Justice N.E. Maha of the Federal High Court in Abuja ruled in favour of the sisters in Suit No. FHC/ABJ/CS/853/2022, ordering Oriental Energy to pay $43,510,000 in unpaid dividends, alongside interest at 10 per cent per annum until full settlement.

Following the judgment, the plaintiffs moved to enforce the ruling through garnishee proceedings—an established legal process that allows judgment creditors to recover debts from funds held by third parties, such as banks. The application, filed under Suit No. FHC/ABJ/CS/96/2026, named Stanbic IBTC Bank Limited, Guaranty Trust Bank Plc, Access Bank Plc, and Zenith Bank Plc as garnishees.

On February 13, 2026, Justice P.O. Lifu granted a garnishee order nisi, directing the banks to identify and freeze all accounts linked to Oriental Energy nationwide. The order covered current, savings, fixed deposit, and domiciliary accounts, with the aim of securing funds to satisfy the judgment debt.

However, court filings now allege irregularities in the banks’ compliance with the directive. While Guaranty Trust Bank, Access Bank, and Zenith Bank reportedly submitted affidavits disclosing accounts linked to Oriental Energy, Stanbic IBTC Bank allegedly failed to disclose any such accounts. The bank, however, claimed that Oriental Energy was indebted to it through an outstanding credit facility of about N900 million.

At a hearing on March 13, 2026, counsel to the plaintiffs, Mr. Mene-Josiah, raised concerns, alleging that some banks either provided inaccurate disclosures or permitted continued withdrawals from accounts despite the subsisting court order.

Further counter-affidavits filed by the plaintiffs intensified the allegations, claiming that Stanbic IBTC allowed withdrawals from multiple accounts after being served with the garnishee order. They also alleged that Guaranty Trust Bank failed to disclose two accounts said to contain substantial funds belonging to Oriental Energy.

In addition, the plaintiffs alleged that Guaranty Trust Bank attempted to rely on a garnishee order nisi issued by a High Court in Akwa Ibom State as justification for withholding funds disclosed in its custody. These claims, according to the plaintiffs, point to possible collusion and efforts to conceal assets, thereby frustrating the enforcement of a valid court judgment.

Following the submissions, the court adjourned proceedings to April 16, 2026, allowing the banks time to respond to the allegations and address potential contempt proceedings brought against them by the sisters.

As of press time, the banks have yet to respond publicly to the fresh allegations, even though the next court date remains weeks away.

Meanwhile, Oriental Energy Resources Limited has reportedly filed an appeal against the judgment and is also seeking to set aside the garnishee order, adding another layer of complexity to a dispute that continues to draw attention within Nigeria’s financial and legal circles. (The Sun)

Update news