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- October 3, 2025
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Court Hears Dispute on 5% Equity Stake in Pan African Towers Case
Court Hears Dispute on 5% Equity Stake in Pan African Towers Case
Wale Igbintade
The 2023 acquisition of Pan African Towers (PAT) has sparked a high-stakes shareholder-rights battle, as former CEO Azeez Amida drags private equity giants Development Partners International (DPI), Verod Capital, and their limited partners before the Federal High Court in Lagos.
At the heart of the dispute, marked as Suit No. FHC/L/MISC/608/2025, is Amida’s claim that the investors reneged on a binding agreement to allocate him a five per cent equity stake under a management buy-out (MBO) arrangement that facilitated the takeover of PAT.
Justice Akintayo Aluko had ordered all parties to maintain the status quo and respect pending applications—including an interlocutory injunction seeking to block any sale or transfer of DPI and Verod’s stake in PAT until the case is resolved.
At the last hearing, Amida’s counsel, Prof. ’Kemi Pinheiro, SAN, alerted the court to what he described as a “deliberate plan” by the defendants to offload equity in PAT Holding Limited, the vehicle used for the acquisition.
The defendants—including DPI, Verod Capital Management Limited, Verod Capital Growth Fund III LP, African Development Partners III LP, and PAT Holding Limited were absent and unrepresented in court.
While Amida is seeking interim orders to protect his alleged stake, the defendants have filed a preliminary objection challenging the competence of the suit.
Justice Aluko, however, declined to freeze the shareholding structure in advance, stating that such relief would be determined when the injunction motion is argued.
The matter has been adjourned to January 15, 2026, for consolidation and hearing of pending applications
Court filings reveal that Amida, who became CEO of PAT in 2022 amid financial distress, spearheaded a turnaround that saw revenues rise from N10 billion to N15 billion, while EBITDA grew from N4 billion to N6.5 billion in his first year. Liabilities were reduced, and key telco contracts were renewed.
With the company’s original shareholders seeking an exit, Amida proposed a local MBO to keep the business Nigerian-owned.
He introduced DPI and Verod as financing partners, and together they acquired PAT.
Amida maintained that a signed term sheet, clearly documented his entitlement to a five per cent equity stake.
Despite repeated post-closing discussions, he alleged the allocation was never finalised, and in November 2024, he was ousted as CEO, even though the company’s performance had reportedly quadrupled under his leadership.
He accused the investors of withholding his promised equity, thereby breaching both shareholder and contractual rights.
Wale Igbintade The 2023 acquisition of Pan African Towers (PAT) has sparked a high-stakes shareholder-rights battle, as former CEO Azeez Amida drags private equity giants Development Partners International (DPI), Verod
- Uncategorized
- October 3, 2025
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Abia to rid markets of filth, deploys trucks
Abia State government has said that it is beaming a searchlight on markets in the state, noting that tipper trucks are being deployed to cart away generated refuse. The Commissioner for Environment, Philemon Ogbonna, announced this in Aba while monitoring environmental sanitation in the city, adding that the measure is aimed at protecting the environment
Abia to rid markets of filth, deploys trucks
Abia State government has said that it is beaming a searchlight on markets in the state, noting that tipper trucks are being deployed to cart away generated refuse.
The Commissioner for Environment, Philemon Ogbonna, announced this in Aba while monitoring environmental sanitation in the city, adding that the measure is aimed at protecting the environment and citizens from food and water contamination.
He said that the regular evacuation of waste generated by traders is intended to ensure that food and other consumables sold in the markets are of good quality and that the air around the markets remains free from stench.
He noted that Governor Alex Otti is committed to the good health of citizens living in both urban and rural areas, hence his initiative against a dirty environment.
The commissioner, therefore, urged market leaders and traders to take the initiative seriously by actively participating in the cleaning of their environment.
- Biz & Economy
- October 3, 2025
- 39 views
Naira is gaining strength in 2025: Here is why
If you exchanged your Naira for USD in September 2024 and held it, the $1, when converted back to Naira, would be worth 11.12% less; The Naira has strengthened. The post Naira is gaining strength in 2025: Here is why appeared first on Nairametrics.
- Biz & Economy
- October 3, 2025
- 40 views
Why the Nigerian stock market could gain over 11% in Q4 2025 – Cordros
Analysts at Cordros Securities expect the Nigerian stock market to deliver an additional 11.9% return in the fourth quarter of 2025, adding to the already strong 38.7% gain recorded year-to-date. The post Why the Nigerian stock market could gain over 11% in Q4 2025 – Cordros appeared first on Nairametrics.
- Uncategorized
- October 3, 2025
- 13 views
‘Why I don’t wear ‘Khaki’ to Senate’ – Oshiomhole
Senator Adams Oshiomhole, representing Edo North, has revealed that he stopped wearing khaki to the Senate because of the chamber’s dress code. Speaking on Arise Television’s Morning Show on Friday, the former Nigeria Labour Congress, NLC, president said he had been cautioned several times against wearing his trademark khaki attire to plenary. Oshiomhole said: “The
‘Why I don’t wear ‘Khaki’ to Senate’ – Oshiomhole
Senator Adams Oshiomhole, representing Edo North, has revealed that he stopped wearing khaki to the Senate because of the chamber’s dress code.
Speaking on Arise Television’s Morning Show on Friday, the former Nigeria Labour Congress, NLC, president said he had been cautioned several times against wearing his trademark khaki attire to plenary.
Oshiomhole said: “The ‘senator’ (wear) thing I need to clear it. I watched one analysis, where it was said that ”even Oshiomhole, power changes people. He no longer wears ‘khaki’.
“Do you know that I am not allowed with all my human right? I’m not allowed, I don’t have the right to wear those khaki to the Senate Because they have a dress code.
“And I have seen, I was there for a couple of times, they warned me, “please, this is not labour office.”
Oshiomhole noted that some commentators had suggested his change of dressing was due to the influence of political office, but clarified that it was a matter of compliance with Senate rules.
- Uncategorized
- October 3, 2025
- 13 views
Ndume calls for labour law review after PENGASSAN-Dangote refinery dispute
Senator Ali Ndume has asked the National Assembly to review Nigeria’s labour laws after the recent strike by oil and gas workers in protest of Dangote Refinery’s actions. Speaking to the BBC Hausa Service, Ndume said the three-day strike made life harder for ordinary Nigerians until the Federal Government stepped in to settle the dispute.
Ndume calls for labour law review after PENGASSAN-Dangote refinery dispute
Senator Ali Ndume has asked the National Assembly to review Nigeria’s labour laws after the recent strike by oil and gas workers in protest of Dangote Refinery’s actions.
Speaking to the BBC Hausa Service, Ndume said the three-day strike made life harder for ordinary Nigerians until the Federal Government stepped in to settle the dispute.
“The strike brought unnecessary suffering. The price of petrol rose from ₦890 to ₦900, and people were left struggling. We need to review the labour law and make changes,” he emphasized.
The strike started after PENGASSAN protested the sack of hundred of workers at the refinery which Dangote Refinery insists was part of restructuring to meet its work needs and not because of union activity.
The strike, which began on Monday, September 28, was called off on Wednesday, October 1, after the government intervened. However, the Nigerian National Petroleum Company Limited (NNPCL) said the action reduced crude oil production by 16 percent and caused a 30 percent drop in gas trading.
Ndume argued that while workers’ unions deserve protection, they must not use their power to make Nigerians suffer.“If PENGASSAN felt the refinery treated its members unfairly, it should have gone to court, not cut off fuel supply,” he said.
He also reminded Nigerians that the Dangote Refinery is a private business built with billions of dollars, warning that unions must act responsibly when dealing with it.
Ndume calls for labour law review after PENGASSAN-Dangote refinery dispute
- Uncategorized
- October 3, 2025
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It’s God’s given right – Oshiomhole takes position on Dangote refinery, PENGASSAN disputes
Senator Adams Oshiomhole, representing Edo North, has said that the right of workers to associate is not only constitutional but also a God-given entitlement. Speaking on Arise Television’s Morning Show on Friday, the former president of the Nigeria Labour Congress, NLC, described freedom of association as a core value that must be respected. The statement
It’s God’s given right – Oshiomhole takes position on Dangote refinery, PENGASSAN disputes
Senator Adams Oshiomhole, representing Edo North, has said that the right of workers to associate is not only constitutional but also a God-given entitlement.
Speaking on Arise Television’s Morning Show on Friday, the former president of the Nigeria Labour Congress, NLC, described freedom of association as a core value that must be respected.
The statement comes amid the recent trade dispute between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN.
Oshiomhole explained that both employers and employees have rights under trade union laws, including the freedom to join or refuse to join unions.
He, however, expressed concern about PENGASSAN escalating its dispute with the Dangote Refinery to the point of threatening a shutdown of the oil sector.
He cautioned that while unions are mandated to defend workers’ rights, such actions should not endanger the jobs of others in the industry.
He said: “It is a very complex issue. On a good day, you know, I want to discuss it my honest opinion in public, because what can easily be misunderstood, this is my life. I am a labor man from the age of 18 up to becoming president of the NLC. I believe that it is not even constitutional right. It is a God given right for human beings to associate in pursuance of their common interest, as defined by them. These are hard core values iam subscribed to, and they also were guaranteed the Nigeria constitution under Section 40. I have to be careful, because I know you quote law most of the time.
“The other is the trade union right recognizes the trade union laws recognizes the right of an employee to belong to a union, and we did battle over many years whether it should be your right to contract in or you contract out, because the problem with the freedom of association is that it also includes the freedom to refuse to associate with a particular association, which is the way you balance it, otherwise it becomes something obligatory that you cannot contract out from. So the employer has his right, the employee has his right.
“I do not have all the details. And when you have arguments such as, which is not strange to me, why an employee is relieved of his duty and why union believed the process was unfair or unjust, because union business is basically based on fairness as defined by them.
“But what I’m not sure is right, is the ease with which Ferguson resorted to escalating the manner to a secondary level, what you call the secondary solidarity, to a point of shutting down the oil sector. I think that we seek it to protect a particular set of workers you do not, then risk the job of several other workers. Now, how you draw the balance message? “
It’s God’s given right – Oshiomhole takes position on Dangote refinery, PENGASSAN disputes
- Uncategorized
- October 3, 2025
- 16 views
Atiku meets head of 2023 EU-Election observation Mission, other high-powered delegates
The former Nigerian Vice President, Atiku Abubakar has confirmed a meeting with a high-powered European Union delegation led by Barry Andrews, a member of the European Parliament. Barry Andrews was the head of the EU- Election Observation Mission to Nigeria in the 2023 general elections. Atiku in a post on his Facebook page on Friday
Atiku meets head of 2023 EU-Election observation Mission, other high-powered delegates
The former Nigerian Vice President, Atiku Abubakar has confirmed a meeting with a high-powered European Union delegation led by Barry Andrews, a member of the European Parliament.
Barry Andrews was the head of the EU- Election Observation Mission to Nigeria in the 2023 general elections.
Atiku in a post on his Facebook page on Friday said the meeting was part of an engagement regarding the future of Nigerian elections.
According to Atiku, the visit was a follow-up mission to see the level of implementation of a set of recommendations made by the team following the 2023 General elections.
He said expectations “are high that the Independent National Electoral Commission will urgently work with the National Assembly to give citizens election laws that guarantee transparent and credible elections, where every vote counts”.
“It is worrisome that two years down the line, we are yet to see indications that INEC is committed to an improved electoral process.
“Meanwhile, we shall continue to support efforts by CSOs, local and foreign Election Observations Missions (EOMs), including the EU-EOM, that will lead to genuine electoral reforms ahead of the 2027 General elections.
“We believe that only through credible elections shall we safeguard our democracy and recruit leaders that will ensure unity and economic prosperity of Nigeria”, Atiku said.
Atiku meets head of 2023 EU-Election observation Mission, other high-powered delegates
- Uncategorized
- October 3, 2025
- 12 views
Relocate now – NSEMA tells Niger communities as hydroelectric dams begin water release
The Niger State Emergency Management Agency (NSEMA) has issued a fresh warning to riverine communities across the state to urgently relocate to higher grounds, following notification from four major hydroelectric dams that they will soon begin releasing excess water. The dams which include; Shiroro, Jebba, Kainji, and Zungeru are discharging thousands of gallons of water
Relocate now – NSEMA tells Niger communities as hydroelectric dams begin water release
The Niger State Emergency Management Agency (NSEMA) has issued a fresh warning to riverine communities across the state to urgently relocate to higher grounds, following notification from four major hydroelectric dams that they will soon begin releasing excess water.
The dams which include; Shiroro, Jebba, Kainji, and Zungeru are discharging thousands of gallons of water per minute to prevent overflow, a move that could trigger severe flooding along the Rivers Niger and Kaduna.
In a statement released in Minna on Thursday, NSEMA’s Director General Abdullahi Arah, described the development as a “catastrophic risk” for downstream communities, urging residents to limit activities around riverbanks during the peak of the rainy season.
“The Nigerian Hydrological Services has advised that people in flood-prone areas relocate to safer grounds immediately. Already, we are seeing houses, farmlands, bridges, and key roads washed away in some local government areas,” Arah emphasized.
He urged residents to avoid taking cover under trees as NiMet had also predicted violent windstorms towards the end of the rainy season. “People should avoid standing under trees during rainfall and keep away from substandard structures that could collapse in strong winds,” he cautioned.
According to NSEMA, at least 20 local government areas have already been affected by flooding, including Lavun, Magama, Rafi, Kontagora, Gbako, Mokwa, Lapai, Katcha, Agaie, Suleja, Shiroro, Mashegu, Agwara, Bida, Edati, Munya, Bosso, Chanchaga, Paikoro, and Wushishi.
According to NSEMA, communities living close to rivers, streams, and low-lying areas downstream of the dams are most at risk. However, the agency assured it has already identified safer grounds for relocation and is working with relevant authorities to provide temporary shelter.
Relocate now – NSEMA tells Niger communities as hydroelectric dams begin water release
- Africa
- October 3, 2025
- 34 views
HSRC-Ghana commends Mahama’s anti-galamsey dialogue
…But warns against heavy-handed tactics The Human Security Research Centre, Ghana (HSRC-Ghana), has applauded President John Dramani Mahama’s decision to initiate a high-level dialogue with civil society organisations (CSOs) on the urgent issue of illegal mining, commonly known as galamsey. While urging decisive measures, HSRC-Ghana, however, warned the President against declaring a State of Emergency in communities affected by galamsey, stating that such a step could have unintended consequences for vulnerable citizens, including displacement and disruption…
