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.

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