Court hears suit against DPI, Verod in Pan African Towers buy-out dispute

By Innocent Anaba

A high-stakes shareholder-rights conflict has erupted implicit the 2023 acquisition of Pan African Towers, PAT, with erstwhile Chief Executive Officer, Azeez Amida dragging backstage equity giants, Development Partners International, DPI, Verod Capital, and their constricted partners earlier a Federal High Court successful Lagos.

At the bosom of the dispute, marked arsenic Suit No. FHC/L/MISC/608/2025, is Amida’s assertion that the investors reneged connected a binding statement to allocate him a 5 percentequity involvement nether a absorption buy-out (MBO) statement that facilitated the takeover of PAT.

Trial judge, Justice Aluko, has ordered each parties to support the presumption quo and respect pending applications, including an interlocutory injunction question aimed astatine blocking immoderate imaginable merchantability oregon transportation of DPI and Verod’s involvement successful PAT until the substance is resolved.

At the latest hearing, Amida’s ineligible team, led by Prof. Kemi Pinheiro, SAN, alerted the tribunal to what they described arsenic a “deliberate plan” by the defendants to offload equity successful PAT Holding Limited, the conveyance done which the acquisition was structured.

The defendants, see DPI, Verod Capital Management Limited, Verod Capital Growth Fund III LP, African Development Partners III LP, and PAT Holding Limited, were absent and unrepresented successful court.

While the plaintiff is seeking interim orders to safeguard his alleged stake, the defendants person filed a preliminary objection challenging the competence of the suit.

Justice Aluko declined to preemptively frost the shareholding structure, stressing that specified alleviation would beryllium determined erstwhile the injunction question is argued.

The substance has been adjourned to January 15, 2026, for the tribunal to consolidate and perceive the pending applications.

Court filings uncover that Amida, who was appointed CEO of PAT successful 2022, amid mounting fiscal distress, spearheaded a turnaround that saw revenues ascent from N10 cardinal to N15 cardinal and EBITDA emergence from N4 cardinal to N6.5 cardinal successful his archetypal year.

The company’s liabilities were besides importantly reduced, and cardinal telco contracts were renewed.

With the company’s archetypal shareholders seeking an exit, Amida projected a section absorption buy-out to support the institution Nigerian-owned.

He introduced DPI and Verod arsenic backing partners, and the trio successfully closed a afloat acquisition of PAT.

According to Amida, a word sheet, present earlier the court  intelligibly documented his entitlement to a 5 percent equity involvement arsenic portion of the MBO.

He claimed that contempt aggregate post-closing meetings, the allocation was ne'er finalised, and successful November 2024 helium was ousted arsenic CEO.

Further proceeding has been adjourned till January 5, 2026.

The station Court hears suit against DPI, Verod successful Pan African Towers buy-out dispute appeared archetypal connected Vanguard News.