A high-stakes shareholder-rights battle has erupted over the 2023 acquisition of Pan African Towers (PAT), with former Chief Executive Officer Azeez Amida dragging private equity giants Development Partners International (DPI), Verod Capital, and their limited partners before the Federal High Court in Lagos.
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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 5% equity stake under a management buy-out (MBO) arrangement that facilitated the takeover of PAT.
Justice Aluko, presiding at the Federal High Court in Ikoyi, ordered all parties to maintain the status quo and respect pending applications including an interlocutory injunction motion aimed at blocking any potential sale or transfer of DPI and Verod’s stake in PAT until the matter is resolved.
At the latest hearing, Amida’s legal team, led by Prof. ‘Kemi Pinheiro SAN, alerted the court to what they described as a “deliberate plan” by the defendants to offload equity in PAT Holding Limited, the vehicle through which the acquisition was structured.
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 the plaintiff is seeking interim orders to safeguard his alleged stake, the defendants have filed a preliminary objection challenging the competence of the suit.
Justice Aluko declined to preemptively freeze the shareholding structure, stressing that such relief would be determined when the injunction motion is argued. The matter has been adjourned to January 15, 2026, for the court to consolidate and hear the pending applications.
Court filings reveal that Amida, who was appointed CEO of PAT in 2022 amid mounting financial distress, spearheaded a turnaround that saw revenues climb from N10 billion to N15 billion and EBITDA rise from N4 billion to N6.5 billion in his first year.
The company’s liabilities were also significantly reduced, and key telecommunications contracts were renewed. With the company’s original shareholders seeking an exit, Amida proposed a local management buy-out to keep the company Nigerian-owned. He introduced DPI and Verod as funding partners, and the trio successfully closed a full acquisition of PAT.
According to Amida, a term sheet—now before the court—clearly documented his entitlement to a 5% equity stake as part of the MBO. He claimed that despite multiple post-closing meetings, the allocation was never finalized, and in November 2024 he was ousted as CEO. By then, PAT’s financial performance had reportedly quadrupled under his leadership.
Amida insists the investors are unjustly withholding the equity promised to him, effectively breaching both shareholder and contractual rights.
Further hearing has been adjourned to January 5, 2026.
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