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Court Battle Erupts Es Ex-PAT CEO Sues Investors Over Alleged Broken Equity Deal

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According to Nivo News, a shareholder dispute over the acquisition of Pan African Towers (PAT) has reached the Federal High Court in Lagos, with former Chief Executive Officer, Azeez Amida, instituting legal action against private equity firms Development Partners International (DPI), Verod Capital, and their associated partners.....KINDLY READ THE FULL STORY HERE▶

The suit, filed under reference FHC/L/MISC/608/2025, centers on Amida’s allegation that the investors failed to honour a binding agreement granting him a five per cent equity stake in the telecom infrastructure company under a management buy-out arrangement that enabled the 2023 takeover of PAT.

At the hearing, Justice Akintayo Aluko directed all parties to maintain the status quo while considering applications before the court, including an interlocutory injunction seeking to block the potential transfer or sale of DPI and Verod’s stake in PAT until the dispute is resolved.

Amida’s counsel, led by Senior Advocate of Nigeria, Prof. ’Kemi Pinheiro, told the court that the defendants were making deliberate moves to dispose of their shares in PAT Holding Limited, the vehicle that facilitated the acquisition. The defendants, which include DPI, Verod Capital Management Limited, Verod Capital Growth Fund III LP, African Development Partners III LP, and PAT Holding Limited, were absent and unrepresented during the proceedings.

While the plaintiff is pressing for protective orders over his alleged stake, the defendants have raised objections challenging the competence of the suit. The court, however, declined to preemptively freeze PAT’s shareholding structure, ruling that such issues would be addressed when the motion is formally argued.

The matter has been adjourned to January 15, 2026, for consolidation and hearing of pending applications.

Amida, who became CEO of PAT in 2022 during a financial crisis, oversaw a remarkable turnaround, with revenue rising from N10 billion to N15 billion and EBITDA improving from N4 billion to N6.5 billion. Liabilities were reduced, key telco contracts were renewed, and company performance reportedly quadrupled under his leadership. Following the exit of PAT’s initial shareholders, Amida initiated a local management buy-out to retain Nigerian ownership, bringing in DPI and Verod as financing partners to complete the full acquisition.

He argued that the term sheet before the court clearly documented his entitlement to a five per cent equity stake, but despite several post-closing discussions, the allocation was never finalised. Amida was eventually removed as CEO in November 2024, a move he claims was part of a broader scheme to deny him his rightful share.

Further hearing on the matter is scheduled for January 15, 2026.

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Dunamis Under Fire: Source Links Church To Private Jet That Dropped Onto Public Road!.

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Reports have emerged linking a private aircraft that made an emergency landing on a road near Ogwashi-Uku, Delta State, to Dunamis International Gospel Centre. Insiders speaking to The Cable revealed that the Nigeria Civil Aviation Authority (NCAA) confirmed the plane is U.S.-registered under the name of the church, led by Senior Pastor Paul Enenche.....KINDLY READ THE FULL STORY HERE▶

The aircraft entered Nigeria under a non-commercial flight permit, a classification that strictly prohibits its use for private charter services—a condition investigators suspect was breached. Records indicate the plane previously operated under Mounthill Ltd until 2025, when its operatorship was transferred to UMO Ltd, a company reportedly associated with church member Mike Olaoye, to secure the non-commercial permit. Following the incident, this permit has been suspended.

Authorities have also detained the pilot, identified as 70-year-old Pakistani national Chris Baca, for allegedly violating Nigeria’s aviation regulations regarding pilot age limits, which cap operating age at 65.

According to Michael Achimugu, the NCAA’s Director of Public Affairs and Consumer Protection, initial findings show the aircraft missed its approach at Asaba Airport at approximately 7:43 a.m. on Wednesday. All four crew members aboard evacuated safely and were transported to Asaba by road; no injuries were reported. The NCAA noted that air traffic control was not alerted until the aircraft was already back in the air, and the plane has since been grounded in Lagos pending a full investigation.

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No Taxes, No Infrastructure: Tinubu’s Blunt Reality Check Shakes The Nation.

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President Bola Tinubu has urged citizens and businesses to increase tax compliance, emphasizing that the delivery of essential infrastructure—such as roads, schools, and hospitals—is dependent on collective contributions to national revenue. Represented by Vice President Kashim Shettima at the commissioning of the Arterial Road N5 in the Federal Capital Territory, the President highlighted that infrastructure development is a key pillar of his “Renewed Hope Agenda”. He noted that improved compliance is necessary to fund public projects while reducing reliance on borrowing, and he committed to ensuring transparency and accountability in the use of public funds.....KINDLY READ THE FULL STORY HERE▶

Peter Obi, the presidential candidate for the Nigeria Democratic Congress (NDC), has criticized the government’s claims regarding economic progress. Key points from his reaction include:

  • Revenue vs. Welfare: Obi noted that while government revenue grew from ₦16.8 trillion in 2022 to ₦35 trillion in 2025, this increase has not resulted in improved living conditions for Nigerians.

  • Rising Debt: Despite the significant revenue growth, the nation’s total debt has increased by over ₦100 trillion within the same three-year period, reaching approximately ₦200 trillion.

  • Economic Decline: Obi pointed to a drop in GDP per capita from $1,597 in 2023 to $1,223 in 2025, arguing that higher revenue is meaningless if it does not address poverty and improve citizens’ purchasing power.

Business and Inflation Outlook

According to the Central Bank of Nigeria (CBN), business confidence improved in May 2026, even as inflationary pressures remain a concern for households and businesses.

  • Business Confidence: The Business Confidence Index rose to 7.9 points in May, with optimism driven by easing policy concerns and progress in economic diversification.

  • Sector Performance: Confidence increased across major sectors, including industry, agriculture, and services, with mining and quarrying reporting the highest confidence regarding operations.

  • Inflationary Pressures: The Inflation Perception Index reached 44.8 points in May, with 70.5% of survey respondents describing inflation as high. Both households and businesses reported that rising prices continue to negatively impact operating costs and purchasing power.

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Political Earthquake: Pantami Dumps APC In Shocking Move Amid Mounting Controversy.

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The reported resignation of former Minister of Communications and Digital Economy, Isa Pantami, from the All Progressives Congress (APC) in Gombe State has sparked significant controversy. While Pantami’s associates maintain he resigned prior to joining the Peoples Democratic Party (PDP)—where he has since become the governorship candidate—certain APC executive members in Pantami Ward dispute this claim.....KINDLY READ THE FULL STORY HERE▶

Perspectives from Ward Leadership

The APC Chairman in Pantami Ward, Alhaji Bala Galda, asserts that he personally received Pantami’s resignation letter on May 19, which he signed and thumbprinted alongside the ward’s legal adviser, Malam Babangida Gololo. According to Galda:

  • He rejected pressure from local government party leadership to deny knowledge of the resignation.

  • He maintained that he was under no legal mandate to inform higher party echelons about a member’s voluntary resignation.

  • The ward’s legal adviser, Malam Babangida Gololo, noted that there is no constitutional requirement for an ordinary party member to submit a formal letter of resignation, as joining another party is typically considered evidence of an exit.

APC State Leadership Position

Conversely, the Gombe State APC Publicity Secretary, Moses Kyari, has challenged the validity of the resignation. The party’s stance includes the following points:

  • The party leadership requested the original acknowledged copy of the resignation letter from the ward chairman, but Kyari claims Galda has remained incommunicado and failed to produce it.

  • The party contends that the ward secretary, rather than the chairman, is the appropriate official to receive such correspondence.

  • The APC maintains that Pantami remains on its membership list as filed with the Independent National Electoral Commission (INEC) portal and insists that he must follow proper resignation procedures.

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