A high stakes shareholder rights battle has erupted over the 2023 acquisition of Pan African Towers, with former CEO Azeez Amida suing private equity giants Development Partners International (DPI) and Verod Capital.
Amida claims the investors reneged on a binding agreement to allocate him a 5% equity stake under a management buyout arrangement.
Amida’s legal team, led by Prof. Kemi Pinheiro, SAN, told the court that there was a “deliberate plan” by the defendants to offload equity in PAT Holding Limited, the vehicle used for the acquisition. Justice Akintayo Aluko 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.
The dispute centers on Amida’s claim that he was promised a 5% equity stake in Pan African Towers as part of the management buyout deal. Despite multiple post closing meetings, the allocation was never finalized, and Amida was ousted as CEO in November 2024. Amida’s lawyer argued that his client’s stake in the company was being unfairly withheld, breaching both shareholder and contractual rights.
Under Amida’s leadership, Pan African Towers’ revenue grew from N10 billion to N15 billion, and EBITDA rose from N4 billion to N6.5 billion within a year. The company’s liabilities were also significantly reduced, and key telco contracts were renewed. Amida proposed a local management buyout to keep the company Nigerian owned and introduced DPI and Verod as funding partners.
The matter has been adjourned to January 15, 2026, for consolidation and hearing of pending applications. 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.
Amida’s lawyer emphasized that his client’s stake in the company was being unfairly withheld. The court filings reveal that Amida spearheaded a turnaround at Pan African Towers, growing revenue and EBITDA within a year.
