A shareholder dispute has emerged over the 2023 acquisition of Pan African Towers (PAT), as the company’s former Chief Executive Officer, Azeez Amida, drags private equity firms Development Partners International (DPI), Verod Capital, and their partners before the Federal High Court in Lagos.
In suit number FHC/L/MISC/608/2025, Amida alleges that the investors reneged on a binding management buy-out agreement that entitled him to a 5% equity stake in PAT.
He claims the promised allocation was never honoured despite being central to the deal that facilitated DPI and Verod’s takeover of the telecoms infrastructure firm.
At Thursday’s proceedings, Justice Akintayo Aluko ordered all parties to maintain the status quo, while deferring a ruling on Amida’s request for an interlocutory injunction to prevent the sale or transfer of DPI and Verod’s shares in PAT until the motion is fully argued.
Amida’s counsel, Prof. Kemi Pinheiro (SAN), told the court there was a “deliberate plan” by the defendants to offload shares in PAT Holding Limited, the special-purpose 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.
The defendants have, however, filed an objection challenging the competence of the suit.
The case was adjourned to January 15, 2026, for consolidation and hearing of pending applications.
Amida, who took over as PAT’s CEO in 2022 when the firm was facing financial strain, is credited with leading a turnaround that grew revenue from N10 billion to N15 billion, raised EBITDA from N4 billion to N6.5 billion, reduced liabilities, and secured major telco contract renewals.
With the company’s original shareholders seeking to exit, he proposed a management buy-out to preserve Nigerian ownership, introducing DPI and Verod as financial backers.
According to him, a signed term sheet now before the court clearly outlined his right to 5% equity.
He claims the investors failed to honour the agreement, and in November 2024 ousted him as CEO, despite PAT’s improved performance under his leadership.
Amida insists the withheld equity amounts to a breach of his contractual and shareholder rights.
Further hearing continues on January 15, 2026.
