Court Case: Ex-PAT CEO Sues DPI, Verod Over 5% Equity Stake in Pan African Towers Buy-Out

A major shareholder dispute has erupted over the 2023 acquisition of Pan African Towers (PAT), as former Chief Executive Officer, Azeez Amida, has taken private equity firms Development Partners International (DPI), Verod Capital, and their partners to the Federal High Court in Lagos.

The case, filed as Suit No. FHC/L/MISC/608/2025, centres on Amida’s claim that investors failed to honour a binding agreement granting him a five percent equity stake under a management buy-out (MBO) deal that facilitated PAT’s takeover.

Justice Aluko, presiding over the matter, directed all parties to maintain the status quo and respect pending applications, including a motion for an interlocutory injunction to prevent any sale or transfer of DPI and Verod’s stakes in PAT until the dispute is resolved.

At the recent hearing, Amida’s counsel, Prof. Kemi Pinheiro (SAN), accused the defendants of plotting to offload equity in PAT Holding Limited—the 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 in court.

While Amida seeks interim protection for his alleged stake, the defendants have filed a preliminary objection challenging the competence of the suit. Justice Aluko, however, declined to freeze the shareholding structure at this stage, ruling that such relief would be determined when the injunction motion is heard.

The matter was adjourned to January 15, 2026, for a consolidated hearing of pending applications.

Court documents reveal that Amida, who became PAT CEO in 2022 during a financial crisis, led a turnaround that grew revenues from N10 billion to N15 billion and raised EBITDA from N4 billion to N6.5 billion within his first year. He also reduced liabilities and secured key telecoms contracts.

When the company’s initial shareholders sought an exit, Amida proposed a management buy-out to preserve Nigerian ownership and brought in DPI and Verod as financial partners. The acquisition was concluded, but Amida alleges that despite clear documentation of his five percent entitlement, the equity was never allotted.

He further claims he was removed as CEO in November 2024, despite repeated assurances that the stake would be allocated.

The court has fixed the next hearing for January 15, 2026.