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Shareholder Rights Dispute Hits DPI, Verod Capital Over Pan African Towers Acquisition

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A shareholder-rights lawsuit has emerged in connection with the 2023 acquisition of Pan African Towers (PAT), as the Federal High Court in Ikoyi, Lagos, resumed hearings in a case filed by the company’s former Chief Executive Officer, Mr. Azeez Amida, against private equity investors Development Partners International (DPI), Verod Capital Management Limited, and their affiliated funds.

Pan African Tower

Pan African Tower

The suit, listed as FHC/L/MISC/608/2025, was heard before Justice Aluko, who directed all parties to maintain the status quo and respect all pending applications before the court, including a motion seeking to restrain any potential sale or transfer of DPI and Verod’s stake in PAT.

Prof. ‘Kemi Pinheiro, OFR, SAN, LLD., FCIArb, alongside Bolu Agbaje Akadri and Emeka Ekweozor, instituted the suit on behalf of Mr. Amida. At the most recent sitting, the plaintiff was represented by Mr. Emeka Ekweozor and Ms. Ukamaka Ali.

The defendants—DPI, Verod Capital, Verod Capital Growth Fund III LP, African Development Partners III LP, and PAT Holding Limited—were absent and unrepresented.

Counsel to the plaintiff informed the court that a motion for interlocutory injunction had been filed on July 19, 2025, while the defendants filed a preliminary objection on August 8, 2025. The plaintiff has since responded with a counter-affidavit and requested a consolidated hearing of both applications.

Raising further concerns, the plaintiff’s counsel alleged that the defendants were planning to sell or transfer equity in PAT Holding Limited, the entity through which the acquisition was completed.

He argued that such a move could undermine the plaintiff’s claim and requested the court to preserve the current shareholding structure until the matter is determined.

Justice Aluko acknowledged the court’s inherent power to grant such relief but declined to issue the order at this stage, citing the pending injunction motion. He, however, instructed all parties to respect the pending processes and maintain the order.

Background to the Dispute

According to court filings, the dispute centers on an alleged breach of a pre-agreed equity arrangement tied to a management buy-out (MBO) transaction. Mr. Amida, who was appointed CEO in 2022, was tasked with turning around PAT’s financial performance.

At the time of his appointment, PAT was burdened with ₦38 billion in debt and ₦7 billion in overdue payables. By the end of his first year, the company had recorded significant improvements: revenue rose from ₦10 billion to ₦15 billion, EBITDA increased from ₦4 billion to ₦6.5 billion, and key long-term contracts with major telecommunications operators were renewed.

As former shareholders considered exiting via a sale to an international buyer, Mr. Amida proposed and led a local management buy-out initiative to retain the company’s Nigerian identity. Following preliminary discussions with other funds, he introduced DPI and Verod Capital as potential backers. The three parties then pursued and successfully closed a full acquisition of PAT through an investment vehicle.

The transaction was structured as a management buy-out, and the term sheet documenting this agreement was filed with the court. The plaintiff contends that the investors’ participation was contingent on this agreement and that the transaction terms were binding.

Allegations of Non-Compliance

Post-closing, Mr. Amida alleges that multiple meetings were held with representatives of DPI and Verod to finalize the share allocation, but the agreed equity was never transferred to him. In November 2024, he was exited from his role as CEO, and subsequent demands for his equity entitlement were declined by the investors.

As of the time of his exit, PAT’s revenue and EBITDA had more than quadrupled compared to when he assumed leadership. Mr. Amida is now seeking the court’s intervention for the allocation of his 5% equity stake or its equivalent, along with relevant damages.

The case is scheduled to resume on January 15, 2026, when the court is expected to consider the consolidated applications and possibly begin substantive hearings.

Nigeria CommunicationsWeek reports that the outcome of the case could have implications for private equity governance and management buy-out structures in Nigeria’s telecommunications sector.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Google Finally Allows Users to Change Gmail Address, Keeps Data and Services Intact

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Google has unveiled a new feature that allows Gmail users to change their existing email addresses without losing data or access to services, marking a major shift in the company’s long-standing policy.

Google Finally Allows Users to Change Gmail Address, Keeps Data and Services Intact

Gmail

According to an update on Google’s account help page, the new option enables account holders to replace their current @gmail.com address with a new one while retaining all associated data, including emails, photos, and integrations with services such as Google Drive, Maps, and YouTube.

The guidance, however, was first spotted on the Hindi version of Google’s support page, suggesting that the rollout may begin in India or Hindi-speaking markets before expanding globally.

The English-language support page still carries the older advisory that Gmail addresses “usually cannot be changed.”

Google explained that under the new policy, users who update their Gmail address will automatically keep their original address as an alias.

This means emails sent to the old address will continue to arrive in the inbox, and the original address will remain valid for signing in to Google services.

Previously, users seeking a new Gmail address had to create an entirely new account and manually transfer their data, a process that often disrupted third-party app integrations. The new feature eliminates that inconvenience, ensuring continuity for users.

The company further clarified that while users can reuse their old Gmail address at any time, accounts that change their address will face certain restrictions.

These include a 12-month waiting period before another new Gmail address can be created, and the inability to delete the newly chosen address once it has been set.

Google assured users that all existing data would remain intact after an address update, including stored photos, messages, and emails.

The gradual rollout of the feature indicates that full global adoption is expected in the coming months, a move likely to be welcomed by millions of users who have long requested the ability to update their Gmail identities without starting afresh.


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Nigeria’s Internet Usage Hits 1.24m Terabytes – NCC

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Nigerian Communications Commission (NCC) has said that Nigeria’s internet usage reached a record 1.24 million terabytes in November 2025.

Nigeria’s Internet Usage Hits 1.24m Terabytes – NCC

According to the latest data from the NCC, the figure rose modestly from 1.235 million terabytes in October, reflecting steady growth in digital activity across the country.

Broadband penetration in Nigeria crossed the halfway mark in November 2025, reaching 50.58 per cent, up from 45.61 per cent in January, the telecoms regulator reported.

The figure, however, falls short of the 70 per cent coverage target outlined in the National Broadband Plan 2020–2025, which expires this month.

The country had roughly 109 million broadband subscriptions by November. Growth has been uneven, hindered by infrastructure and regulatory constraints, including frequent fibre-optic vandalism that triggers 30 to 43 network cuts daily, high right-of-way fees, and declining subscriber numbers earlier in the year.

Expansion of mobile networks, particularly 3G and 4G services, alongside limited 5G rollouts in urban centres, affordable smartphones, and competitive data plans, has driven uptake.

Investments in the National Communications Backbone and private-sector initiatives have also improved access, especially in underserved areas.

While Nigeria is gradually improving digital inclusion, achieving the original broadband plan remains challenging due to high infrastructure costs, coverage limitations, and deployment hurdles.

The NCC maintains that continued investment in mobile networks and broadband infrastructure will sustain gradual growth in the sector.

Commenting on the development, some Nigerian analysts attributed the surge to the broader mobile and broadband adoption and the growing appetite for streaming, online learning and other digital services.

According to the analysts, the figures suggest that internet connectivity is no longer a luxury but a necessity for both business and leisure, underscoring the slow but steady expansion of Nigeria’s digital economy.


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NCC Ranked Among Top 3 MDAs for Best Website Performance in 2025

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Bureau of Public Service Reforms (BPSR) has named the Nigerian Communications Commission (NCC) among the top three Ministries, Departments and Agencies (MDAs) of the Federal Government with the Best Ranking in Website Performance for 2025.

NCC Ranked Among Top 3 MDAs for Best Website Performance in 2025

L-R: Head Special Projects, Nigerian Export Promotion Council (NEPC), Salamatu Andu; Executive Commissioner, Technical Services, Nigerian Communication Commission (NCC), Engr. Abaraham Oshadame; Director General Bureau of Public Service Reforms (BPSR), Head Customer Support Service, Galaxy Backbone, Rosemary Ehize; Secretary to the ES. Nigerian Content Development and Monitoring Board, Tahir Aminu at the BPSR award ceremony for top four MDAs in BPSR Website Performance and Ranking 2025 at the BPSR office on Tuesday, 23rd December, 2025.

This is coming barely three weeks after the telecom regulator was recognized as one of the top five best-performing Federal Government agencies for 2025 by the Presidential Enabling Business Environment Council (PEBEC) – a testament to the Commission’s consistency in investment in technology for ensuring efficient service delivery.

In the BPSR 2024/2025 scorecard ranking of agencies’ websites, the NCC came second in the ranking, trailing behind Galaxy Backbone Limited, which came first while the Nigeria Export Promotion Council (NEPC) clinched the third position, from a pool of 235 MDAs, whose website were evaluated.

BPSR deployed 14 evaluation criteria in include MDA’s website compliance with .gov.ng domain name, appearance and aesthetics (look and feel) of the website, content, relevance to MDAs mandate/government policy and the website’ structure.

Others include website’s responsiveness (device compatibility), security, load time, usability/ease of navigation, availability/uptime, functionality, interactivity, accessibility and capacity building.

The recognition was announced at the official release of Federal Government 2024/2025 Scorecard Ranking for MDAs’ Website held at the Federal Ministry of Finance Auditorium in Abuja on Monday (December 22, 2025) while the award presentation took place at BPSR’s Office on Tuesday (December 23, 2025).

The award, which is an important index metric of the National e-Government Masterplan for determining the Nigeria e-Government Status, was received by the Commission in recognition of its commitment to maintaining a world-class website that enhances service delivery to the citizens.

Receiving the award on behalf of the Executive Vice Chairman of the NCC, Dr. Aminu Maida, the NCC’s Executive Commissioner, Technical Services, Abraham Oshadami, appreciated the BPSR for the recognition, describing the award as “another encouragement for the Commission to be a better public service institution leveraging digital platforms such as our web presence to enhance public service delivery to our various stakeholders, thereby implementing the Federal Government’s Ease of Doing Business policy direction.”

While presenting the award to the NCC, alongside other two agencies, BPSR’s Director-General, Mr. Dasuki Arabi, commended the top three for their proactive decisions in maintaining world-class websites, which are compliant with the Federal Government’s policy direction in effective and efficient service delivery to the citizens.

According to the DG, the 2024/2025 MDA’s websites’ ranking represents a collective effort of federal public institutions in Nigeria to be transparent, accountable and open in governance, as well as a confirmation to align with global best practices in service delivery to the citizens.

Developed about six years ago, Arabi said as a result of the annual ranking, more public institutions have indicated readiness to embrace reforms, and align with the policy direction of the current administration’s Renewed Hope agenda on improve governance for effective service delivery, as introduced by His Excellency President Bola Ahmed Tinubu.

“The ideals of harnessing and deploying technological tools for service delivery has become imperative following the COVID pandemic, and distortions of socio-economic system of nations, culminating in the evolution of competitiveness, cost effectiveness, and agile governance.

“As engine room of governance, it behoves on us in the public service to perform our statutory duties and we must put in place technological innovations and standardized websites to operate services as well as deliver service needs to citizens,” he said.

The Scorecard exercise, he said, is part of the BPSR reform broader function of conducting research on reform implementation efforts and presenting ‘best practice’ models to the entire Public Service, and to among others, improve access to government information, facilitate seamless financial transaction, eliminate corruption and cyber theft, as well as facilitate access to government services.

Speaking on the rigorous nature of the exercise that produced the top three winners, the DG said “in the past few weeks members of the Scorecard Jury drawn from inter-Ministerial Agencies, had worked tirelessly to mill websites of selected MDAs through a rigorous process of enduring criteria for the ranking and the outcome had also passed through a quality assurance mechanism to validate the outcome.”


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