Telecom
Shareholder Rights Dispute Hits DPI, Verod Capital Over Pan African Towers Acquisition
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
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.
The race is down to three as the Glo Innov8 National STEM Competition for Girls approaches its grand finale. The competition, organized by the Glo Foundation, Globacom’s corporate social responsibility arm, will take place at the Mike Adenuga Centre (Alliance Française), Ikoyi, Lagos.
From over 200 schools that entered nationwide, 20 were initially shortlisted, and 10 went on to compete for a place in the finals. The three schools that made it to the last stage are Ephraim High School, Isolo Campus, Lagos; Regina Pacis International School, Onitsha, Anambra State; and Peakfield Academy, Jos, Plateau State.
Hundreds of students across several states, including Plateau, Kano, Lagos, Rivers, Edo, Borno, Kebbi, Nasarawa, Ondo, Oyo, Anambra, FCT, Delta, Kaduna, and Adamawa submitted entries after the Glo Foundation’s nationwide call for participation.
The initiative, designed as a STEM-driven challenge, was launched to mark this year’s International Day of the Girl Child — celebrating creativity, innovation, and inclusion among young women in science and technology.
According to the Glo Foundation, “The competition is aimed at inspiring young girls to Compete, Innovate, and Win — while strengthening their confidence and expanding their knowledge in STEM subjects.”
The winning school will take home ₦2,000,000 cash prize, with each of its two student representatives receiving a brand-new laptop and the Teacher/Mentor/STEM Coordinator earning ₦200,000. Runners-up will also receive valuable consolation prizes.
The three judges of the virtual stage expressed delight at the quality of presentations from the top 20 schools. Tosin Olabode praised the participants’ creativity, saying, “I was particularly impressed by the prototype presentations — some schools clearly did their homework.”
Another judge, Amina Gabriel, highlighted the diversity of ideas, noting, “The schools presented innovative solutions addressing issues in agriculture, security, waste management, and firefighting. The prototypes ranged from apps to robots, making the competition truly engaging. I’m grateful to Glo Foundation for giving me the chance to support young girls in STEM.”
On her part, Sharon Ibejih added that “this competition has showcased a highly competitive next generation of women leaders in STEM. It’s a brilliant platform to nurture problem-solving and innovative thinking among students.”
As the final stage approaches, anticipation is high for what promises to be a memorable showcase of brilliant young Nigerian girls and a testament to Globacom’s commitment to empowering the next generation of innovators.
Tecom Concept Limited, Nigeria’s trusted technology partner and official Huawei Enterprise Solutions distributor, is set to host a groundbreaking event titled “Empowering Smart Connectivity & Innovation” in Abuja.
The event is scheduled for Wednesday, November 19, 2025, at the NAF Conference Centre, Plot 496, Ahmadu Bello Way, Gwarinpa Expressway, Kado, from 9:00 a.m. to 3:00 p.m is an high-profile engagement which seeks to showcase how innovative digital infrastructure and intelligent connectivity can transform business operations and enhance productivity in today’s fast-evolving digital landscape.
The event will bring together ICT professionals, enterprise leaders, policymakers, and industry experts to discuss how smart, scalable, and sustainable technology can drive Nigeria’s digital growth agenda.
At the heart of this initiative is Tecom’s partnership with Huawei, one of the world’s leading providers of ICT solutions. Together, both companies aim to empower Nigerian organizations with the tools and knowledge needed to modernize their operations and compete more effectively in a connected world. Participants will experience firsthand how Huawei’s enterprise solutions—ranging from next-generation network infrastructure and storage systems to intelligent collaboration technologies—are redefining the future of business connectivity and innovation.
According to Happiness Obioha, Managing Director of Tecom Concept Limited, this collaboration demonstrates Tecom’s commitment to bridging the technology gap and helping organizations harness the power of digital transformation. “Our goal is to create a platform where businesses and IT professionals can explore innovative technologies that make communication smarter, operations more efficient, and growth more sustainable,” she stated.
The event will feature expert-led sessions, product showcases, and interactive discussions designed to provide practical insights into how Huawei’s solutions can transform business environments. Attendees will also have the opportunity to engage directly with Huawei specialists, gain valuable knowledge, and explore tailored solutions for their unique organizational needs.
Tecom encourages all technology professionals, business leaders, and public sector representatives to participate in this transformative event and be part of the conversation shaping the future of smart connectivity and digital innovation in Nigeria.
Paradigm Initiative (PIN) has announced a call for session proposals for the 2026 edition of the Digital Rights and Inclusion Forum (DRIF26), scheduled to take place from April 14 to 16, 2026, in Abidjan, Côte d’Ivoire.
The forum, now in its 13th edition, offers a platform for stakeholders across the digital ecosystem—including policymakers, civil society, academia, media, and the private sector—to exchange ideas, showcase solutions, and drive progress in digital rights and inclusion.
The 2026 theme, “Building Inclusive and Resilient Digital Futures,” builds on the 2025 theme, “Promoting Digital Ubuntu in Approaches to Technology.”
DRIF26 will feature sub-themes such as digital security, trust and accountability, data protection, privacy and cybersecurity, artificial intelligence and emerging technologies, digital inclusion for marginalised groups, human rights and freedoms, and digital and internet governance.
PIN, a leading pan-African non-profit organisation, said the forum continues to foster cross-sector collaboration and amplify voices working to shape inclusive digital policies.
In 2025, DRIF was held in Lusaka, Zambia, with 1,399 registered attendees and 623 in-person participants from 65 countries. Previous editions were hosted in Accra, Ghana (2024), and Nairobi, Kenya (2023), with growing participation each year.
Since its inception in 2013, DRIF has evolved into a premier platform for dialogue on digital policy, rights, and inclusion, accommodating diverse perspectives from civil society, technology companies, government, and academia.
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