Court hears suit on Pan African Towers buy-out disputeA shareholder-rights battle has erupted over the 2023 acquisition of Pan African Towers (PAT), with former Chief Executive Officer, Azeez Amida, suing private equity giants, Development Partners International (DPI), Verod Capital, and their limited partners at the Federal High Court in Lagos. At the heart of the suit, FHC/L/MISC/608/2025, is Amida’s claim that the investors reneged on a binding agreement to allocate him a five per cent equity stake under a management buy-out arrangement that facilitated the takeover of PAT. 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. He introduced DPI and Verod as funding partners, and the trio successfully closed a full acquisition of PAT. According to Amida, a term sheet—now before the court clearly documented his entitlement to a 5% equity stake as part of the MBO.