According to court filings, severance obligations owed to Amida under a Mutual Separation Agreement reached after his exit from the company in November 2024 remain unsettled nearly 18 months later.

Despite the fact that the matter commenced before the National Industrial Court since June 2025, Pan African Towers has reportedly not filed a substantive defence to indicate its refusal to fulfil the obligations in dispute.

Instead, the company has pursued a preliminary objection on ground that Hamida did not comply with mandatory provision for mediation and alternatively pursue his remedy through arbitration rather than litigation.

The matter came before Honourable Justice Essien of the National Industrial Court, Lagos Division, on Tuesday, where counsel for Pan African Towers, Mr. Mofesomo Tayo-Oyetibo with Chukwudi Nwudike and Amira Omodu urged the Court to decline jurisdiction pursuant to Clause 13A and or refere the matter to arbitration vide 13B of the Mutual Separation Agreement.

Counsel representing Amida from Pinheiro LP, Bolu Agbaje Akadri, leading Emeka Ekweozor and Ukamaka Ali opposed the application, arguing that multiple attempts had previously been made to resolve the matter, including formal demands for performance under the agreement, before the suit was filed.

During proceedings, the Court reportedly queried the absence of a substantive defence alongside the preliminary objection, describing the approach as procedurally improper before electing to hear the application.

It is Amida’s position that attempt was made in line with the Mutual Separation Agreement to have the matter resolved amicably with no success whilst reliance on arbitration which is optional under the agreement at this stage appears inconsistent with prior conduct, noting that no meaningful steps had allegedly been taken to initiate arbitration proceedings before the matter was brought before the Court.

“The substance of the dispute remains unanswered,” Amida’s states. “The concern is whether procedural manoeuvres are being deployed to postpone accountability rather than resolve the issues in contention.”

The Court has now adjourned the matter to 6 July 2026 for ruling on the preliminary objection.

The dispute is attracting increasing attention within legal, business, and corporate governance circles due to its potential implications for executive separation agreements, contractual enforcement, and dispute resolution mechanisms within Nigeria’s corporate environment.

Observers note that the eventual outcome could influence how arbitration clauses, executive transition obligations, and post transaction disputes are approached in future corporate matters.

The matter remains before the Court.

In a reflective LinkedIn post that has sparked conversations around executive wellbeing and career transitions, Amida spoke candidly about rebuilding his life after exiting the telecom infrastructure company amid ongoing discussions and legal processes involving investment firms Development Partners International and Verod Capital.

The former CEO said that while disputes over his unpaid severance continue, the bigger challenge has been adjusting to life outside corporate leadership.

According to him, leaving a top executive role is often more than a career change, describing it as an experience that can trigger an identity crisis when personal worth becomes closely tied to professional titles.

Amida noted that organizations often move on quickly after leadership exits, while affected individuals are left to quietly rebuild their finances, routines, and sense of purpose.

His comments come at a time when Pan African Towers has remained in the spotlight following corporate restructuring and shareholder disputes linked to the company’s acquisition process.

Techeconomy had earlier reported on a shareholder rights battle surrounding the acquisition of the telecom tower company, with Development Partners International and Verod Capital named in a legal suit over the transaction.

The company also recently announced the appointment of Jyoti Desai and Vivek Gupta as non-executive directors as part of efforts to strengthen governance and leadership oversight.

Beyond the corporate issues, Amida’s reflection focused heavily on resilience and mental wellbeing during difficult transitions.

Sharing lessons from the past 16 months, he advised professionals facing similar situations to prioritize emotional recovery before reacting impulsively, maintain transparency with family members about financial realities, and avoid making desperate decisions during vulnerable periods.

He also emphasized the importance of maintaining healthy routines, resetting lifestyle expectations, and separating personal survival from ongoing legal or corporate disputes.

One of the strongest themes from his reflection was society’s tendency to attach value and relevance to positions rather than individual character.

According to him, many people experience a sudden shift in perception once they no longer hold influential titles, a reality he described as both humbling and revealing.

Despite the unresolved severance dispute, Amida’s message remained largely hopeful.

He encouraged professionals experiencing setbacks to remember that their value does not disappear with a job title, stressing that the same ability that once created success can be rebuilt and applied again.

His reflections have since resonated with many professionals online, opening wider conversations around unemployment, executive mental health, resilience, and the pressures associated with leadership exits in corporate Africa.

This landmark transaction was driven by the strategic leadership of Mr. Amida, whose vision, deal structuring expertise, and execution discipline were instrumental in bringing the acquisition to fruition.

As Founder of Fusewall Holdings, Mr. Amida played a central role in aligning stakeholders, navigating complex negotiations, and ensuring that the transaction not only closed successfully but also positions the company for sustained long-term growth. His leadership reflects a deep understanding of the telecommunications landscape and a commitment to delivering scalable, high-impact infrastructure solutions.

“This is more than an acquisition, it is a deliberate step forward in executing our long-term strategy,” said a spokesperson for Fusewall Holdings. “We are focused on building platforms that combine reach, resilience, and operational efficiency, and this transaction is a key part of that journey.”

Coloplus brings to the portfolio a strong operational foundation, with access to approximately 900 partner locations and a network of about 20 owned sites. This positions the company at a strategic intersection of broad market reach and infrastructure control, an advantage that Fusewall Holdings intends to scale significantly.

With this acquisition, Fusewall Holdings will align capital investment, governance frameworks, and operational execution to unlock the next phase of growth.

The integration is expected to enhance service delivery, improve infrastructure reliability, and accelerate expansion into underserved and high-demand areas.

The company’s broader ambition is to contribute meaningfully to bridging Nigeria’s telecommunications infrastructure gap by expanding access to connectivity, strengthening network resilience, and enabling digital inclusion across communities.

This transaction underscores Fusewall Holdings’ commitment to disciplined execution, strategic clarity, and consistent delivery as it continues to expand its footprint within Nigeria’s evolving digital economy.

About Fusewall Holdings

Fusewall Holdings is a forward-looking investment and operating company founded by Azeez Amida, focused on building scalable platforms across telecommunications and related infrastructure sectors. The company is committed to driving innovation, operational excellence, and long-term value creation.

The dispute centers on an alleged breach of a pre-agreed equity arrangement tied to a management buy-out (MBO) transaction.

The matter, listed as Suit No. FHC/L/MISC/608/2025, was recently heard before Justice Aluko, of the Federal High Court, who directed all parties to maintain the order and respect all pending application before the court, including an injunction to prevent any potential sale or DPI and Verod stake in Pan African Towers.

Court Proceedings and Pending Applications

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

The defendants, Development Partners International (DPI), Verod Capital Management Limited, 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 the plaintiff had filed a motion for interlocutory injunction on 19 July 2025, while the defendants had filed a preliminary objection on 8 August 2025. The plaintiff has since responded with a counter-affidavit and sought a consolidated hearing for both applications.

Raising additional concerns, counsel to the plaintiff 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 order a status quo and preserve the current shareholding structure until the matter is determined by the honourable court.

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. Nevertheless, the court instructed all parties to respect the pending processes before it and maintain the order.

Background: Equity Commitment in Management Buy-Out

According to court filings, the core of the dispute concerns an alleged failure to allocate a previously agreed equity stake to the plaintiff following the successful management-led acquisition of PAT.

Amida, who was appointed CEO in 2022, was tasked with turning around the company’s performance. At the time, PAT was experiencing significant financial strain, with ₦38 billion in debt and ₦7 billion in overdue payables.

By the end of his first year, Amida had overseen a marked recovery: revenue rose from ₦10 billion to ₦15 billion, EBITDA increased from ₦4 billion to ₦6.5 billion, and the company reduced its liabilities and renewed key long-term contracts with major telcos.

As former shareholders of PAT considered exiting via a sale to an international buyer, the plaintiff proposed and led a local management buy-out initiative to retain the company’s Nigerian identity. Following preliminary discussions with other funds, the plaintiff 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 as part of the ongoing proceedings.

The plaintiff contends that the investors’ participation was contingent on this agreement and that the transaction terms were not discretionary or informal.

Amida’s legal team argues that the defendants benefited significantly from the value created under his leadership and should be held to the agreement which formed the basis of their entry into the deal.

Allegations of Non-Compliance

Post-closing, 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.

However, as of the time of his exit, PAT revenue and EBITDA has more than quadrupled compared to when Amida took over the company.

Amida is now seeking the court’s intervention on the allocation of his 5% equity stake or its equivalent along with relevant damages.

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

• The investment will act as a launchpad for Pan African Towers (PAT) to embark on the next phase of its strategy and accelerate the Nigerian telecommunications market. 
• DPI and Verod Capital will work with PAT’s highly experienced management team to strengthen the business.

Pan African Towers (PAT), a leading digital infrastructure company based in Nigeria, has announced a strategic investment from Development Partners International (DPI), a premier investment firm focused on Africa, and Verod Capital (Verod), one of the continent’s leading investment management firms.

DPI and Verod are investing in PAT to fuel its continued growth and will work with management to build on the company’s recent achievements and reaffirm its position as Nigeria’s largest homegrown digital infrastructure provider.

Established in Nigeria in 2017 to capitalise on the growing demand for wireless communications across Africa, PAT has emerged as a prominent telecommunications and tower infrastructure provider in Nigeria, playing an indispensable role in the nationwide expansion of mobile communications.

Since founding, PAT has built a successful business model centred around establishing tailored, long-term contracts with blue-chip customers, including Nigeria’s leading mobile network operators (MNOs) and internet service providers (ISPs).

The success and strong performance of the company to date has further accelerated under the leadership of Azeez Amida, the chief executive officer, who has a strong track record of executing successful growth strategies in emerging market telecommunications.

Nigeria is an attractive market for digital infrastructure in Africa. Underpinned by its strong demographics, it is Africa’s leading telecommunications market by number of mobile subscribers (208m) and contributed c.13% of national GDP in 2021 compared to 8% in 2015.

As of December 2021, there were 41,120 towers in Nigeria mostly supporting third generation (3G) and fourth generation (4G) technology across the country. However, according to Nigeria’s Ministry of Communications, the country needs between 70,000 to 80,000 towers to enable proper quality and coverage for 4G and 5G technology, creating a supply gap of more than 30,000 towers. This investment will enable PAT to capitalise on this opportunity and help close this gap, providing world-class digital infrastructure to support Africa’s economic development. 

Azeez Amida, CEO of Pan African Towers, said: “As a proud Nigerian-founded and run business, Pan African Towers is on a mission to accelerate the Nigerian market and support the growth of the mobile telecommunications sector in the country. We also have a clear strategic vision to grow the business sustainably, including actively reducing the carbon footprint of our network to uphold best-in-class ESG practices. We are excited to partner with DPI and Verod and will leverage their sector experience and market expertise to help us achieve these goals. The evolution of Nigeria’s mobile and wireless industry presents significant opportunities for our business, and we look forward to being a part of this next chapter of growth.” 

PAT’s experienced management team will work closely with DPI and Verod to accelerate its strategic plan, leveraging their expertise in areas such as market entry, operational efficiency, and talent management.

With the support of both investors, PAT will deepen relationships with existing partners, expand its customer base, and grow its footprint of towers to reach new parts of the country where mobile and wireless penetration remains low.

PAT will also benefit from DPI’s experience in scaling towers companies, as the first institutional investor in Eaton Towers, another of Africa’s leading telecoms businesses it exited in 2019.

Adefolarin Ogunsanya, Partner at DPI, said: “Pan African Towers is an exciting homegrown business with significant potential and is uniquely positioned to benefit from the opportunity presented by Nigeria’s digital innovation boom. We are incredibly excited to partner with PAT’s management team to help crystallize the Company’s vision of becoming Nigeria’s digital infrastructure provider of choice and look forward to sharing our deep knowledge and experience of Africa’s towers industry and the Nigerian market to help achieve this.”

Daniel Adeoye, Principal and Head of Investments at Verod Capital, said: “The Nigerian demographic is currently experiencing a surge in data consumption and related services, driven by a generation of tech-savvy digital natives that are unparalleled. The ‘Verod Consumer Spend Index’ indicates that telecommunication expenses are increasing significantly, providing a tailwind for tower companies like PAT. Verod is delighted to support PAT’s management with ample capital and value-creation expertise to navigate this period of growth.” 

TE: Beyond what may be generally known to the public already, tell us more about the operations of Pan-African Towers?

Azeez Amida: We provide tower infrastructure to Mobile Network Operators (MNOs) and Internet Service Providers (ISPs) for now but our focus is shifting toward providing digital infrastructure services to our customers.  We are an enabler rather than a reactive business to what the customers want.

The way the industry works now is that the mobile network operators would request for tower infrastructure to be provided at a particular location, and then we go there and build the sites for them after ensuring that due diligence has been done. That means you are just reacting and sticking to what the operators say.

However, Pan African Towers is changing that. We are evolving into a digital infrastructure provider. We are saying how do we enable people who want to use infrastructure to have that access by leading the MNOs where they want to go.

So, that is what we want to drive our focus to, because in this game, we have a lot of big players that are already in the market, with a lot of money behind them.

So, technically as an indigenous infrastructure provider, the only edge we can play around with is the edge of leading the game. We want to change the approach to the telecoms infrastructure market.

TE: Coming on board to lead the operations of Pan-African Towers, what is the special agenda you are bringing with you to further drive the company?

Azeez Amida: Well, first of all, our focus is on growth. I believe in growing our business. I have always been an advocate for growth. Growth has always been assumed to be a natural phenomenon, but you cannot just grow without being deliberate about it. At pan African Towers, we are deliberate about our growth.

And as you are aware, we have raised a lot of money in the last couple of months, and then we are going to be doing a lot of work to push that growth agenda as much as we can. Growth is an important element of our business; we will be looking at the speed of execution of our projects as well as their quality. That is the first thing.

The second thing is to diversify our services. We are going to be doing a lot of branding in the coming months to reposition ourselves in the market; to let you know that we are now fully in for business. I want to go for the long haul and we plan to build a multinational from home here in Nigeria. That is the goal.

We want to focus on that: build a multinational telecoms infrastructure company and grow at a very fast speed to deliver value to our shareholders.

For instance, we are planning to hit between 3000 and 5000 towers in the coming three to five years. We know this is going to require a lot of work but there is already a demand for growth. We believe we are in the right position to tap into that. With the advent of 5G technology, there is going to be high demand for towers.

I saw a report once that says six times the current number of towers are needed for 5G deployment. 

Those are base stations. There is still going to be a need for fibre connectivity because 5G requires a lot of boosting such that the connection can be close together and the way they work becomes very efficient.

To do that, there are going to be a lot of inbuilt solutions; a lot of outdoor dial systems and power for its deployment. We are ready to get into that space and provide premium services to our customers.

TE: What is your assessment of the Nigerian telecoms infrastructure market vis-à-vis challenges such as multiple taxation and theft?

Azeez Amida: When it comes to financing Infrastructure, I will say multiple taxation and fees poses a huge threat to the growth of the Nigerian telecom market. There should be a uniform tax system, and the same should apply to fees. Taxes are essential to providing funding for infrastructure, it is important for the growth of any society. But taxing and levying businesses multiple times inhibits growth.  

This is where regulation is needed to streamline the tax system and other fees for towercos, Theft is a huge threat to the growth of the telecoms market because there is already an infrastructure deficit capped at 136 billion dollars and we need an additional 40,000 towers to be able to close that gap.

Stealing and vandalising telecom equipment is very detrimental to the growth of the telecom industry in Nigeria. In fact, according to a report published by the Guardian in August 2019, the NCC reported that there were 33,000 cases of vandalism and outright theft between June 2017 and August 2018 which resulted in a 35% rate of vandalism and theft of telecom infrastructure in a year.

Another report published by Punch stated that as a result of the incessant vandalism and theft of telecom equipment, broadband subscriptions had dropped by 9.8 million subscribers between December 2020 and October 2o21.

Theft is a huge challenge affecting the growth of the Nigerian telecom industry.  Despite these challenges, I will say the growth of the market has been rapid, even though a lot of this growth came through acquisitions and not organic growth strategies.

TE: You briefly mentioned 5G earlier. Can you put some light on this in terms of its infrastructure demand and how Pan African Towers fits into the equation?

Azeez Amida: 5G is a broad concept. For me, I think we should stick to the passive end of it which is what we can do. The passive end of it is introducing a lot more towers to support its deployment. You know in the days of 2G, we had very tall towers like 70 meters or more. When 3G came, the height came down because the better the frequency, the closer you need to get to the ground until you get to the fibre line and that is the way to think about it.

2G was up in the air, 3G became shorter, 4G followed the same trend and now 5G is coming further down. The reason for that is that you are reducing the line of sight.

In 2G, there is a line of sight to ensure that a tower is tall enough to see the next one. Now, you are connecting sites through shorter waves. So, it is a bit easier to get them to speak to each other.

The connection becomes faster and the potential to build a smart city becomes a lot broader.

Yes! 5G is something we are looking into and we do not just want to wait for the time it kicks off, we want to start looking at scenarios where we can say we are leading the industry in that area. 5G changes everything, and as a digital infrastructure provider, we are seriously looking into that space.

TE: You talk about your vision to boast of between 3,000 to 5,000 towers in the medium time. What level currently are you and where are they located apart from Nigeria?

Azeez Amida: Currently, we run 1,000 sites and we mostly are focusing on Nigeria now. And as you may be aware, there is a merger that just got concluded between SWAP Plc and Pan African Towers. That is to ensure that the Nigerian PAT focuses a lot on the Nigerian assets.

There are a lot of growth opportunities in Nigeria and we want to take care of that first. As soon as that is there, we can then start focusing on other areas where there are opportunities to deliver good value to our shareholders.

It is not just about building towers; it is more about having the right return to your shareholders at the end of the day.

TE: Telecom operators have always complained about the issue of electricity in powering base stations and this contributes to downtime several times. Are there new innovative ways PAT is adopting to overcome this challenge?

Azeez Amida: Yes. that is very correct. But we have a specific model called the ESCO model and it is a scenario where we use a lot of green energy to generate power. We have done a lot of testing around it and we are now confident that we can roll it out fully. Now we are looking at going green on all our sites.

Our current target is to have up to a 50% reduction in our carbon usage by the end of this year or towards the middle of next year. That is one of the key priorities that we have. We had our first gas site go live about a week ago.

The aim is to ensure that we are not burning fossil fuels like every other operator in the market. We want to bring all our sites to green energy and that is one of our key focuses. Apart from power, theft is another challenge towercos face while running their sites.

I think theft is always one of those problems you have to deal with. It is like you cannot run away from it, but you can minimise it.

So, we are weighing our options in terms of security to ensure that we raise the safety standard of the sites. From ensuring that the security on site is held accountable, to making sure that the people responsible for the operations are also held accountable. From there, going hard on any form of theft will go a long way to fostering growth in the telecom business in Nigeria. In one of the communications to the team, I was very clear that we have zero tolerance for theft. So, all cases of theft are being taken seriously.

TE: Having overseen tower operations in other African countries, what have you observed as disparity between those countries and Nigeria?

Azeez Amida: Well, I will say there is very little difference, except that perhaps some of them have more electricity  than others. The real thing is that all of them have similar problems. For instance, you still need to have proper regulations in all the countries. Things may even be harder in other African countries. However, there is a lot of correlation.

They all face  down time here and there and some agencies are  there to freeze the sites overnight and all that. It is a lot of work in all the sites. But at the same time, all you can do is to ensure that you provide an environment where your sites can continue to run so that you will not end up providing horrible services to your customers.

To do that, we are equipping our engineers more to be able to get to sites on time to tend to all the issues at hand. So, the same issues will always be applicable to towercos no matter which market you are in.

In western countries like the US or UK, the challenges here may not be practically applicable there, but in Africa, I think the issues are always the same.

TE: Which policy areas would you say the government should intensify efforts to further propel development in the market?

Azeez Amida: To start with, the passage of the Critical National Infrastructure (CNI) bill is still a paramount one. I think it is still important that you have it in place to protect telecom infrastructures in the country. Vandals, thieves and other social situations could render a site not viable for business and as such you may be required to relocate your sites.

Relocating a site takes a lot of time and other resources.  We cannot continue to have cases where perhaps because of social issues like community protests, vandalism and theft prevents you from having, access to your sites. We need to as much as possible operate in an environment where government’s laws and policies are adhered to and people could feel that telecoms infrastructures are very important for their survival. The CNI would reduce the rate of vandalism and theft. Therefore, the passage of the pending CNI bill is extremely important for the growth of the telecom market in Nigeria.

Secondly, in this kind of industry where you have very large and very small companies, it is important that regulations focus on not discouraging the growth of the small companies but providing equal opportunities for growth. I like healthy competitions. I adore competition but it is important that it is regulated so we do not really witch-hunt each other.

I particularly believe these two policies are critical to improving the sector. I will not call the second concern a policy but a call to regulation on the way business is done in the industry so equal opportunities are available for both big and small companies.

TE: What should we expect from Pan African Towers in the medium Term, what and which other countries are you looking at for your expansion plans?

Azeez Amida: Well, I do not limit growth to demographics. I limit growth to returns and numbers. What I can tell you is that in three years, we will have Pan-African Towers at a minimum of 3000 to 5000 towers. Where we are, does not really mean anything if we are producing the same returns. We could be in U.S. South Africa or we could be anywhere. All we can ensure is that there are going to be profitable towers that will return proper amount of value to our shareholders. One of the benefits of doing business with us, is that we have access to the local capital market.

We can always raise funds. We have the support of our stakeholders and we can provide a lot of local contents pricing Towers to operators. I believe we are one of the very few companies in Nigeria giving full naira contracts. Almost every other company produce contents that are in dollars which basically introduces an FX rate to the operators. But for us, we want to do local contents for our customers and give them naira contracts.

Coupled with that, we are now having a very strong refurbishment plan across our sites to make sure that we can provide top-notch services and still give them prices that cannot be matched anywhere else.