A London court has delivered a decisive blow to former SportPesa chair Paul Wanderi Ndung’u, dismissing his high-profile lawsuit alleging fraud and illegal share dilution within SportPesa Global Holdings Limited (SPGHL).
The Dispute: The ruling resolves a bitter corporate dispute over the ownership of the betting giant, validating the financial maneuvers the company took to survive a crisis period and rejecting claims of a boardroom conspiracy.
The Numbers: Ndung’u sued SPGHL directors, including Guerassim Nikolov and Gene Grand—claiming they orchestrated a scheme to slash his stake from 17% to 0.8% between 2019 and 2022.
- He alleged forgery, conspiracy, and oppressive management designed to push him out.
The verdict: In a detailed 190-page judgment delivered on Nov. 18, 2025, Justice Edwin Johnson found zero evidence to support Ndung’u’s claims.
- No conspiracy: The court ruled the share allotments were lawful and necessary to keep the company afloat during financial turbulence caused by tax disputes with its Kenyan arm, Pevans East Africa.
- No forgery: Allegations of falsified documents were rejected point-by-point.
- No value lost: The judge noted that even if Ndung’u had proven wrongdoing, his shares had “no measurable value” during the contested period due to the company’s distress, meaning no compensation was due.
Their Words: SportPesa directors welcomed the “Ndung’u v SPG Limited” ruling, aiming to move past the litigation.
“We are delighted with this decision… We always knew that we acted legally and properly at all times, and this judgment confirms that.” SportPesa Directors
No Evidence: The court found no evidence of deliberate exclusion or misconduct, ruling the capital injections were purely for survival, not sabotage.
What’s next: With the legal challenge dismissed in its entirety, SportPesa says it is now focused on “future growth and expansion.”
