A faction laying claim to the ownership of JonahCapital Nigeria Limited has warned the Federal Government against the ongoing arbitration at the International Chamber of Commerce (ICC) in Paris, alleging that the case could be an attempt to defraud Nigeria of hundreds of millions of dollars.
The faction, led by a director and founder of JonahCapital, Dr Adeniran Olatokunbo Ogunmuyiwa, also challenged claims by Ghanaian businessman Samuel Esson Jonah that he invested more than $300 million in infrastructure at River Park Estate, Abuja.
Ogunmuyiwa, in a letter of disavowal addressed to the Minister of the Federal Capital Territory, Nyesom Wike, said JonahCapital Nigeria Limited never funded or provided infrastructure for the River Park project.
He urged the government to reject any claim by the purported JonahCapital faction before the ICC and refer the matter to law enforcement agencies for investigation.
The dispute centres on Plot 4, Cadastral Zone E30, Lugbe West, Abuja, now known as River Park Estate, which was acquired by JonahCapital Nigeria Limited under a Development Lease Agreement with the Federal Capital Development Authority (FCDA) in 2007.
The development agreement was reportedly terminated last year, prompting the Ghanaian faction to commence arbitration proceedings against the FCDA, arguing that the agreement remains valid until 2030.
Ogunmuyiwa, however, disputed the authority of the Ghanaian faction to institute proceedings on behalf of JonahCapital, insisting that the company was incorporated by him and was never sold to the persons now claiming ownership.
“As the man who signed the Development Lease Agreement between JonahCapital Nigeria Limited and FCDA, I write to bring to your attention the fact that there is indeed an ownership tussle within JonahCapital Nigeria Limited,” he stated in the letter dated August 10, 2026.
He alleged that corporate records were altered between 2024 and 2026 to create the impression that persons associated with the Ghanaian faction were legitimate owners and directors of the company.
The most serious allegation, he said, was the claim before the ICC that JonahCapital invested more than $300 million in River Park Estate.
“This is a clear fraud,” Ogunmuyiwa stated, maintaining that JonahCapital “never provided any infrastructure or funding towards the development of River Park Estate.”
According to him, the infrastructure at the estate was financed by Paulo Homes Limited under an agreement with the company.
He said Paulo Homes undertook and financed the settlement of indigenous settlers and the construction of primary infrastructure, including access roads, water reticulation and other facilities, at a cost running into billions of naira.
Ogunmuyiwa also alleged that Jonah was admitted as a shareholder of JonahCapital on the understanding that he would contribute capital to the project but failed to provide the funds and was subsequently removed as a shareholder around 2008.
He further claimed that Jonah was never appointed a director of JonahCapital and therefore lacked the authority to represent himself as one.
The Nigerian faction has consequently petitioned the Economic and Financial Crimes Commission (EFCC), urging the commission to investigate the alleged $300 million investment claim and determine whether the money was ever brought into Nigeria or invested in River Park Estate.
In the petition, dated August 10 and received by the EFCC on August 11, the petitioners requested that Jonah and all persons relying on the alleged investment produce documentary evidence, including Certificates of Capital Importation, bank statements, foreign inward remittance records, Central Bank of Nigeria documentation, foreign exchange records, investment agreements, audited accounts and payment records.
They also asked the commission to establish the source of the alleged funds, the originating accounts, dates and amounts of transfers, receiving Nigerian accounts and how the money was allegedly deployed to the project.
The petitioners said the demand was necessary because the alleged investment was being relied upon in international arbitration proceedings in which substantial financial and proprietary claims were being made against the Nigerian government.
They further urged the EFCC to investigate the roles of Samuel Esson Jonah and Kojo Mensah, as well as the documents and representations allegedly submitted to the ICC in support of the $300 million claim.
“If persons who have no legitimate proprietary interest in the project are deliberately presenting a fictitious investment history before an international arbitral tribunal in an attempt to secure an award conferring economic interests in a project connected to the Nigerian Government, such conduct goes far beyond an ordinary commercial disagreement,” the petitioners stated.
They urged the EFCC to commence a comprehensive investigation and prosecute anyone found culpable.
The faction also disclosed that it had issued a cease-and-desist letter to the Ghanaian law firm, Minkah-Premo, Osei-Bonsu, Bruce-Cathline & Partners, which it accused of purporting to represent the disputed entities before the ICC.
The petitioners maintained that JonahCapital Nigeria Limited “did not invest or fund anything” in River Park Estate and described the contrary claim as an alleged attempt to mislead the arbitral tribunal and secure undue financial benefits at the expense of Nigeria and the Federal Capital Development Authority.
The controversy has assumed an international dimension following confirmation by FCT Minister Nyesom Wike that Nigeria is facing arbitration proceedings at the ICC in Paris over the River Park Estate dispute.
