Key Points
- Nigerian faction asks EFCC to investigate alleged $300 million investment claim.
- Dispute centres on ownership and development of River Park Estate, Abuja.
- Petitioner seeks financial and corporate records to verify the alleged investment.
- Faction alleges the claim is part of an ongoing ownership and arbitration dispute.
Main Story
The Nigerian faction of JonahCapital Nigeria Limited has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate an alleged $300 million investment claim linked to River Park Estate in Abuja.
The petition, signed by the company’s founder and director, Dr Adeniran Ogunmuyiwa, alleged that a Ghanaian-led faction had falsely claimed that JonahCapital invested more than $300 million in infrastructure at the estate.
Ogunmuyiwa asked the EFCC to establish whether the claimed investment was actually brought into Nigeria and used for the development of the disputed property.
He requested that the commission examine documents including Certificates of Capital Importation, bank statements, foreign remittance records, Central Bank of Nigeria records, foreign exchange documentation, investment agreements, audited accounts and payment records.
The petitioner also asked the EFCC to verify alleged payments for the acquisition, development and financing of the River Park project, including payments to contractors and suppliers.
The petition comes amid a dispute over Plot 4, Cadastral Zone E30, Lugbe West, Abuja, which was acquired by JonahCapital Nigeria Limited through a Development Lease Agreement in 2007.
The dispute has also extended to international arbitration after the termination of the lease agreement last year. The Ghanaian faction reportedly challenged the termination before the International Chamber of Commerce (ICC), arguing that the agreement remained valid until 2030.
The Minister of the Federal Capital Territory, Nyesom Wike, had confirmed that Nigeria was facing arbitration proceedings in France over the property.
Ogunmuyiwa, however, maintained that the company he represents had not funded infrastructure development at River Park Estate and disputed the authority of the Ghanaian faction to act on behalf of JonahCapital Nigeria Limited.
He alleged that an internal ownership dispute had led to competing claims over the company between 2024 and 2026.
According to him, Samuel Jonah was admitted as a shareholder in 2007 on the understanding that he would contribute capital but was removed from the company in 2008 after failing to do so.
Ogunmuyiwa further alleged that Jonah was never appointed a director of the company but later presented himself as one and signed documents in that capacity.
He also disputed the claim that JonahCapital funded infrastructure worth more than $300 million at River Park Estate, saying the development was financed by Paulo Homes Limited under an agreement with JonahCapital, with the financial commitment running into billions of naira.
The petitioner also asked the EFCC to investigate Kojo Mensah’s relationship with Jonah and determine whether documents used in the arbitration proceedings were false or fabricated.
He argued that if individuals without legitimate ownership interests were presenting an alleged investment history before an international tribunal to obtain financial benefits, the matter should be treated as more than a commercial dispute.
Ogunmuyiwa therefore urged the EFCC to investigate Jonah, Mensah and any other persons involved and prosecute anyone found culpable.
The Issues
The dispute involves competing claims over the ownership and control of JonahCapital Nigeria Limited, the development of River Park Estate and an alleged $300 million investment. The matter has also moved into international arbitration following the termination of the lease covering the Abuja property.
What’s Being Said
“This is a clear fraud,” – Adeniran Ogunmuyiwa, founder and director, JonahCapital Nigeria Limited.
“It is a blatant attempt to defraud the Federal Government by foreign actors who have no right whatsoever,” – Adeniran Ogunmuyiwa.
What’s Next
The EFCC is being asked to verify the alleged investment through financial, banking, corporate and project records and investigate the parties identified in the petition.
Bottom Line
The JonahCapital dispute has escalated from an ownership and lease disagreement into an EFCC petition and international arbitration, with the Nigerian faction challenging claims that more than $300 million was invested in River Park Estate.
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