The Nigerian faction of JonahCapital Nigeria Limited has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate an alleged $300 million investment said to have been made in the disputed River Park Estate in Abuja.
The faction, led by the company’s founder and director, Dr Adeniran Ogunmuyiwa, is seeking clarification of claims attributed to Mr Samuel Jonah and the Ghanaian faction of the company regarding investment in infrastructure at the estate.
In a petition dated August 10 and received by the EFCC on August 11, Ogunmuyiwa urged the commission to establish whether the alleged funds were brought into Nigeria and applied to the development of the project.
He asked the EFCC to examine relevant financial and investment records, including Certificates of Capital Importation (CCI), bank statements, foreign inward remittance records, Central Bank of Nigeria documentation, foreign exchange records, investment agreements, audited accounts and payment records.
The petitioner also requested that the commission examine records relating to payments allegedly made for the acquisition, development or financing of the River Park project, including payments to contractors and suppliers.
Ogunmuyiwa said the investigation was necessary in view of claims reportedly made in arbitration proceedings before the International Chamber of Commerce (ICC) concerning the disputed property.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, had recently confirmed that Nigeria was involved in arbitration proceedings before the ICC in France over the dispute surrounding Plot 4, Cadastral Zone E30, Lugbe West, Abuja, also known as River Park.
The property, acquired by JonahCapital Nigeria Limited through a Development Lease Agreement (DLA) in 2007, has been the subject of a dispute involving parties claiming interests in the company and the property.
Following the termination of the lease agreement last year, the Ghanaian faction commenced arbitration against the Federal Capital Development Authority (FCDA), reportedly contending that the agreement remained valid until 2030.
In a separate Letter of Disavowal to the FCT Minister, Ogunmuyiwa disputed claims that JonahCapital Nigeria Limited invested in the development of River Park Estate.
He also questioned the authority of the Ghanaian faction to make claims on behalf of JonahCapital Nigeria Limited, citing an ongoing dispute over the ownership and management of the company.
“We have become aware of the news going round and the arbitral proceeding purportedly commenced by JonahCapital Nigeria Limited against the Federal Government,” he said.
Ogunmuyiwa said the ownership and management of JonahCapital had been the subject of disputes and changes in company records between 2024 and 2026.
He further disputed the circumstances under which Mr Jonah has reportedly presented himself as having an interest in or authority to act on behalf of the company.
The petitioner also questioned claims concerning the provision of infrastructure at River Park Estate, particularly the reported value of the investment attributed to JonahCapital.
“Most importantly is the fact that the said Samuel Jonah now claims at the ICC that JonahCapital Nigeria Limited provided infrastructure worth over three hundred million dollars in River Park Estate,” he said.
Ogunmuyiwa stated that, according to his account, infrastructure development at River Park Estate was funded by Paulo Homes Limited pursuant to an agreement with JonahCapital, with the financial commitment running into billions of naira.
He further told the EFCC that Mr Jonah was admitted as a shareholder in 2007 under an arrangement that required a capital contribution and that his interest in the company was subsequently affected by events in 2008.
The petitioner also disputed claims concerning Jonah’s position within the company and urged the EFCC to examine the relevant corporate records.
The Nigerian faction further asked the commission to examine the role of Kojo Mensah, his relationship with Jonah and the authenticity of documents relied upon in the arbitral proceedings.
Ogunmuyiwa said the issues raised in the petition warranted regulatory and financial scrutiny, particularly to establish the origin, movement and application of the alleged investment funds.
He therefore urged the EFCC to conduct a comprehensive investigation into the matters raised in the petition and take any appropriate action that may be warranted by the findings of the investigation.
