River Park Estate: Firm raises alarm over $300m ICC arbitration against FG

From Godwin Tsa, Abuja

A faction of JonahCapital Nigeria Limited has raised the alarm over an ongoing $300 million arbitration filed against the Federal Government at the International Chamber of Commerce (ICC) in Paris, alleging that the claim is an attempt to defraud Nigeria of hundreds of millions of dollars over infrastructure investments it says were never made.

Dr Adeniran Ogunmuyiwa, who leads the faction laying claim to ownership of JonahCapital, raised the alarm while dismissing claims by a rival Ghanaian-led faction that it invested more than $300 million in providing infrastructure at the disputed River Park Estate in Abuja.

Ogunmuyiwa has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate the Ghanaian faction and demand documentary evidence of the alleged capital importation into Nigeria.

He specifically called for the production of Certificates of Capital Importation, bank statements, Central Bank of Nigeria records, foreign exchange documentation, audited accounts and payment vouchers to establish whether the alleged $300 million was actually brought into the country.

The dispute centres on Plot 4, Cadastral Zone E30, Lugbe West, Abuja, which was acquired by JonahCapital under a 2007 Development Lease Agreement (DLA) with the Federal Capital Development Authority (FCDA).

The Minister of the Federal Capital Territory, Nyesom Wike, recently confirmed that Nigeria had been dragged before the ICC over the matter after the Ghanaian faction commenced arbitration following the termination of the lease last year.

The claimants reportedly argue that the lease remains valid until 2030.

In a Letter of Disavowal to the FCT minister, Ogunmuyiwa, who signed the original DLA, cautioned that JonahCapital never funded any infrastructure at River Park Estate.

He insisted that the project was instead financed by Paulo Homes Limited under a separate agreement.

Ogunmuyiwa also accused Ghanaian businessman, Samuel Esson Jonah, of manipulating corporate documents in February 2024 in an attempt to seize control of the company.

“This is a clear fraud as JonahCapital Nigeria Limited… never provided any infrastructure or funding towards the development of River Park Estate,” Ogunmuyiwa said.

He urged the FCDA to refer the matter to law enforcement agencies for investigation.

He also disclosed that a cease-and-desist letter had been sent to the Ghanaian law firm representing the claimants at the ICC.

In a separate petition to the EFCC dated August 10 and received on August 11, lawyers for the Nigerian faction, led by Oluwabunmi Adebiyi, alleged a pattern of impersonation and fraud.

The petitioners alleged that Jonah was originally admitted as a shareholder in JonahCapital on the condition that he provide capital but failed to do so, leading to his removal as a shareholder around 2008.

They further claimed that he was never a director of the company but allegedly resurfaced years later and began signing documents in that capacity after corporate filings at the Corporate Affairs Commission (CAC) were allegedly manipulated.

The petitioners argued that Jonah’s claim before the ICC that he invested more than $300 million was inconsistent with the alleged corporate history and lacked a verifiable financial trail.

They urged the EFCC to establish the source, movement and destination of the alleged funds and investigate the role of one Kojo Mensah, who they alleged acted alongside Jonah in advancing the claim.

They also disclosed that a separate EFCC investigation was already ongoing into Jonah’s alleged failure to account for funds while representing the company in Nigeria.

“On our part we state categorically that JonahCapital Nigeria Limited did not invest or fund ‘anything’ in River Park Estate,” the petition read, describing the arbitration claim as calculated to defraud and embarrass the Federal Government.

The EFCC had yet to comment on the petition as of press time.