JonahCapital disowns ICC arbitration claim against FG, petitions EFCC

By Edito 2 weeks ago 0

By Salihu

JonahCapital Nigeria Ltd. has disowned an arbitration proceeding reportedly instituted at the International Chamber of Commerce (ICC), France, against the Federal Government of Nigeria over the River Park Estate project in Abuja.

The company, in separate letters to the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and the Economic and Financial Crimes Commission (EFCC), alleged that foreign actors were falsely representing themselves as directors or owners of the company in the proceedings.

Dr Adeniran Ogunmuyiwa, Founder and Director of JonahCapital Nigeria Ltd., said the company had no involvement in the alleged claim and described the purported US$300 million investment claim as an attempt to defraud the Federal Government.

Ogunmuyiwa said the ownership of JonahCapital Nigeria Ltd. had been the subject of a dispute, resulting in what he described as several alterations to the company’s records between 2024 and 2026.

He alleged that Samuel Jonah, a Ghanaian businessman, had on Feb. 1, 2024, increased the company’s share capital from N1 million to N100 million and allocated N99 million to himself without the knowledge of the shareholders.

According to him, Jonah also allegedly represented himself as a director of the company despite not having been appointed to the position.

“As the man who signed the Development Lease Agreement between JonahCapital Nigeria Ltd. and the FCDA, I write to bring to your attention the fact that there is indeed an ownership tussle within JonahCapital Nigeria Ltd.,” he said.

Ogunmuyiwa also denied claims that JonahCapital Nigeria Ltd. provided infrastructure worth more than US$300 million for the development of River Park Estate.

He said the company had neither funded nor provided infrastructure for the project, adding that the development was funded by Paulo Homes Ltd. pursuant to an agreement with the company.

“This is a clear fraud as JonahCapital Nigeria Ltd., as a company in all its existence, never provided any infrastructure or funding towards the development of River Park Estate,” Ogunmuyiwa said.

He urged the FCT Minister to reject any claim that JonahCapital Nigeria Ltd. provided infrastructure for the project and refer the matter to the appropriate law enforcement agencies for investigation.

Ogunmuyiwa also disclosed that the company had issued a cease-and-desist letter to Minkah-Premo, Osei-Bonsu, Bruce-Cathline & Partners (MPOBB), a Ghanaian law firm purportedly representing the claimants before the ICC.

He said JonahCapital Nigeria Ltd. had also petitioned the EFCC over alleged identity theft, impersonation and an attempt to defraud the Federal Government of US$300 million through the arbitral proceedings.

The petition, signed by the company’s lawyer and received by the EFCC on Aug. 11, urged the commission to investigate the alleged investment claim and establish whether the purported US$300 million was actually brought into Nigeria and applied to the River Park project.

The company asked the EFCC to require those advancing the claim to produce relevant evidence, including Certificates of Capital Importation (CCI), bank statements, foreign inward remittance records, Central Bank of Nigeria documentation, foreign exchange records, investment agreements and audited accounts.

It also requested evidence of payments to contractors and suppliers, as well as records relating to the alleged acquisition, development or financing of the River Park project.

The petitioner further urged the commission to investigate the activities of Samuel Jonah, Kojo Mensah and other persons who may have participated in or facilitated the alleged transactions.

The company disputed the claim that Jonah was an investor in Nigeria, alleging that he had been in the country to represent a U.S.-based company, Houses for Africa Holding Inc.

It further alleged that issues concerning the financing of the company had resulted in an ongoing investigation by the EFCC.