The federal government has been warned to be wary of the ongoing arbitration against Nigeria, at the International Chamber of Commerce (ICC), Paris, France.
Specifically, the federal government was warned that the arbitration was another scheme to defraud the country of hundreds of million dollars, over investment that were never made in the country.
A faction laying claim to the ownership of the claimant, JonahCapital Nigeria Limited, Dr Adeniran Olatokunbo Ogunmuyiwa, who sounded the warning described as false the claim of the faction which instituted the arbitration that it invested over $300 million in providing infrastructure at the disputed property.
Among others, Ogunmuyiwa has called on the Economic and Financial Crimes Commission (EFCC) to investigate the Ghanaian faction and compel them to produce conclusive evidence of capital importation into Nigeria, including Certificates of Capital Importation (CCI), bank statements, foreign inward remittance records, Central Bank of Nigeria (CBN) documentation, foreign exchange records, investment agreements, audited accounts, payment vouchers, evidence of payments to contractors and suppliers, records of payments allegedly made for the acquisition, development or financing of the River Park Project, and any other documentary evidence capable of establishing that the alleged $300,000,000.00 was actually brought into Nigeria and applied to the project.
Minister of the Federal Capital Territory (FCT), Nyesom Wike recently confirmed that the country had been dragged before the ICC in France, over dispute surrounding the development of Plot 4, Cadastral Zone E30, Lugbe West, Abuja, now known as River Park Estate.
Some Nigerian investors and their counterparts from Ghana had been locked in legal battle, over the authentic ownership of the property, acquired by JonahCapital Nigeria Limited, vied a Development Lease Agreement (DLA) in 2007.
However, following the termination of the lease agreement last year, the Ghanaian faction commenced arbitration against the FCDA, on grounds that the agreement has up till 2030.
Reacting, Ogunmuyiwa, who is a director and founder of JonahCapitalNigeria Limited, maintained that JonahCapital had at no time invested in the development of the River Park estate project, adding that the arbitration was aimed at defrauding the country.
In a letter of Disavowal of the Purported ICC Arbitral Proceedings to the FCT minister, Ogunmuyiwa argued that the Ghanaians have no right to make any claim on behalf of JonahCapital, especially when they are not the owners or directors 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 of Nigeria and at first glance, it is a blatant attempt to defraud the Federal Government of Nigeria by foreign actors who have no right whatsoever to make the claim they are making on behalf of the company.
“As the man who signed the Development Lease Agreement between Jonahcapital Nigeria Limited/FCDA, I write this letter to bring to your attention Sir, the fact that there is indeed an ownership tussle within JonahCapital Nigeria Limited that has resulted in several alterations between 2024 to 2026 and it is important to state that JonahCapital Nigeria Limited as a company was not incorporated by the Ghanaians laying claim to it and the company was not sold to them either”, Ogunmuyiwa stated in a letter dated August 10 2026.
While they accused one Ghanaian, Samuel Esson Jonah of manipulating documents in February 2024, to lay claims to ownership of JonahCapital, the Nigerian faction stated that the company did not provide any form of infrastructure on the disputed property.
“Most importantly, is the fact that the said Samuel Jonah now claims in arbitral proceeding ongoing at the ICC that JonahCapital Nigeria Limited provided infrastructure worth over three hundred million dollars in River Park Estate.
“This is a clear fraud as JonahCapital Nigeria Limited as a company in all its existence never provided any infrastructure or funding towards the development of River Park Estate.
“As the founding director and shareholder of the company from its incorporation till date, I state categorically that the infrastructure in River Park Estate was funded by Paulo Homes Limited whom we have that agreement with.
“It is on the premise of the above that we urge your office to resist and refer the claim of the purported JonahCapital Nigeria Limited, providing any form of infrastructure whatsoever either by the Nigerian or Ghanaian faction as it is today, to relevant law enforcement agency to avoid fallen prey to some internationally contrived fraudsters whose only agenda is to defraud the federal government of Nigeria (that is the Federal Capital Development Authority).
“We have also sent a letter of cease and desist to the law firm of Minkah-Premo, Osei-Bonsu, Bruce-Cathline & Partners (MPOBB) in Ghana which is purporting to represent these fraudulent entities before the ICC,” the letter read in part.
The Nigerian faction of JonahCapital called on the EFCC to step into the matter, due to the international dimension the case has assumed.
In a petition to the chairman of the EFCC, dated August 10, but received at the commission on August 11, they complained of an alleged disturbing pattern of impersonation, fraud, false representations and an apparent attempt to unlawfully acquire and appropriate substantial economic interests connected to the River Park Estate Project.
“The circumstances are particularly grave because the acts complained of have now extended beyond the internal affairs of JonahCapital Nigeria Limited and have culminated in representations allegedly being made in arbitral proceedings before the ICC where Samuel Esson Jonah is reportedly asserting, amongst other things, that he invested in excess of $300,000,000 in the River Park Project.
“Our Clients state that these claims are false and forms part of a deliberate scheme to create a fictitious history of ownership, investment and entitlement to the project, with the ultimate objective of securing an arbitral award or other legal recognition capable of conferring substantial proprietary and financial benefits upon persons who have no legitimate entitlement whatsoever, to the potential prejudice of our Clients and the interests of the Government of the Federal Republic of Nigeria”, the letter read in part.
The letter written on their behalf by their team of lawyers led by OluwabunmiAdebiyi, recalled how Ogunmuyiwa founded JonahCapital Nigeria Limited, incorporated the company in or about 2007 with himself and his wife as the legitimate Directors, and subsequently entered into a Development Lease Agreement with the FCDA for the development of Plot 4, Cadastral Zone E30, Lugbe West, Abuja, now known as River Park Estate.
They claimed that Jonah was subsequently admitted as a shareholder of JonahCapital upon the understanding that he would contribute capital towards the development of the project.
“Many years after he had ceased to be a shareholder, Jonah suddenly resurfaced and began asserting ownership and control over JonahCapital and the River Park Project.
“In furtherance of this claim, corporate records of JonahCapital were manipulated and filings were made at the Corporate Affairs Commission purporting to remove the legitimate shareholders and Directors and replace them with persons aligned with the claim being advanced by Jonah.
“Of even greater concern is the fact that Jonah despite never having been a Director of JonahCapital, allegedly began signing and presenting himself as a director of the company,” the letter read in part.
The petitioners added that the most disturbing development, and the principal reason for the petition, was the claim being advanced in proceedings before the ICC.
According to them, Jonah and persons acting in concert with him have represented that he invested in excess of $300,000,000.00 in the River Park Project and are relying upon that alleged investment as a basis for asserting substantial rights and interests in the project.
The petitioners stated that the assertion was fundamentally inconsistent with the history known to them, particularly having regard to the fact that Jonah failed to provide the capital he had undertaken to contribute when he was originally admitted as a shareholder and ceased to be a shareholder as far back as 2008.
They argued that if as it is now being represented, he actually invested $300,000,000.00 in the project, there ought to be an identifiable and verifiable financial trail establishing the source, movement, importation and application of such funds.
“The Commission should further establish the precise source of the alleged funds, the identity of the person or entity from whose account the funds originated, the receiving Nigerian account or accounts, the dates and amounts of each alleged inflow, the purpose for which the funds were transferred and the manner in which they were ultimately deployed if such existed.
“More importantly, 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 and warrants the immediate attention of the Commission.
“We therefore urge the Commission to investigate the role of Kojo Mensah, the relationship between him and Samuel Esson Jonah, the representations made by them to the ICC, the documents relied upon in support of the alleged $300,000,000.00 investment and whether any of the documents or representations submitted in the arbitral proceedings are false, fabricated, misleading or otherwise calculated to induce the tribunal to grant relief to which the claimants are not entitled.
“On our part we state categorically that Jonahcapital Nigeria Limited did not invest or fund “ANYTHING” in River Park Estate or in the River Park project. Any contrary claim as is now being advanced before the Arbitral Tribunal is false, and calculated to mislead the Tribunal, procure an undue financial benefits for themselves, and ultimately defraud and embarrass the Federal Government of Nigeria.
“In view of the foregoing, we respectfully call upon the Commission to immediately commence a comprehensive investigation into the activities of Samuel Esson Jonah, Kojo Mensah, and all other persons who may have participated in, facilitated, or acted in concert with them in relation to the matters complained of and bring to book all persons found culpable,” they added.
Alex Enumah
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