A Firm has warned the federal government of Nigeria to be wary of the ongoing arbitration against her at the International Chamber of Commerce (ICC), Paris, France.

The arbitration, it specifically added, was another scheme to defraud the country 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 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 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 USS$300,000,000.00 was actually brought into Nigeria and applied to the project.

Recall that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, had 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 have 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 until 2030.

Reacting, Ogunmuyiwa, who is a director and founder of JonahCapital Nigeria 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 compeny.

“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 the 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 International Chamber Commerce (ICC), that JonahCapital Nigeria Limited provided infrastructure worth over three hundred million dollars in River Park Estate,” the letter read on part