A faction of JonahCapital Nigeria Limited has asked the Economic and Financial Crimes Commission (EFCC) to investigate a claim that more than $300 million was invested in the development of River Park Estate, Abuja.
The faction, led by Adeniran Ogunmuyiwa, a director and founder of JonahCapital, disputed the claim and urged the Federal Government to exercise caution over an ongoing arbitration involving the River Park project at the International Chamber of Commerce (ICC) in Paris, France.
Ogunmuyiwa alleged that the arbitration could expose Nigeria to a claim for hundreds of millions of dollars over an investment that, according to him, was never made.
The dispute centres on Plot 4, Cadastral Zone E30, Lugbe West, Abuja, now known as River Park Estate. JonahCapital Nigeria Limited acquired the property through a Development Lease Agreement (DLA) with the Federal Capital Development Authority (FCDA) in 2007.
The development has since become the subject of a dispute between Nigerian investors and a Ghanaian-linked faction over the ownership and control of JonahCapital and the rights arising from the lease agreement.
The Ghanaian faction has commenced arbitration against the FCDA, arguing that the development lease remains valid until 2030, despite its termination last year.
Ogunmuyiwa, however, rejected the claim that JonahCapital funded or provided infrastructure for River Park Estate.
In a letter dated August 10, 2026, and addressed to Nyesom Wike, Minister of the Federal Capital Territory (FCT), Ogunmuyiwa said he signed the original Development Lease Agreement with the FCDA and was involved in the company’s dealings concerning the project.
He alleged that an ownership dispute within JonahCapital had led to changes in the company’s corporate records between 2024 and 2026.
According to him, JonahCapital was not incorporated by the Ghanaian individuals now claiming ownership of the company, nor was it sold to them.
Ogunmuyiwa also disputed claims attributed to Samuel Esson Jonah that JonahCapital invested more than $300 million in infrastructure at River Park Estate.
He said JonahCapital did not provide infrastructure or funding for the development, adding that the infrastructure was financed by Paulo Homes Limited under an agreement with the company.
The petition to the EFCC, written by lawyers led by Oluwabunmi Adebiyi and received by the commission on August 11, called for an investigation into the alleged $300 million investment claim and the parties behind it.
The petitioners asked the EFCC to demand documentary evidence showing that the funds were brought into Nigeria and spent on the River Park project.
They listed 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 and evidence of payments to contractors and suppliers among the documents they want investigators to examine.
They also asked the commission to establish the source of the alleged funds, the accounts from which they originated, the Nigerian accounts that received them, the dates and amounts of transfers, and how the funds were deployed.
The petitioners further asked the EFCC to investigate the roles of Samuel Esson Jonah and Kojo Mensah, including representations allegedly made before the ICC and documents relied upon to support the $300 million investment claim.
They said that if the investment claim was false, it would go beyond a private commercial dispute because it was being relied upon in an international arbitration involving a project connected to the Nigerian government.
The faction also alleged that filings at the Corporate Affairs Commission (CAC) were altered to remove legitimate shareholders and directors and replace them with individuals aligned with the competing ownership claim.
It further alleged that Jonah was never a director of JonahCapital but later presented himself as one.
According to the petition, Jonah was admitted as a shareholder after the company was established, with an understanding that he would contribute capital to the project. The petitioners allege that he failed to provide the agreed funding and was removed as a shareholder in 2008.
The petitioners said Ogunmuyiwa subsequently sought alternative financing from Paul Odili of Paulo Homes Limited, which they claim funded activities including the settlement of indigenous settlers and the construction of access roads, water reticulation and other primary infrastructure.
The faction therefore urged the EFCC to investigate what it described as an attempt to establish a false history of ownership and investment in order to obtain financial or proprietary rights over River Park Estate.
The dispute comes as the FCT administration faces arbitration over the project, with Wike recently confirming that Nigeria had been taken before the ICC in France.
The competing claims have not been determined by a court, the EFCC or the arbitral tribunal. They remain allegations pending investigation and determination by the relevant authorities.
At its core, the dispute concerns three questions: who owns JonahCapital, who has the authority to represent the company, and whether more than $300 million was actually invested in River Park Estate.
Ogunmuyiwa’s faction says the Ghanaian-linked faction has no right to represent JonahCapital and that there is no evidence that the claimed $300 million was invested in the project. It wants the EFCC to trace the funds and determine whether they entered Nigeria and were used for River Park.
The other side has taken the dispute to international arbitration, arguing that its rights under the development agreement remain valid.
The key issue for investigators is therefore whether the alleged $300 million can be traced through verifiable financial records showing its source, entry into Nigeria, recipients and use in the River Park project.
Comments
Start the conversation about this story.