…Raises Alarm Over Alleged Scheme to Defraud FG of $300m
By Vivian Okejeme
JonahCapital Nigeria Ltd. has written to the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and the Economic and Financial Crimes Commission (EFCC), disowning arbitral proceedings reportedly instituted against the Federal Government of Nigeria at the International Chamber of Commerce (ICC) in France by Ghanaian businessman, Sam Jonah.
The company also raised the alarm over what it described as an alleged attempt to defraud the Federal Government of Nigeria of $300 million through claims relating to the River Park Estate project in Abuja.
In a letter acknowledged by the office of the FCT Minister, Dr. Adeniran Ogunmuyiwa, founder and director of JonahCapital Nigeria Ltd., said the arbitral proceedings purportedly initiated by Sam Jonah were “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.”
Ogunmuyiwa said there was an ownership dispute within JonahCapital Nigeria Ltd., which, according to him, had resulted in several alterations to the company’s records between 2024 and 2026.
“As the man who signed the Development Lease Agreement between JonahCapital Nigeria Limited and the FCDA, I write this letter to bring to your attention, sir, the fact that there is indeed an ownership tussle within JonahCapital Nigeria Ltd. that has resulted in several alterations between 2024 and 2026,” he stated.
He alleged that Sam Jonah began presenting himself as a director of the company on February 1, 2024, and subsequently increased the company’s share capital from N1 million to N100 million, allocating N99 million to himself without the knowledge of the shareholders.
“He further fraudulently claimed he was retaining himself as director when, in fact, he has never been appointed to the office of a director in the company,” Ogunmuyiwa alleged.
Dispute Over River Park Estate Investment
The company also rejected claims reportedly made by Sam Jonah in the ongoing arbitral proceedings that JonahCapital Nigeria Ltd. provided infrastructure worth more than $300 million for the development of River Park Estate.
“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 stated.
“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, with whom we have an agreement,” he added.
Based on these claims, Ogunmuyiwa urged the FCT Minister to reject any claim that JonahCapital Nigeria Ltd., whether through its Nigerian or Ghanaian faction, provided infrastructure for the project.
He further urged the minister to refer the matter to relevant law enforcement agencies for investigation, describing the alleged activities as an internationally contrived scheme aimed at defrauding the Federal Government of Nigeria and the Federal Capital Development Authority (FCDA).
Ogunmuyiwa also disclosed that JonahCapital Nigeria Ltd. had issued a cease-and-desist letter to the Ghanaian law firm of Minkah-Premo, Osei-Bonsu, Bruce-Cathline & Partners (MPOBB), which he alleged was representing the entities involved before the ICC.
“On our part, we have also taken all necessary steps to report this obvious fraud to all relevant law enforcement agencies for immediate attention,” he stated.
JonahCapital Petitions EFCC
In a related development, JonahCapital Nigeria Ltd. has petitioned the Chairman of the EFCC, alleging identity theft, impersonation and an attempt to defraud the Nigerian government of $300 million through the arbitral proceedings.
The petition, signed by the company’s lawyer, alleged “a 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, Abuja.”
According to the petition, the project was undertaken pursuant to a Development Lease Agreement with the Federal Capital Development Authority.
The company urged the EFCC to investigate Sam Jonah’s alleged claim of investing in the River Park Estate project and the basis for the $300 million claim before the ICC.
It also asked the Commission to require Sam Jonah and all persons allegedly advancing or relying on the purported investment to provide documentary evidence of capital importation into Nigeria.
The requested documents include 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, and records of payments allegedly made for the acquisition, development or financing of the River Park project.
The company said such documents would help establish whether the alleged $300 million was actually brought into Nigeria and applied to the project.
Company Calls for Investigation
The petition, which was received by the EFCC on August 11, 2026, also urged the Commission to commence a comprehensive investigation into the activities of Sam Jonah, Kojo Mensah and other persons who may have participated in, facilitated or acted in concert with them in relation to the allegations.
JonahCapital further asked the EFCC to investigate the claim that Samuel Jonah is an investor in Nigeria, stating that the company disputes the claim.
According to the company, Jonah was allegedly in Nigeria to represent a United States-based company, Houses for Africa Holding Inc., and that an alleged failure to account for the company’s finances had led to an ongoing criminal investigation.
The company also urged the EFCC to investigate what it described as the relationship between Kojo Mensah and Sam Jonah, as well as representations allegedly made by them to the ICC.
“We therefore urge the Commission to investigate the role of Kojo Mensah, the relationship between him and Sam Jonah, the representations made by them to the ICC, the documents relied upon in support of the alleged $300,000,000 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,” the petition stated.
The company maintained that JonahCapital Nigeria Ltd. did not invest or fund any aspect of the River Park Estate project.
“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 undue financial benefits for themselves and ultimately defraud and embarrass the Federal Government of Nigeria,” the company stated.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
