A faction of JonahCapital Nigeria Limited has called on the Economic and Financial Crimes Commission (EFCC) to examine an alleged $300 million investment linked to the River Park Estate project in Abuja.

The group wants the anti-graft agency to confirm whether the money entered Nigeria and whether developers used it to fund the estate’s infrastructure.

Dr Adeniran Olatokunbo Ogunmuyiwa, a founding director and shareholder of JonahCapital, raised the concerns in a letter to the Minister of the Federal Capital Territory, Nyesom Wike.

The dispute forms part of an arbitration case reportedly before the International Chamber of Commerce (ICC) in Paris.

JonahCapital Faction Disputes Funding Claim

Ogunmuyiwa disputes claims linked to Ghanaian businessman Samuel Esson Jonah that more than $300 million went into infrastructure at River Park Estate.

He said JonahCapital did not provide funding or infrastructure for the development.

Ogunmuyiwa also questioned the authority of the group pursuing the arbitration to act for JonahCapital. He said a dispute over the company’s ownership has led to competing corporate records.

According to him, the people behind the arbitration do not represent the legitimate owners or directors of the company.

The claims remain disputed. The other parties involved may contest them.

EFCC Petition Seeks Financial Records

The Nigerian faction later petitioned the EFCC over the River Park dispute. The commission reportedly received the petition on August 11.

The petition asks the agency to examine allegations of fraud, impersonation and false representations linked to the project.

The petitioners also want the EFCC to trace the alleged $300 million investment.

They asked investigators to review Certificates of Capital Importation, bank statements and foreign remittance records. They also listed Central Bank of Nigeria records, foreign exchange documents, investment agreements and audited accounts.

The group wants investigators to establish the source of the alleged funds. It also wants them to identify the Nigerian accounts that received the money.

Group Questions How Money Was Used

The petitioners said the alleged investment should have a clear financial record if the $300 million entered Nigeria.

They want the EFCC to determine the dates of the transfers and the amounts involved. They also want the agency to establish how the money allegedly funded the River Park project.

The petition names Samuel Esson Jonah, Kojo Mensah and other people said to have links with the arbitration.

The Nigerian faction also asked investigators to examine documents and claims submitted in the ICC proceedings.

Paulo Homes Named in Funding Dispute

The faction claims that Paulo Homes Limited financed major parts of River Park Estate.

It said the company provided funds for activities linked to the development. These allegedly included payments to indigenous communities, road construction and water infrastructure.

The group also made claims about Jonah’s previous position in JonahCapital. It alleged that he failed to provide capital he had agreed to contribute after joining the company as a shareholder.

It further alleged that Jonah lost his shareholder position around 2008.

The claims have not been independently verified.

Arbitration Follows Lease Agreement Dispute

The River Park dispute concerns Plot 4, Cadastral Zone E30, Lugbe West, Abuja.

The property is now known as River Park Estate.

The dispute followed the termination of a Development Lease Agreement involving JonahCapital Nigeria Limited and the Federal Capital Development Authority (FCDA).

The claimants reportedly maintain that the agreement remains valid until 2030.

FCT Minister Nyesom Wike has confirmed that Nigeria faces arbitration proceedings over the property.

What the Case Means for Abuja Real Estate

The dispute raises important questions about funding, ownership and development rights in major housing projects.

Large property developments need clear agreements and traceable financial records. They also depend on secure land rights and strong relationships between developers and public authorities.

Any prolonged dispute can create uncertainty for investors and other parties connected to a project.

For Abuja’s housing sector, the River Park case also highlights the need for clear project structures. Investors and homebuyers need confidence that developers have the legal and financial capacity to complete major projects.

The ownership dispute within JonahCapital, the alleged $300 million investment and the Development Lease Agreement remain contested.

The ongoing arbitration, along with any investigation by Nigerian authorities, could provide further clarity on the issues surrounding River Park Estate.

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Justice Obiora Egwuatu gave the ruling on Friday. He also barred other parties in the suit from taking any actions that could interfere with the ongoing legal process.

The judge warned all involved not to take steps that could pre-empt the court’s decision. The case was then adjourned to June 26, 2025, for the next hearing.

The case was filed by Ghanaian investors. They include JonahCapital Ltd, Houses for Africa Ltd, and three individuals: Samuel Esson Jonah, Kojo Ansah Mensah, and Victor Quainoo. Their lawyer, Abu Arome, filed the suit on their behalf.

They asked the court to stop the police, EFCC, and other parties from arresting or intimidating them during the investigation. The investors claimed that their rights were being violated.

The conflict started with multiple petitions regarding ownership of River Park Estate. In response, the IGP created a Special Investigation Panel (SIP) to examine the complaints.

After weeks of investigation, the panel submitted its report to the police leadership. The report was supposed to be reviewed by the legal department to check for any criminal elements.

Despite this, the investors said they received no reply after sending follow-up letters dated March 20 and April 16. Instead, a new investigation allegedly began under DCP Akin Fakorede, head of the IGP Monitoring Unit.

The investors stated that even while the matter was still in court, they were being summoned and harassed. Fakorede allegedly continued to investigate the case, ignoring the findings of the earlier panel.

They also accused the EFCC of arresting and detaining Kojo Ansah Mensah, the CEO of JonahCapital and Houses for Africa Nigeria. He was reportedly held for several days without clear cause.

Due to the situation, the investors petitioned the Police Service Commission, led by Hashimu Argungu. They also wrote to the Attorney-General of the Federation, Lateef Fagbemi, SAN. Both were asked to intervene in what the investors called abuse of power.

The plaintiffs are asking the court for a perpetual injunction. This would stop the police and EFCC from arresting, inviting, harassing, or detaining them.

They argue that the investigation is based on agreements signed years ago on June 1, 2012, and July 13, 2012 which have already been addressed.

They also want the SIP investigation report to be released. The panel was led by DCP Usman Ahmed Imam from the Force Criminal Investigation Department.

In addition, the investors are demanding ₦200 million in damages for alleged violations of their rights.

The matter will be heard again on June 26, 2025, at the Federal High Court in Abuja.

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