The Nigerian faction of JonahCapital Nigeria Limited has asked the Economic and Financial Crimes Commission (EFCC) to investigate an alleged $300 million investment claim being made in ongoing arbitration over the River Park Estate project in Abuja.
The faction, led by the company’s founder and director, Dr Adeniran Olatokunbo Ogunmuyiwa, alleged that the claim by the Ghanaian faction involved in the arbitration that it invested more than $300 million in infrastructure at River Park Estate was false.
In a petition dated August 10 and received by the EFCC on August 11, the faction urged the Commission to investigate the alleged investment and establish whether the money was actually brought into Nigeria and applied to the project.
The petitioners asked the EFCC to demand evidence including Certificates of Capital Importation (CCI), bank statements, foreign inward remittance records, Central Bank of Nigeria documentation, foreign exchange records, investment agreements, audited accounts and payment records.
They also requested evidence of payments allegedly made for the acquisition, development or financing of the River Park project, as well as records showing payments to contractors and suppliers.
The petition followed an ongoing arbitration at the International Chamber of Commerce (ICC) in Paris over the development of Plot 4, Cadastral Zone E30, Lugbe West, Abuja, now known as River Park Estate.
The Minister of the Federal Capital Territory, Nyesom Wike, had recently confirmed that Nigeria was facing arbitration proceedings over the dispute.
Nigerian and Ghanaian interests have been involved in a legal battle over the ownership of JonahCapital Nigeria Limited and the property, which was acquired through a Development Lease Agreement with the Federal Capital Development Authority (FCDA) in 2007.
Following the termination of the lease agreement last year, the Ghanaian faction reportedly commenced arbitration against the FCDA, arguing that the agreement remains valid until 2030.
However, Ogunmuyiwa, who said he signed the original development agreement with the FCDA, disputed the authority of the Ghanaian faction to institute the arbitration on behalf of JonahCapital.
In a letter of disavowal of the purported ICC proceedings addressed to Wike, he alleged that JonahCapital was not incorporated by the Ghanaian interests claiming ownership and was never sold to them.
Ogunmuyiwa also rejected claims that JonahCapital provided infrastructure worth more than $300 million at 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,” he said.
According to him, the infrastructure at River Park Estate was funded by Paulo Homes Limited, which he said provided resources for the settlement of indigenous residents and construction of access roads, water reticulation and other primary infrastructure.
The Nigerian faction further alleged that Samuel Esson Jonah, was admitted as a shareholder of JonahCapital after agreeing to contribute capital towards the project but was removed as a shareholder in 2008 after allegedly failing to provide the agreed financing.
The petitioners also alleged that Jonah was never appointed a director of the company but later began presenting himself as one.
They urged the EFCC to investigate the roles of Samuel Esson Jonah and Kojo Mensah, as well as documents and representations allegedly submitted to the ICC in support of the $300 million investment claim.
The petitioners said there should be a clear financial trail showing the source, movement, importation and application of the alleged funds if the investment was genuinely made.
They further urged the EFCC to determine whether any documents or representations submitted before the ICC were false, fabricated or misleading and to prosecute anyone found culpable.