Firm Warns Nigeria of $300M Arbitration Scam Over Non-Existent Investment

The Nigerian federal government has been cautioned about an ongoing arbitration case at the International Chamber of Commerce (ICC) in Paris, France, which a faction claiming ownership of JonahCapital Nigeria Limited alleges is a scheme to defraud the country. Dr. Adeniran Olatokunbo Ogunmuyiwa, representing this faction, described the claim of over $300 million invested in the disputed property as false, stating that the investments were never made.

Ogunmuyiwa has called upon the Economic and Financial Crimes Commission (EFCC) to investigate the Ghanaian faction involved. He specifically requested the EFCC to compel them to produce conclusive evidence of capital importation into Nigeria. This includes Certificates of Capital Importation (CCI), bank statements, foreign inward remittance records, Central Bank of Nigeria (CBN) documentation, foreign exchange records, investment agreements, audited accounts, payment vouchers, and evidence of payments to contractors and suppliers related to the River Park Project.

Nyesom Wike, the Minister of the Federal Capital Territory (FCT), recently confirmed Nigeria's involvement in the ICC arbitration concerning the development of Plot 4, Cadastral Zone E30, Lugbe West, Abuja, known as River Park Estate. A legal battle has been ongoing between Nigerian investors and their Ghanaian counterparts over the authentic ownership of the property, initially acquired by JonahCapital Nigeria Limited through a Development Lease Agreement (DLA) in 2007. The Ghanaian faction initiated arbitration after the lease agreement was terminated last year, claiming rights until 2030.

Ogunmuyiwa, a director and founder of JonahCapital Nigeria Limited, firmly maintains that his company never invested in the River Park estate project. He argues in a letter of Disavowal of the Purported ICC Arbitral Proceedings to the FCT minister that the Ghanaians have no right to make claims on behalf of JonahCapital, as they are neither owners nor directors of the company. He asserts that the arbitration represents a blatant attempt to defraud the Nigerian government.

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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 fo