A Nigerian faction of JonahCapital Nigeria Limited has asked the Federal Government to scrutinise an international arbitration concerning River Park Estate in Abuja, alleging that claims of a $300 million investment in the project are false.
The dispute is before the International Chamber of Commerce in Paris and relates to the development of Plot 4, Cadastral Zone E30, Lugbe West, now known as River Park Estate.
Adeniran Olatokunbo Ogunmuyiwa, who identifies himself as a founder and director of JonahCapital Nigeria Limited, has challenged the position of a Ghanaian faction involved in the arbitration.
He alleged that JonahCapital did not provide the infrastructure funding now being claimed and said another developer financed the project.
Ogunmuyiwa asked the Economic and Financial Crimes Commission to investigate the alleged investment trail and establish whether there was verifiable evidence of capital importation into Nigeria.
He requested examination of Certificates of Capital Importation, bank records, foreign inward remittances, Central Bank documentation, foreign exchange records, investment agreements, audited accounts and contractor payments.
The dispute followed the termination of a Development Lease Agreement involving the Federal Capital Development Authority.
The Ghanaian faction subsequently commenced arbitration, arguing that the agreement remained valid until 2030.
The Nigerian faction has also alleged that corporate records were altered and that individuals without legitimate authority presented themselves as directors or owners of JonahCapital.
Those allegations remain contested claims and have not been established by a final court or arbitral decision in the material provided.
The petitioners said any assertion of a $300 million investment should be supported by a clear financial trail showing the source, movement and application of the funds.
They urged the EFCC to investigate all parties and documents connected with the disputed investment and ownership claims.
The arbitration has therefore developed beyond an ordinary property dispute into a broader contest over corporate control, investment history and potential liability involving the Federal Government.
