The Federal Government has been urged to subject an alleged $300 million investment claim in the ongoing International Chamber of Commerce (ICC) arbitration over River Park Estate, Abuja, to a comprehensive financial and regulatory investigation.

The call was made by a faction of JonahCapital Nigeria Limited, led by Dr Adeniran Olatokunbo Ogunmuyiwa, who disputed claims attributed to Ghanaian businessman Samuel Esson Jonah that more than $300 million was invested in infrastructure for the River Park Estate project.

Ogunmuyiwa, a founding director and shareholder of JonahCapital, alleged that the company did not finance or provide infrastructure for the estate and urged the Economic and Financial Crimes Commission (EFCC) to establish whether the claimed investment was ever brought into Nigeria and applied to the project.

The demand comes amid an arbitration proceeding reportedly instituted at the ICC in Paris over the development of Plot 4, Cadastral Zone E30, Lugbe West, Abuja, 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.

The Federal Capital Territory Minister, Nyesom Wike, had recently confirmed that Nigeria was facing arbitration proceedings over the disputed property.

But in a letter of disavowal addressed to the FCT Minister and dated August 10, Ogunmuyiwa questioned the authority of the faction pursuing the arbitration to make claims on behalf of JonahCapital.

He alleged that an ownership dispute over the company had resulted in competing corporate filings and that the persons advancing the arbitration claim were not the legitimate owners or directors of JonahCapital.

Ogunmuyiwa further disputed the alleged $300 million investment in River Park Estate.

According to him, “JonahCapital Nigeria Limited as a company in all its existence never provided any infrastructure or funding towards the development of River Park Estate.”

He claimed that the infrastructure in the estate was financed by Paulo Homes Limited under an agreement with the Nigerian faction of JonahCapital.

The allegation has not been independently established, and the parties on the other side of the dispute may contest the claims.

In a separate petition to the EFCC, received by the commission on August 11, lawyers representing the Nigerian faction urged the anti-graft agency to investigate what they described as alleged “impersonation, fraud, false representations” and attempts to obtain economic interests connected to the River Park project.

The petitioners specifically asked the EFCC to verify the alleged $300 million investment through documentary evidence, including Certificates of Capital Importation, bank statements, foreign inward-remittance records, relevant Central Bank of Nigeria documentation, foreign-exchange records, investment agreements, audited accounts, payment vouchers and evidence of payments to contractors and suppliers.

They also urged the commission to establish the source of the alleged funds, the accounts from which they originated, the Nigerian accounts into which they were allegedly transferred, the dates and amounts involved and how the funds were purportedly deployed.

The petitioners argued that if the $300 million investment claim was genuine, there should be a verifiable financial trail showing the movement and application of the funds.

They further asked the EFCC to investigate the alleged roles of Samuel Esson Jonah, Kojo Mensah and other persons said to be involved in the arbitration, including the documents and representations allegedly submitted before the ICC.

The Nigerian faction also alleged that Jonah failed to provide capital he had undertaken to contribute after being admitted as a shareholder of JonahCapital and was subsequently removed as a shareholder in or about 2008.

It further alleged that Paulo Homes Limited subsequently provided substantial financing for the project, including funds for the settlement of indigenous communities and the construction of primary infrastructure such as access roads and water reticulation.

The petitioners maintained that the alleged $300 million investment claim was inconsistent with the history of the project as known to them and could have significant implications for Nigeria if relied upon in the international arbitration.

They therefore called on the EFCC to conduct a full investigation and prosecute anyone found to have committed an offence.

The petitioners also said they had issued a cease-and-desist letter to a Ghanaian law firm they alleged was representing the disputed entities before the ICC.

The ownership of JonahCapital, the validity of the competing corporate records, the financing of River Park Estate and the competing claims arising from the Development Lease Agreement remain subjects of dispute.