A faction of JonahCapital Nigeria Limited has asked the Economic and Financial Crimes Commission (EFCC) to investigate a claim that more than $300 million was invested in the development of River Park Estate, Abuja.
The faction, led by Adeniran Ogunmuyiwa, a director and founder of JonahCapital, disputed the claim and urged the Federal Government to exercise caution over an ongoing arbitration involving the River Park project at the International Chamber of Commerce (ICC) in Paris, France.
Ogunmuyiwa alleged that the arbitration could expose Nigeria to a claim for hundreds of millions of dollars over an investment that, according to him, was never made.
The dispute centres on Plot 4, Cadastral Zone E30, Lugbe West, Abuja, now known as River Park Estate. JonahCapital Nigeria Limited acquired the property through a Development Lease Agreement (DLA) with the Federal Capital Development Authority (FCDA) in 2007.
The development has since become the subject of a dispute between Nigerian investors and a Ghanaian-linked faction over the ownership and control of JonahCapital and the rights arising from the lease agreement.
