Ghanaian businessman and mining executive Sir Sam Jonah has commenced international arbitration proceedings against the Nigerian government over a 501-hectare property in Abuja, escalating a long-running dispute over one of his major investments outside Ghana.
The case, being heard under the auspices of the International Chamber of Commerce (ICC) in Paris, concerns the termination of a development lease covering the property near the Nnamdi Azikiwe International Airport.
The investment is held through JonahCapital Nigeria Limited, a subsidiary of Sir Sam Jonah’s investment group. The financial value of the claim has not been publicly disclosed, although estimates have put the value of the property at about US$500 million based on prevailing property values in Abuja.
River Park Estate at centre of dispute
At the heart of the dispute is Plot 4 in Cadastral Zone E30, Lugbe West, a 501-hectare parcel allocated to JonahCapital in 2007 under Nigeria’s Mass Housing Scheme.
The company subsequently developed the property into River Park Estate, a major residential and mixed-use development featuring homes, commercial facilities, healthcare centres, offices and places of worship.
JonahCapital maintains that its development lease was due to remain in force until June 2030.
The Federal Capital Development Authority (FCDA), however, terminated the lease in November 2025. JonahCapital has challenged the decision, describing the termination as unlawful and contrary to the terms of the development agreement.
Infrastructure costs
In its case, JonahCapital contends that Nigerian authorities failed to meet several obligations under the agreement.
The company says the FCDA did not provide key infrastructure, including roads, electricity and water, leaving the developer to finance and construct the facilities at significant cost.
It has also raised concerns about building approval fees and alleged that sections of the disputed property have been fenced off while the arbitration process is underway.
JonahCapital further claims that the development has faced ownership claims from third parties, resulting in years of legal and administrative challenges.
The allegations are yet to be determined by the arbitration tribunal.
Wike: ‘Let arbitration take its course’
Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, has confirmed that the matter has been taken to arbitration and said the government would respect the process.
“The other party has gone to arbitration, and we say, ‘Okay, until you finish from arbitration,'” he said.
Mr Wike has maintained that the government acted lawfully in recovering the property after the expiry of the lease.
He has also disputed aspects of the development, arguing that some of the projects in question were undertaken by Paulo Homes Limited, a separate company engaged by JonahCapital to facilitate certain approvals.
Criminal proceedings
The commercial dispute is running alongside a separate criminal case involving Sir Sam Jonah and several other individuals before the Federal Capital Territory High Court.
The 26-count case includes allegations of forgery of company documents and the unlawful allocation of shares in companies associated with the Abuja development.
Sir Sam Jonah has denied the allegations. The charges are yet to be determined by the court.
Ghana intervenes
The dispute has also drawn the attention of the Ghanaian government amid concerns about the protection of Ghanaian investments in Nigeria.
In late 2025, Sir Sam Jonah petitioned Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, over what he described as actions by Nigerian regulatory authorities that threatened his interests in the investment.
Mr Ablakwa subsequently raised concerns about the treatment of Ghanaian businesses operating in Nigeria at an ECOWAS Council of Ministers meeting in Abuja, citing the JonahCapital dispute.
The Foreign Affairs Minister had earlier visited River Park Estate and expressed support for efforts to safeguard Ghanaian investments abroad.
Why the ICC case matters
By taking the dispute to ICC arbitration, JonahCapital has opted for an international dispute-resolution mechanism rather than relying solely on Nigeria’s domestic courts.
International commercial arbitration is widely used in cross-border investment disputes and can provide a mechanism for parties to resolve contractual disagreements before an independent tribunal.
The arbitration hearing date has not yet been announced, while the related criminal proceedings in Nigeria remain pending.
Sir Sam Jonah is among Ghana’s most prominent business figures. He rose to prominence through the transformation of Ashanti Goldfields Company into one of Africa’s leading mining companies and later became President of AngloGold Ashanti following the 2004 merger between Ashanti Goldfields and AngloGold.
He subsequently expanded his business interests into sectors including mining, energy and real estate across Africa.
The Abuja development remains one of his major property investments outside Ghana.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Source link
