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 involving 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 disputed property, known as Plot 4 in Cadastral Zone E30, Lugbe West, was allocated to JonahCapital in 2007 under Nigeria’s Mass Housing Scheme. The company subsequently developed the site into River Park Estate, a major residential and mixed-use development comprising homes, commercial facilities, healthcare centres, offices and places of worship.
The financial value of JonahCapital’s arbitration claim has not been publicly disclosed. However, estimates have placed the value of the property at about US$500 million, based on prevailing property values in Abuja.
JonahCapital maintains that its development lease was due to remain valid until June 2030. The Federal Capital Development Authority (FCDA), however, terminated the lease in November 2025.
The company has challenged the decision, describing the termination as unlawful and contrary to the terms of the development agreement. It argues that Nigerian authorities failed to meet several obligations under the agreement.
According to JonahCapital, the FCDA failed to provide key infrastructure, including roads, electricity and water, forcing the developer to finance and construct the facilities at significant cost.
The company has also raised concerns about building approval fees and alleged that parts of the disputed property have been fenced off while the arbitration process is ongoing.
JonahCapital further claims that the River Park development has faced ownership claims from third parties, resulting in years of legal and administrative challenges. The allegations have yet to be determined by the arbitration tribunal.
Minister of the Federal Capital Territory, Nyesom Wike, has confirmed that the dispute has been referred to arbitration and said the Nigerian government would respect the process.
Mr Wike, however, maintains that the government acted lawfully in recovering the property after what he describes as the expiry of the lease. He has also disputed aspects of the development, arguing that some projects associated with the property were undertaken by Paulo Homes Limited, a separate company engaged by JonahCapital to facilitate certain approvals.
The commercial dispute is running alongside a separate 26-count criminal case involving Sir Sam Jonah and several other individuals before the Federal Capital Territory High Court.
The criminal case includes allegations of forgery of company documents and unlawful allocation of shares in companies associated with the Abuja development. Sir Sam Jonah has denied the allegations, which are yet to be determined by the court.
The dispute has also attracted 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 Foreign Affairs Minister, Samuel Okudzeto Ablakwa, over what he described as actions by Nigerian regulatory authorities that threatened his interests in the Abuja 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.
By taking the matter to ICC arbitration, JonahCapital has opted for an international dispute-resolution mechanism rather than relying solely on Nigeria’s domestic courts.
The date for the arbitration hearing has not yet been announced, while the related criminal proceedings in Nigeria remain pending.
Sir Sam Jonah is one of 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 has since expanded his business interests into sectors including mining, energy and real estate across Africa. The River Park Estate development in Abuja remains one of his major property investments outside Ghana.
Story by Freedom Etsey Lavoe
