LAGOS — The ongoing legal and regulatory dispute between JonahCapital and the Corporate Affairs Commission (CAC) over the ownership of River Park Estate has intensified, with JonahCapital alleging that the commission engaged in arbitrary interference and improper record manipulation.
In an exclusive interview on TVC News Nigeria on 16th December 2025, JonahCapital’s spokesperson expressed deep frustration over what they describe as “corporate espionage” and the unilateral alteration of company records by the CAC.
“The CAC has taken away shares of a private company without due process. This is not just a legal issue—it is a crime,” the spokesperson said.
According to JonahCapital, the company has been operating in Nigeria since 2012, diligently filing necessary returns, paying all statutory obligations, including to PENCOM and other agencies, and employing Nigerians. Yet, they now face allegations of fraud reportedly determined by the CAC.
“The CAC is claiming fraud, but the correct venue to establish any wrongdoing is the court. Even the police can only make preliminary findings; it must be proven in court. Until a court pronounces on this matter, nobody should be allowed to hide behind administrative authority to seize what we have legitimately built,” he emphasized.
The dispute appears to revolve around an omnibus clause within CAC regulations, which allows the commission to correct records it deems “illegally procured or fraudulent.” JonahCapital argues that this clause is being misapplied to favor competing parties and to disrupt the company’s operations, including attempts to close its bank accounts.
“The CAC managers quickly took the procured status report to our banks, demanding account closure. This undermines the evidence of legitimate business transactions that have been ongoing for years,” the spokesperson alleged.
When questioned about any prior business relationship with the opposing party, JonahCapital acknowledged there had been partnerships, but insisted that the matter is now squarely in court. “Those are matters that the court is handling. My focus is on ensuring that due process is followed and the law upheld,” he said.
The company also raised broader concerns about investor confidence, noting that arbitrary administrative actions could send a negative signal to foreign investors. “If a Ghanaian investor like me cannot feel safe doing business in Nigeria, what message does that send to investors from America or elsewhere? This arbitrary intervention undermines trust in Nigeria’s corporate regulatory environment,” the spokesperson said.
JonahCapital stressed that its goal is not to seek favoritism or special treatment but to have the law applied fairly. “We are at the mercy of the courts to determine the rightful ownership of River Park Estate. If the court rules against us, we will abide by the law and may appeal if necessary. But until then, no administrative body should overstep its bounds,” he added.
The dispute has already drawn attention beyond Nigeria, with petitions reportedly sent to ECOWAS and the Nigerian Foreign Ministry, highlighting the regional and international implications of the case.
As the saga unfolds, the central question remains whether the CAC’s regulatory authority will be exercised within legal limits or if the dispute will escalate into a cautionary tale for investors about corporate governance and the protection of private enterprise in Nigeria.