Ghanaian businessman and mining executive Sir Sam Jonah has commenced international arbitration proceedings against the Nigerian government over a 501-hectare property in Abuja. This action escalates a long-running dispute concerning one of his major investments outside Ghana. The case is being heard under the auspices of the International Chamber of Commerce (ICC) in Paris.
The arbitration specifically addresses the termination of a development lease covering the property, located near the Nnamdi Azikiwe International Airport. JonahCapital Nigeria Limited, a subsidiary of Sir Sam Jonah’s investment group, holds the investment. While the financial value of the claim has not been publicly disclosed, estimates place the property's value at approximately US$500 million, based on prevailing property values in Abuja.
This dispute fits into a broader narrative of challenges faced by Ghanaian businesses operating in Nigeria. Such cross-border investment disputes can impact investor confidence and bilateral trade relations between the two West African economic powerhouses. The Ghanaian government has previously expressed concerns about the protection of its citizens' investments in Nigeria, indicating the wider economic implications of this case.
Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, has confirmed the matter is in arbitration. He stated that the government would respect the process, saying, “The other party has gone to arbitration, and we say, 'Okay, until you finish from arbitration.'” Mr. Wike maintains that the government acted lawfully in recovering the property after the lease expired.
The outcome of this arbitration will be closely watched by investors and policymakers. It could set a precedent for how similar investment disputes between Ghanaian entities and the Nigerian government are handled. The resolution will also influence perceptions of investment security in Nigeria for foreign businesses, particularly those from ECOWAS member states.
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 significant residential and mixed-use development. This development includes homes, commercial facilities, healthcare centres, offices, and places of worship. JonahCapital asserts that its development lease was valid until June 2030.
However, the Federal Capital Development Authority (FCDA) terminated the lease in November 2025. JonahCapital has challenged this decision, describing the termination as unlawful and contrary to the terms of their development agreement. The company contends that Nigerian authorities failed to meet several obligations under the agreement. These obligations included providing key infrastructure such as roads, electricity, and water. JonahCapital claims it had to finance and construct these facilities at significant cost.
JonahCapital has also raised concerns about building approval fees and alleged that sections of the disputed property have been fenced off during the arbitration process. The company further claims that the development has faced ownership claims from third parties, leading to years of legal and administrative challenges. These allegations are yet to be determined by the arbitration tribunal.
The commercial dispute runs parallel to a separate criminal case involving Sir Sam Jonah and several other individuals before the Federal Capital Territory High Court. This 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 these allegations, and the charges are yet to be determined by the court.
The Ghanaian government has intervened in the dispute due to concerns about protecting Ghanaian investments in Nigeria. In late 2025, Sir Sam Jonah petitioned Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, regarding actions by Nigerian regulatory authorities. Mr. Ablakwa subsequently raised concerns about the treatment of Ghanaian businesses in Nigeria at an ECOWAS Council of Ministers meeting in Abuja. He had previously visited River Park Estate and expressed support for safeguarding Ghanaian investments abroad.
By opting for ICC arbitration, JonahCapital has chosen an international dispute-resolution mechanism over Nigeria’s domestic courts. International commercial arbitration is widely used in cross-border investment disputes. It provides a mechanism for parties to resolve contractual disagreements before an independent tribunal. The arbitration hearing date has not yet been announced, and the related criminal proceedings in Nigeria remain pending.
Sir Sam Jonah is a prominent Ghanaian business figure. He gained recognition for transforming Ashanti Goldfields Company into a leading African mining company. He later became President of AngloGold Ashanti after its 2004 merger with Ashanti Goldfields. His business interests have since expanded into mining, energy, and real estate across Africa. The Abuja development remains one of his significant property investments outside Ghana.