Jonah Capital CEO Accuses Nigeria’s Corporate Affairs Commission Boss of Share Expropriation
Managing Director alleges unlawful alteration of company records in $50m investment dispute
Kojo Ansah Mensah, Managing Director and Chief Executive Officer of Jonah Capital, has accused the head of Nigeria’s Corporate Affairs Commission (CAC) of committing what he describes as a “grievous crime” by allegedly altering company records and expropriating shares belonging to the firm.
The allegation forms part of an escalating dispute surrounding investments linked to Abuja’s River Park Estate and follows a formal petition by Ghanaian statesman Sir Sam Jonah to Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa.
In the petition dated December 13, 2025, Sir Jonah appealed for diplomatic intervention, alleging the unlawful seizure of his investments by Nigerian authorities. He further called on the Government of Ghana to alert ECOWAS to what he described as possible violations of regional investment protection frameworks.
An 11-page document attached to the petition outlines years of tension between Jonah Capital and Nigerian regulatory institutions. The document accuses the CAC of altering company ownership records and acting in disregard of ongoing legal proceedings related to the matter.
Speaking on The Pulse on JoyNews, Mr Mensah said Jonah Capital was dealing with the unlawful removal of company shares valued at more than $50 million, describing the action as corporate fraud.
“And please, when we say shares have been removed, shares mean something,” he said. “A company worth in excess of over $50 million having its shares expropriated is a grievous crime, akin to the theft of $50 million by Magaji, who is supposed to be a lawyer.”
Mr Mensah alleged that the CAC boss, identified as Magaji SAN, acted unilaterally to alter company records and take over shares, despite the dispute already being before the courts and under review by multiple Nigerian state institutions.
According to him, Jonah Capital has submitted petitions to several authorities in Nigeria, including the Minister of Trade, the Nigeria Investment Promotion Council, the Attorney General, the Independent Corrupt Practices Commission (ICPC), and the Minister for the Federal Capital Territory (FCT).
The dispute reportedly began after Jonah Capital demanded accountability from its local Nigerian agent, Paul Odili of Paulo Homes Ltd, over alleged land encroachment issues within the River Park Estate.
Mr Mensah further criticised delays in the release of an official report from Nigeria’s Attorney General, arguing that the lack of decisive action has emboldened alleged misconduct.
“Justice delayed is justice denied,” he said, adding that the situation has created room for “people like Magaji to behave like corporate thugs.”
The matter has now taken on diplomatic dimensions, with expectations that Ghana’s Foreign Affairs Ministry will engage Nigerian authorities to seek clarity, accountability, and protection for Ghanaian investments abroad.
