Jonah Capital, Houses for Africa petition Trade Minister over CAC actions

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has been petitioned by Jonah Capital Limited and Houses for Africa Limited over alleged administrative actions by the Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, relating to the protracted River Park Estate dispute in Abuja.

The petition, submitted on behalf of the companies by Ghanaian investor Sir Samuel Esson Jonah, KBE, called on the minister to investigate claims of unlawful expropriation of shares, removal of directors and retrospective invalidation of corporate filings allegedly carried out by the CAC.

Dated December 8, 2025, the petition alleged that the Registrar-General unilaterally reversed nearly two decades of corporate records of Jonah Capital Nigeria Limited and Houses for Africa Nigeria Limited, actions said to have disrupted ownership structures, corporate governance and ongoing litigation involving the firms.

According to the petition, the CAC allegedly reverted the status of the companies to their respective dates of incorporation—2006 for Jonah Capital and 2007 for Houses for Africa—despite the fact that only three filings were in dispute and already before the Federal High Court. It was further stated that the commission had prior knowledge of the pending court proceedings.

The companies warned that the alleged actions could undermine judicial processes and have far-reaching commercial implications, including disruption of banking relationships, exposure to regulatory sanctions and potential economic losses linked to investments in the River Park Estate project.

The petition also raised concerns over regulatory consistency, noting that in 2023 the CAC directed companies with foreign participation to increase their share capital to N100 million, a requirement the companies said they had met. The retroactive cancellation of filings, the petition argued, could now place the firms in technical default of existing regulatory obligations.

In addition, the companies expressed concern over the welfare of their employees, stating that the administrative decisions could expose both local and foreign staff to the risk of wrongful termination under newly purported management arrangements.

The petition urged the minister to exercise her supervisory authority to direct an immediate reversal of the administrative actions pending the determination of the matters before the courts.

Meanwhile, the Office of the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, had earlier intervened in the dispute, directing the CAC to suspend further corporate actions on the affected companies while a review of police investigation files was ongoing.

A letter dated September 24, 2025, from the Permanent Secretary of the Federal Ministry of Justice requested the preservation of the companies’ records pending legal advice.

The Federal Capital Territory High Court also ordered all parties to maintain the status quo on the disputed River Park Estate, effectively halting development and transactions on the property pending the conclusion of legal proceedings.

In a related development, the House of Representatives received a petition seeking a legislative probe into the alleged alteration of corporate records by the CAC Registrar-General. The petition was presented by Hon. Muktar Tolani Shagaya, representing Ilorin West Federal Constituency of Kwara State, during plenary presided over by the Deputy Speaker, Hon. Benjamin Kalu.

The Corporate Affairs Commission has denied any wrongdoing, insisting that it acted within the limits of its statutory powers.

The dispute continues to draw legal, regulatory and legislative attention, highlighting broader concerns around corporate governance, regulatory oversight and investor confidence in Nigeria’s real estate and business environment.

Jonah Capital, Houses for Africa petition Trade Minister alleging CAC tampered with records

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has been petitioned by Jonah Capital Limited and Houses for Africa Limited over alleged administrative actions by the Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, relating to the protracted River Park Estate dispute in Abuja.

The petition, submitted on behalf of the companies by Ghanaian investor Sir Samuel Esson Jonah, KBE, called on the minister to investigate claims of unlawful expropriation of shares, removal of directors and retrospective invalidation of corporate filings allegedly carried out by the CAC.

Dated December 8, 2025, the petition alleged that the Registrar-General unilaterally reversed nearly two decades of corporate records of Jonah Capital Nigeria Limited and Houses for Africa Nigeria Limited, actions said to have disrupted ownership structures, corporate governance and ongoing litigation involving the firms.

According to the petition, the CAC allegedly reverted the status of the companies to their respective dates of incorporation—2006 for Jonah Capital and 2007 for Houses for Africa—despite the fact that only three filings were in dispute and already before the Federal High Court. It was further stated that the commission had prior knowledge of the pending court proceedings.

The companies warned that the alleged actions could undermine judicial processes and have far-reaching commercial implications, including disruption of banking relationships, exposure to regulatory sanctions and potential economic losses linked to investments in the River Park Estate project.

The petition also raised concerns over regulatory consistency, noting that in 2023 the CAC directed companies with foreign participation to increase their share capital to N100 million, a requirement the companies said they had met. The retroactive cancellation of filings, the petition argued, could now place the firms in technical default of existing regulatory obligations.

In addition, the companies expressed concern over the welfare of their employees, stating that the administrative decisions could expose both local and foreign staff to the risk of wrongful termination under newly purported management arrangements.

The petition urged the minister to exercise her supervisory authority to direct an immediate reversal of the administrative actions pending the determination of the matters before the courts.

Meanwhile, the Office of the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, had earlier intervened in the dispute, directing the CAC to suspend further corporate actions on the affected companies while a review of police investigation files was ongoing.

A letter dated September 24, 2025, from the Permanent Secretary of the Federal Ministry of Justice requested the preservation of the companies’ records pending legal advice.

The Federal Capital Territory High Court also ordered all parties to maintain the status quo on the disputed River Park Estate, effectively halting development and transactions on the property pending the conclusion of legal proceedings.

In a related development, the House of Representatives received a petition seeking a legislative probe into the alleged alteration of corporate records by the CAC Registrar-General. The petition was presented by Hon. Muktar Tolani Shagaya, representing Ilorin West Federal Constituency of Kwara State, during plenary presided over by the Deputy Speaker, Hon. Benjamin Kalu.

The Corporate Affairs Commission has denied any wrongdoing, insisting that it acted within the limits of its statutory powers.

The dispute continues to draw legal, regulatory and legislative attention, highlighting broader concerns around corporate governance, regulatory oversight and investor confidence in Nigeria’s real estate and business environment.