Ghanaian investors in a Nigerian property venture have accused the Corporate Affairs Commission (CAC) of unlawfully expropriating their shares and altering company records, a claim that has now reached Nigeria’s National Assembly. The allegations centre on ownership rights linked to the multi-billion-naira River Park Estate in Abuja, where the investors say corporate actions were taken without legal authority and against a court process.
Representatives of Jonah Capital Nigeria Ltd and its partner, Houses for Africa Nigeria Ltd, presented a petition to the House of Representatives last week, urging lawmakers to investigate the Registrar-General of the CAC, Hussaini Ishaq Magaji, SAN. They allege that on 8 December 2025 the regulator changed the official ownership records of both companies to favour a rival party, despite an active court case and a directive from the Office of the Attorney-General of the Federation (AGF) ordering a halt to such actions.
According to the investors, the AGF’s office had instructed the CAC to place a caveat on the companies’ records in September while allegations of forged documents and corporate irregularities were reviewed. They claim that the Registrar-General ignored this directive and proceeded to alter shareholding details, remove directors and register new ones, effectively sidelining the Ghanaian investors.
Kojo Ansah Mensah, Chief Executive Officer of Jonah Capital and one of the Ghanaian investors, told lawmakers the changes were made despite the companies having served the CAC with originations summons weeks earlier and despite a meeting involving officials from the AGF’s office that confirmed the matter was sub judice.
The petition argues that these actions could set a dangerous precedent, enabling hostile takeovers of foreign-owned firms through regulatory intervention. It seeks legislative scrutiny and action to protect investors and uphold corporate governance standards.
In response to the controversy, the National Assembly has formally received the petition and referred it for further legislative action. Meanwhile, Houses for Africa Nigeria Ltd has issued a statement rejecting claims made by a former director who said he represented the company, insisting that those claims are “false and misleading”.
The dispute highlights ongoing tensions around corporate governance, foreign investment and regulatory authority in Nigeria’s property and business sectors.
