Ghanaian business magnate, Sir Sam Jonah, has petitioned Nigeria’s Minister of Industry, Trade and Investment, alleging the “unlawful expropriation” of his shares in two Nigerian companies by the country’s Corporate Affairs Commission (CAC).
In a formal complaint dated December 8, 2025, addressed to Dr Jumoke Oduwole, Jonah accuses the Registrar-General of the CAC, Hussaini Ishaq Magaji (SAN), of extrajudicially removing directors and invalidating decades of corporate filings for JonahCapital Nigeria Ltd and Houses For Africa Nigeria Ltd.
The petition claims these actions, which revert the companies’ status to their 2006/2007 incorporation dates, were taken despite an active court case and a pending injunction served on the CAC, a move Jonah says undermines the judicial process.
“The Registrar General, being a Senior Advocate of Nigeria, is fully aware of the settled legal principle that once a party is served with an application for injunction, that party must maintain status quo and refrain from taking any step capable of foisting a fait accompli on the Court,” Jonah stated in the letter seen by MyJoyOnline.
The dispute is linked to a long-standing ownership tussle over the lucrative River Park Estate in Abuja.
Jonah argues that by unilaterally altering shareholding and directorship records, the CAC has effectively granted “administrative victory” to the other party in the case, Adeniran Olatokunbo Ogunmuyiwa, even as the matter is before the Federal High Court in Abuja.
Jonah, the former CEO of Ashanti Goldfields and a Knight of the British Empire (KBE), outlined the severe implications of the CAC’s actions.
He warned of potential massive economic losses, destabilised banking relationships, and operational paralysis for the companies.
A critical fallout is that the companies may now be in automatic default of a 2023 CAC directive requiring firms with foreign participation to increase their share capital to N100 million.
By cancelling old filings, the share capital has been reset to 1 million shares, exposing them to penalties.
The petition urges the Minister to direct the Registrar-General to immediately reverse the administrative actions.
It argues that the CAC boss has unlawfully exercised judicial powers reserved exclusively for the courts under the Nigerian constitution.
The Nigerian Ministry of Industry, Trade and Investment and the Corporate Affairs Commission are yet to publicly respond to the allegations.
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