Foreign investors operating under the JonahCapital Nigeria Ltd umbrella have taken their grievances to the National Assembly, raising concerns over the handling of a long-running share ownership dispute involving the Corporate Affairs Commission (CAC), which they say could undermine investor confidence and regulatory credibility in Nigeria.
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The concerns were detailed in a statement signed by Kojo Ansah Mensah, Chief Executive Officer of JonahCapital Nigeria Ltd, who spoke on behalf of the foreign shareholders.
According to him, the decision to petition the National Assembly followed steps taken by the CAC while the matter remains before the courts and is subject to ongoing investigations.
At the centre of the dispute is the claim that the CAC reassigned shares held by some Ghanaian investors to other Nigerian shareholders after allegations of forgery were raised.
Mensah said the allegation has not been determined by any court and stressed that the shares were acquired legitimately and in good faith in 2007.
“The Corporate Affairs Commission allocated our shares to other Nigerians after accusing us of forgery without proving the allegation in court,” Mensah said.
The statement noted that the investors had earlier approached the court to restrain the CAC from taking further action while the case was sub judice. Despite this, the investors said changes were made to the shareholding structure.
Mensah further stated that the developments occurred despite a written directive dated September 24, 2025, issued by the Attorney-General of the Federation through the Solicitor-General of the Federation, directing that a caveat be placed on the records of the affected companies pending the conclusion of a police investigation.
“All these are happening despite unproven allegations of forgery, non-refund of millions of dollars paid in lieu of shares, and the breach of the CAC Act, which provides for 100 million shares for companies with foreign partners,” he said.
According to the statement, the police investigation referenced by the Attorney-General involves Sir Samuel Jonah, Kojo Ansah Mensah, Victor Quainoo, and the company’s Nigerian secretary, Abu Arome.
The investors disclosed that their petition has already attracted legislative attention, with a motion on the matter adopted by the National Assembly plenary on Thursday, December 11, 2025. They also said petitions have been submitted to the Attorney-General of the Federation, the President of Ghana, and the supervising Minister of Trade, while preparations are underway to seek redress at the ECOWAS Court of Justice.
“The action by the CAC is a disturbing trend which could set a bad precedent of hostile takeovers of foreign-owned companies by governments and give to its citizens,” Mensah stated.
Beyond the petitions, the investors also called for clarity around internal processes at the CAC, seeking explanations on how the disputed filings were handled and what safeguards exist when questions arise over company records.
“Which CAC officials processed and approved the alleged forged filings? What internal investigation has been commenced? What disciplinary or prosecutorial steps have been taken against any implicated staff?” Mensah asked.
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