KEY POINTS
- Jonah Capital accuses CAC of seizing shares worth $50 million.
- Ghana’s Sir Sam Jonah petitions government to intervene diplomatically.
- CEO calls for accountability amid regulatory delays in Nigeria.
Kojo Ansah Mensah, Managing Director and CEO of Jonah Capital, has accused the head of Nigeria’s Corporate Affairs Commission (CAC) of committing what he calls a “grievous crime” by allegedly altering company records and expropriating shares belonging to the firm.
The dispute follows a formal petition by Ghanaian statesman Sir Sam Jonah to Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, dated December 13, 2025. In the 11-page petition, Sir Jonah requested government intervention after what he described as the unlawful seizure of his investments in Abuja’s River Park Estate by the CAC. The petition also urged that ECOWAS be notified of potential breaches of regional investment protection frameworks.
Alleged expropriation of $50 million
Mensah said the dispute centers on CAC boss Magaji SAN allegedly removing shares worth more than $50 million. Speaking on The Pulse on JoyNews, he described the act as corporate fraud.
“And please, when we say shares have been removed, shares mean something. Magaji, a supposed lawyer, expropriated shares in a company worth over $50 million.” That is a grievous crime, equivalent to stealing $50 million.”
He alleged that Magaji acted unilaterally to alter and seize shares, despite the matter being before the courts and under review by multiple Nigerian regulatory bodies.
Calls for government intervention and accountability
Jonah Capital has formally petitioned 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.
Mensah argued that delays in the release of an official report from Nigeria’s Attorney General have created a vacuum enabling such conduct. He further said, “Delaying justice denies justice,” and added that failing to act decisively allows “people like Magaji” to behave like corporate thugs.
