JonahCapital, the investment firm owned by Ghanaian tycoon Sam Jonah, has commenced arbitration proceedings against the Nigerian government at the International Chamber of Commerce (ICC) in Paris.
Dispute over Abuja land lease
The legal action follows the termination of a lease agreement concerning 501 hectares of land located in Abuja. The property at the center of the dispute is valued at approximately $500 million.
The move to the ICC signals a formal escalation of the conflict between the investment firm and the Nigerian state over the control and tenure of the massive land parcel in the capital city.
International arbitration process
By taking the matter to Paris, JonahCapital is seeking a resolution through international arbitration, a standard mechanism for resolving high-stakes disputes between foreign investors and sovereign governments.
The proceedings will examine the circumstances surrounding the lease termination and determine the financial or legal remedies available to the Ghanaian investor regarding the $500 million asset.
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