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 describes as a “grievous crime” by allegedly altering company records and expropriating shares belonging to the firm.

The escalating dispute follows a formal petition by Ghanaian statesman Sir Sam Jonah to Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa. In the petition dated December 13, 2025, Sir Jonah asked the government to intervene diplomatically after what he described as the unlawful seizure of his investments in Abuja’s River Park Estate by the CAC.

The 11-page document details years of friction between Jonah Capital and Nigerian authorities, including allegations that the CAC altered company ownership records and disregarded ongoing legal processes. Sir Jonah also urged Ghana to notify ECOWAS of potential breaches of regional investment protection frameworks.

The dispute originated from a demand for accountability from local Nigerian agent Paul Odili of Paulo Homes Ltd over alleged land encroachment within the estat

Speaking on The Pulse on JoyNews, Mr Mensah said the company is dealing with the unlawful removal of shares worth more than $50 million, a development he insists amounts to corporate fraud.

“And please, when we say shares have been removed, shares mean something,” he stressed. “Company worth in excess of over $50 million, having its shares being expropriated… It’s a grievous crime, akin to theft of $50 million by Magaji, who is supposed to be a lawyer.”

He alleged that the CAC boss, Magaji SAN, acted unilaterally to “alter and take shares away from a company,” despite the matter already being before the courts and several Nigerian regulatory bodies.

According to him, the company has formally petitioned the Minister of Trade, the Nigeria Investment Promotion Council, the Attorney General, the ICPC, and the Minister for the Federal Capital Territory (FCT).

Mr Mensah argued that delays in the release of an official report from Nigeria’s Attorney General have created a vacuum that allows such conduct to persist. “Justice delayed is justice denied,” he said, adding that the lack of decisive action is giving room for “people like Magaji to behave like corporate thugs.”