Sam Jonah Protests Unlawful Seizure of Company Shares to Nigeria's Trade Minister
Ghanaian business magnate, Sir Sam Jonah, has filed a petition with Nigeria’s Minister of Industry, Trade and Investment, alleging the “unlawful expropriation” of his shares in two Nigerian companies.
In a formal complaint dated December 8, 2025, Sir Sam accuses Hussaini Ishaq Magaji (SAN), the Registrar-General of the Corporate Affairs Commission (CAC), of removing directors and invalidating decades of corporate filings for JonahCapital Nigeria Ltd and Houses For Africa Nigeria Ltd.
The petition, which MyJoyOnline has seen, claims the CAC took these actions despite an active court case and a pending injunction. This, Sir Sam argues, undermines the Nigerian 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,” he stated.
The controversy stems from a long-standing dispute over ownership of the River Park Estate in Abuja. Sir Sam contends that the CAC’s unilateral changes to shareholding and directorship records essentially hand an “administrative victory” to Adeniran Olatokunbo Ogunmuyiwa, the other party in the court case.
Sir Sam Jonah, former CEO of Ashanti Goldfields and a Knight of the British Empire (KBE), warned of severe consequences if the actions are not reversed. He cited potential massive economic losses, destabilised banking relationships, and operational paralysis for the companies.
The CAC’s actions also threaten to put the companies in default of a 2023 directive requiring firms with foreign participation to increase their share capital to N100 million. By reverting to the companies’ 2006/2007 incorporation status, the share capital has been reset to 1 million shares, potentially incurring penalties.
The petition urges Dr Jumoke Oduwole to direct the Registrar-General to immediately reverse the administrative actions, arguing that the CAC boss has overstepped his authority and unlawfully exercised judicial powers reserved for the courts under the Nigerian constitution.
As of the time of publication, the Nigerian Ministry of Industry, Trade and Investment and the Corporate Affairs Commission have not publicly responded to the allegations.
Image Source: MYJOYONLINE
