(DDM) — The Independent Corrupt Practices and Other Related Offences Commission is set to investigate serious allegations levelled against the Registrar-General of the Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, following a petition accusing him of unlawfully altering corporate records linked to major real estate firms operating in Abuja.
The petition, dated December 16, 2025, was submitted to the anti-graft agency by Ghanaian investors involved in JonahCapital Nigeria Ltd and Houses For Africa Nigeria Ltd, two companies central to the development of the River Park Estate in Lugbe, a fast-growing suburb of the Federal Capital Territory.
In the document addressed to the ICPC Chairman, the investors said their business presence in Nigeria spans nearly two decades, describing their investments as substantial foreign direct contributions made in good faith to Nigeria’s economic growth and housing sector.
They alleged that the CAC Registrar-General engaged in acts amounting to the unlawful expropriation of company shares, removal of duly registered directors, and retrospective cancellation of corporate filings covering almost fifteen years.
According to the petitioners, JonahCapital Nigeria Ltd serves as the head lessee and principal developer of River Park Estate, while Houses For Africa Nigeria Ltd operates as its strategic development partner.
The investors claimed the dispute originated in 2023, when they allegedly discovered that two former directors were illegally developing and selling company properties within the estate without authorization.
Several civil suits were subsequently filed at courts in Abuja to address the alleged infractions and protect the companies’ interests.
They further alleged that instead of defending the civil claims, opposing parties introduced criminal allegations designed to weaken their position in court.
The matter, according to the petition, escalated until it reached the Office of the Attorney General of the Federation, which reportedly directed the police to discontinue further criminal action.
Concerned about possible manipulation of their corporate records, the investors said they formally requested the CAC to place a caveat on their company files to preserve their integrity, a request they claimed was initially granted.
However, the petition alleged that on August 20, 2025, the CAC wrote to the companies referencing a report allegedly signed by a Deputy Commissioner of Police, Akin Fakorede, demanding the expungement of corporate filings spanning nearly fifteen years.
Despite responding to the CAC and filing a suit at the Federal High Court to preserve the disputed records, the investors said they were shocked to discover on December 8, 2025, that all their corporate filings had been cancelled by the Registrar-General.
They claimed the cancellations effectively reduced them to minority shareholders in JonahCapital Nigeria Ltd and resulted in the complete expropriation of their interests in Houses For Africa Nigeria Ltd.
The petition stressed that only three specific filings were in dispute and were already before a competent court, adding that the CAC Registrar-General had been served with court processes weeks before the sweeping cancellations.
They argued that by unilaterally cancelling filings, altering directorship structures, and reallocating shareholdings, the Registrar-General exercised powers constitutionally reserved for the judiciary.
DDM gathered that the investors warned such actions could destabilise the companies’ banking relationships, undermine ongoing court proceedings, and expose staff to wrongful termination and regulatory sanctions.
They further alleged that following the changes at the CAC, adverse claimants began writing to banks using company letterheads without authorization, instructing financial institutions to close corporate accounts.
The petitioners also claimed that letters had been sent to the Minister of the Federal Capital Territory seeking official recognition of new ownership over River Park Estate.
They urged the ICPC to conduct a thorough investigation, immediately reverse the administrative actions, restore the companies’ original records, and consider prosecuting the CAC Registrar-General for abuse of office.
The petition concluded with an appeal to the anti-graft agency to take a firm stand against actions capable of eroding investor confidence, warning that unresolved corporate governance disputes of this nature could discourage foreign investment in Nigeria.
