Institutional Failures May Endanger FDI, Foreign Investor Warns
Sunday Okobi
A South African investor and Chief Executive of a United States incorporated firm, John Townley-Johnson, has accused some Nigerian institutions of failing to protect foreign investors, warning that the situation could further deter foreign direct investment (FDI) into the country.
Townley-Johnson, who is the CEO of Houses for Africa Holdings (HFAH), alleged in a statement made available to THISDAY yesterday that his prolonged ownership dispute over HFAN and the River Park Estate project in Abuja illustrates systemic weaknesses in regulatory and judicial safeguards.
Townley-Johnson, who noted that he is locked in a long-running dispute with a Ghanaian businessman, Sam Jonah, over the control of HFAN-the investment vehicle behind the 500-hectare River Park Estate near the Abuja International Airport-alleged that documents bearing forged signatures were used to transfer shares in HFAN from HFAH Inc. to Jonah and that his complaints to the Corporate Affairs Commission (CAC) were not adequately investigated.
In the statement, he said that fresh forensic evidence obtained in February 2026 supports his forgery claims, and that earlier police forensic tests had validated the alleged irregularities.
The investor further claimed that after the Inspector-General of Police (IG) filed criminal charges over the disputed share transfers, the Attorney-General of the Federation intervened and discontinued the prosecution.
Townley-Johnson also cited a January 2026 courtroom incident in which an Abuja High Court Judge, Justice Modupe-Osho Adebiyi, publicly made an allegation about her ruling in the case. The judge reportedly declared in open court that she could not be induced to compromise justice and alleged that an intermediary was used to influence the proceedings.
The dispute has been compounded by executive action affecting the River Park Estate. On September 2, 2025, an FCT Ministerial Committee, set up by FCT Minister Nyesom Wike, reviewed a 2007 Development Lease Agreement issued under the former FCT Minister, Nasir El-Rufai.
Following the review, the minister cancelled the 19-year-old lease over alleged contractual breaches, and parts of the estate were bulldozed. Townley-Johnson and other affected stakeholders subsequently secured a stay of action and a judicial review, with the matter scheduled for hearing on February 27, 2026.
He also referenced a 2026 UK forensic report by Adam Brand Consultancy, which he said confirmed that his signature was forged on CAC documents used to transfer the majority ownership of HFAN.
The South African investor maintained that earlier reports by Nigerian Police experts and UK-based Key Forensics similarly found evidence of forgery involving millions of dollars in assets.
