River Park Estate: Dispute goes to international arbitration – Wike
By Soni DanielAbija: The Minister of the Federal Capital Territory, Nyesom Wike, has confirmed that the estate development dispute between the Federal Capital Development Authority (FCDA) and Ghanaian-owned real estate developer JonahCapital Nigeria Limited, over the development of River Park Estate, Lugbe, Abuja, is now before international arbitration.
The River Park Estate arose from the DLA executed on May 28, 2007 between the FCT Minister and JonahCapital Nigeria Limited under the FCT Mass Housing Scheme, which was registered on June 5, 2007 as No.
JonahCapital Ltd activated the arbitration clause against the FCDA and the Federal Capital Territory Authority pending before the International Chamber of Commerce (ICC), Paris, France, challenging the legality of the purported termination of the Development Lease Agreement (DLA) and seeking appropriate reliefs.
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