Drawcok Estate Limited has issued a strong public warning over unlawful attempts to sell, lease, or take possession of the iconic Nestoil Towers in Victoria Island, Lagos, despite multiple subsisting court orders restricting any such dealings.
In a detailed public notice released in Lagos, the company alerted potential buyers, investors, financial institutions, and the general public that the property located at 41/42 Akin Adesola Street and 60 Saka Tinubu Street—popularly known as Nestoil Towers—is the subject of ongoing litigation before both the Federal High Court and the Court of Appeal.
Drawcok, the legal owner of the property, said it was compelled to issue the notice following recent “misleading and unlawful” representations by individuals allegedly acting on behalf of a commrcial bank and others.
Though widely known as Nestoil Towers due to branding arrangements with its first tenant, Drawcok emphasised that the entire legal title—both above and beneath the land—belongs exclusively to the company, and not to any other company or any bank.
Central to the dispute is Suit No. FHC/L/CS/1812/2024, in which the Federal High Court issued a binding order restraining the bank, its agents, and assigns from transferring, leasing, selling, mortgaging, or otherwise dealing with the multi-storey commercial complex pending the determination of the case.
Drawcok stressed that the order remains valid and has not been set aside or vacated by any court.
The company also revealed that several appeals—CA/LAG/PRE/ROA/CV/66M1/25; CA/LAG/PRE/ROA/CV/66M2/25; and CA/LAG/PRE/ROA/CV/161M1/25—are currently pending at the Court of Appeal, underscoring the complexity and evolving nature of the litigation.
According to the notice, certain persons claiming to act under the authority of the Bank’s lead counsel in the subsisting case have been approaching third parties and suggesting they have a mandate to sell or lease the high-rise building.
Drawcok dismissed these representations as false, misleading, and legally unenforceable, insisting that no party is permitted to transact on the property while the court’s restraining order remains in force.
The company also referenced a separate case, Suit No. FHC/L/CS/2127/2025, filed by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil Limited.
Drawcok noted that the FBN Parties “wrongfully, whether by error or otherwise,” obtained an order purporting to seal or assume control of the property.
It added that a purported Receiver, Abubakar Sulu-Gambari, SAN, has taken actions infringing on Drawcok’s proprietary rights, even though the company is not a judgment debtor in that suit.
In its strongest warning, Drawcok urged the public to disregard any communication—whether from the bank, its lawyers, the FBN Parties, Sulu-Gambari, or any other individual—claiming authority to sell, mortgage, transfer, or lease the property.
The company stated that any person or entity entering into any commercial arrangement relating to the sale, purchase, lease, licence, or transfer of interest in the property does so entirely at their own risk.
Drawcok maintained that any such transaction will be treated as null, void, and unenforceable, stressing that the doctrine of lis pendens applies since multiple suits and appeals remain pending.
Reiterating the principle of caveat emptor (buyer beware), the company insisted that Nestoil Towers is not available for sale, lease, mortgage, or any similar transaction, and that any advertisement or offer suggesting otherwise is fraudulent and should be ignored.
The notice concluded that it was issued in good faith and in the interest of legal compliance, adding that anyone who disregards the warning risks significant financial and economic loss, as Drawcok will not recognise or ratify any unauthorised transaction.
