Investors Cautioned: Nestoil Towers Under Court Restraint, Not for Sale —Drawcok

Drawcok Estate Limited has issued a formal public warning highlighting unlawful efforts to sell, lease, or assume control of the iconic Nestoil Towers in Victoria Island, Lagos, notwithstanding multiple court orders that restrain any dealings with the property.

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 currently 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 Guaranty Trust Bank (GTBank) and others.

Although widely known as Nestoil Towers due to branding arrangements with its first tenant, the company clarified that all legal title to the land and the building—above and beneath the ground—belongs exclusively to Drawcok, not to Nestoil Limited or any bank.

At the centre of the dispute is Suit No. FHC/L/CS/1812/2024, in which the Federal High Court granted a binding order restraining GTBank, its agents, and assigns from transferring, leasing, selling, mortgaging, or otherwise dealing with the multi-storey commercial complex pending the determination of the suit.

Drawcok emphasised that the restraining order remains valid and has not been set aside or vacated.

The company further disclosed that multiple appeals—CA/LAG/PRE/ROA/CV/66M1/25; CA/LAG/PRE/ROA/CV/66M2/25; and CA/LAG/PRE/ROA/CV/161M1/25—are pending before the Court of Appeal, underscoring the complexity and ongoing nature of the cases.

According to the notice, individuals claiming to act under the authority of GTBank’s lead counsel in the subsisting suit have been approaching third parties and suggesting that they have a mandate to sell or lease the high-rise building.

Drawcok dismissed these claims as false, misleading, and legally unenforceable, insisting that no party is permitted to transact on the property in view of the binding court order.

The company also referenced another case, Suit No. FHC/L/CS/2127/2025, filed by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil Limited.

Drawcok said the FBN parties “wrongfully, whether by error or otherwise,” obtained an order purporting to seal or take control of the property.

It added that a purported Receiver, Abubakar Sulu-Gambari, SAN, has been taking actions that infringe on Drawcok’s proprietary rights, even though the company is not the judgment debtor in that matter.

In its strongest warning yet, Drawcok urged the public to disregard any communication from GTBank, its lawyers, the FBN parties, Sulu-Gambari, àaàa any other individual claiming authority to sell, mortgage, transfer, or lease the property.a

The company stressed 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 considered null, void, and unenforceable, noting that the doctrine of lis pendens applies, given the multiple ongoing suits and appeals.

Reiterating the principle of caveat emptor (buyer beware), the company stated that Nestoil Towers is not available for sale, lease, mortgage, or any related transaction, and any advertisement or offer suggesting otherwise is fraudulent and should be ignored.

The notice concluded by stating that it was issued in good faith and in the interest of legal compliance.

It warned that anyone who disregards the notice risks significant financial and economic loss, as Drawcok will not recognise or ratify any unauthorised transaction.