Drawcok warns global investors after multiple Nigerian court orders block any sale or lease of Nestoil Towers, citing ongoing disputes with banks and legal agents.
Drawcok Estate Limited has issued a strong public advisory warning investors, financial institutions and the broader business community against engaging in any transaction involving the high-profile Nestoil Towers in Lagos, stating that the property remains under strict court restraint.
The company said it was compelled to speak out following what it described as unlawful attempts by individuals allegedly linked to Guaranty Trust Bank (GTB) and other parties to market or assume control of the property despite multiple binding court orders.
Nestoil Towers — a landmark commercial complex located at 41/42 Akin Adesola Street and 60 Saka Tinubu Street in Victoria Island — is widely known by its tenant-related branding. However, Drawcok stressed that it alone holds full legal ownership of the land and building, both above and beneath ground level.
At the heart of the dispute is Suit No. FHC/L/CS/1812/2024 before the Federal High Court, which restrained GTB, its agents and assigns from selling, leasing, mortgaging or transferring any interest in the property pending the conclusion of the case. Drawcok emphasized that this order remains in force and has not been vacated.
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The dispute has since expanded, with several appeals — including CA/LAG/PRE/ROA/CV/66M1/25, CA/LAG/PRE/ROA/CV/66M2/25 and CA/LAG/PRE/ROA/CV/161M1/25 — now before the Court of Appeal. According to the company, the growing number of cases illustrates the complexity and sensitivity surrounding the property’s legal status.
Drawcok said individuals claiming to act with authority from GTB’s lead counsel have approached third parties with offers to sell or lease the tower. The company described such communications as fraudulent and legally void, warning that no party has the right to transact on the property under the doctrine of lis pendens, which prevents dealings during active litigation.
The company also pointed to a separate suit — FHC/L/CS/2127/2025 — involving FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil Limited. It said those parties “wrongfully” obtained an order suggesting control over the building, and that a purported receiver, Abubakar Sulu-Gambari, SAN, has taken steps infringing on Drawcok’s rights despite the company not being a judgment debtor.
In its notice, Drawcok urged the public to disregard any message from GTB, its lawyers, the FBN parties, Sulu-Gambari or any individual claiming authority over the property. It warned that anyone entering into a sale, lease or mortgage agreement does so entirely at their own risk.
The company concluded by affirming that Nestoil Towers is not for sale or lease, and any contrary advertisement should be treated as fraudulent. Anyone who ignores the warning, it said, risks significant financial loss, as no unauthorized transaction will be recognized.
