Drawcok Issues Stern Warning as Court Blocks GTBank, Others from Selling Nestoil Towers

Wale Igbintade

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 members of the 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 at 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 for Guaranty Trust Bank (GTBank) and others.

Though widely known as Nestoil Towers due to branding arrangements with its first tenant, Drawcok emphasised the entire legal title, above and beneath the land, belongs exclusively to the company and not to Nestoil Limited 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 GTBank, 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 the order remains in force and has not been set aside or vacated by any court.

The company further 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 ongoing nature of the litigation.

According to the notice, persons claiming to act under the authority of GTBank’s lead counsel in the subsisting case have been approaching third parties, suggesting that they hold the 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 in view of the court’s restraining order.

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 said 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 been taking actions that infringe on Drawcok’s proprietary rights, even though the company is not the judgment debtor in that suit.

In the strongest part of the warning, Drawcok cautioned the public to disregard any communication whether from GTBank, 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 viewed as null, void and unenforceable, stressing that the legal doctrine of lis pendens applies since multiple suits and appeals are ongoing.

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 any advertisement or offer suggesting otherwise is fraudulent and should be ignored.

The notice stated it was issued in good faith and in the interest of legal compliance, adding that anyone who ignores the warning may suffer significant financial and economic loss, as Drawcok will not recognise or ratify any unauthorised transaction.