NASCO challenges court ruling, cautions against dealings until appeal is decided

NASCO Town Limited has lodged an appeal against the Lagos State High Court's judgment that nullified the Federal Government's acquisition of approximately 292 hectares of land, and is warning the public to refrain from engaging in any transactions related to the disputed property until the appeal is resolved.

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The company's warning comes in the wake of the court's decision in Suit No. ID/5709LM/2025, which NASCO Town Limited has exercised its constitutional right to appeal, with the matter now pending before the Court of Appeal.

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The judgment, which was delivered by the Lagos State High Court, declared the Federal Government's acquisition of the land to be invalid and awarded damages in favour of the claimants, prompting NASCO to issue a public notice to clarify the situation.

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NASCO Town Limited is urging residents, tenants, businesses, Free Trade Zone operators, investors, and financial institutions to remain calm, assuring them that it will take all necessary steps to protect existing developments and preserve the subject matter of the appeal until it is determined.

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The company has also cautioned prospective purchasers, developers, estate agents, surveyors, banks, and investors against dealing with any portion of the disputed 292.428-hectare property, warning that anyone who does so will be doing so at their own risk and subject to the outcome of the appeal.

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NASCO's claim to the property is rooted in Federal Government acquisition and lease documents, including Federal Government Notice No. 1138 published in Official Gazette No. 44, Volume 64 of September 8, 1977, and Government Notice No. 1130 published in Official Gazette No. 44, Volume 63 of September 2, 1976.

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The company is advising members of the public to verify official records and seek independent legal advice before acting on any competing claims to the land, as it maintains that it respectfully disagrees with the High Court's decision and has raised substantial legal issues in its appeal.

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NASCO's appeal raises questions relating to government acquisition, limitation of actions, public purpose, possession, compensation, excision, and the legal effect of its long-standing title and development activities, with the company noting that the disputed land is fully developed and accommodates various residential estates, road infrastructure, and industrial operations.

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The company has warned that speculative transactions before the conclusion of the appeal could have far-reaching consequences, including undermining investor confidence, disrupting industrial operations, and adversely affecting residents, businesses, lenders, and other stakeholders.

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NASCO has described the appeal as one of broader public importance, with the issues before the Court of Appeal extending beyond the parties to include questions of legal certainty, industrial development, and investor confidence in transactions founded on Federal Government acquisition, lease, and allocation records.

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The company has reaffirmed its commitment to pursuing the matter through the judicial process while respecting the authority of the courts, and has also reiterated its commitment to protecting lawful investments within NASCO Town, which was established as a vehicle for residential, industrial, logistics, and Free Trade Zone development.

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The prolonged litigation has delayed planned investments in infrastructure, employment generation, education, healthcare, emergency services, and other community development projects, according to NASCO, which has pledged to continue operating within the bounds of the law while safeguarding the interests of residents, tenants, investors, workers, and all stakeholders pending the final determination of the appeal.