NASCO Town Limited has appealed the Lagos State High Court judgment that voided the Federal Government’s acquisition of about 292 hectares of land, warning members of the public to avoid any transaction involving the disputed property until the appeal is decided.
In a public notice, the company said the judgment delivered in Suit No. ID/5709LM/2025 does not bring the matter to an end, stressing that it has already exercised its constitutional right to challenge the ruling and that the case is now before the Court of Appeal.
The notice followed reports on the High Court decision, which declared the Federal Government’s acquisition of the land invalid and awarded damages in favour of the claimants.
NASCO urged residents, tenants, businesses, Free Trade Zone operators, investors, financial institutions and other stakeholders within NASCO Town not to panic, assuring them that it would take all lawful steps necessary to protect existing developments and preserve the subject of the appeal pending its determination.
The company also issued a warning to prospective buyers, developers, estate agents, surveyors, banks and investors, advising them not to purchase, lease, negotiate, develop or enter into any form of transaction concerning any part of the disputed 292.428 hectare property.
According to NASCO, anyone who deals with any party other than the company in relation to the land does so entirely at their own risk and subject to the final outcome of the appeal.
Defending its claim to the property, the company said its title is backed by 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.
It advised members of the public to verify official records and seek independent legal advice before acting on any competing claims concerning the land.
NASCO maintained that it disagrees with the High Court ruling and said its appeal raises major legal questions around government acquisition, limitation of actions, public purpose, possession, compensation, excision and the legal effect of its long standing title and development activities on the land.
The company said the property in dispute is not vacant, noting that it is already fully developed and currently accommodates residential estates, road infrastructure, Free Trade Zone operations, Free Zone enterprises, transit harbour facilities, workers and other major third party investments.
It warned that speculative transactions carried out before the appeal is concluded could weaken investor confidence, disrupt industrial operations and negatively affect residents, businesses, lenders and other stakeholders connected to the area.
NASCO described the appeal as one with wider public significance, saying the issues before the Court of Appeal go beyond the immediate parties and touch on legal certainty, industrial growth and investor confidence in transactions based on Federal Government acquisition, lease and allocation records.
The company reaffirmed its decision to continue pursuing the matter through the courts while respecting the judicial process. It also restated its commitment to protecting lawful investments within NASCO Town, which it said was established to drive residential, industrial, logistics and Free Trade Zone development.
According to the company, the prolonged dispute has already slowed planned investments in infrastructure, job creation, education, healthcare, emergency response services and other community development projects.
NASCO added that it would continue to operate within the law while protecting the interests of residents, tenants, investors, workers and all other stakeholders until the appeal is finally determined.
