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, or any other individual claiming authority to sell, mortgage, transfer, or lease the property.

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.

Before You Buy Land This Ember Months in Nigeria, Read This Shocking Warning About Ibeju-Lekki – By Gbolahan Adetayo

As Ibeju-Lekki continues in its rapid rise as Africa’s fastest-growing real estate corridor, concerns are mounting over the increasing activities of land scammers targeting unsuspecting buyers, especially Nigerians in the diaspora returning home for the festive season.

Once a quiet suburb of Lagos, Ibeju-Lekki has transformed into a prime investment destination, driven by major infrastructural projects such as the Dangote Refinery, the Lekki Deep Seaport, and the proposed Lekki International Airport. These multibillion-naira developments have not only boosted commercial interest in the corridor but have also caused a dramatic spike in land value, turning the axis into a hotspot for real estate investors worldwide.

However, this boom has come with its own challenge and investment scammers are everywhere exploiting the Boom

Renowned Nigerian journalist, Gbolahan Adetayo has issued a strong warning to Nigerians abroad who intend to purchase land in Ibeju-Lekki during the upcoming Detty December holiday season. According to him, while genuine investors will return home eager to acquire property, others may fall prey to fraudulent individuals posing as real estate professionals.

“Christmas is almost here and the fact is that many Nigerians will smile to the bank, while others will return online shouting about being scammed after buying land from fake agents,” Adetayo cautioned.
“Shine your eyes. January is usually full of these heartbreaking complaints.”

Several cases of land fraud, illegal sales, and “Omo Onile” harassment have been reported in the media over the years, with victims particularly those abroad, losing millions to bogus companies.

The developer of the Seven Citadels of Joy tags Harmony Garden and Estate Developement is A Safer Option for not only Investors but for all Nigerians in Diaspora looking for Home Ownership Made Easy platform to become home owners at ease.

To help buyers avoid costly mistakes, Adetayo recommends sticking to trusted and verifiable developers. Among those he endorses are the estates owned by Harmony Garden and Estate Development Ltd, led by respected real estate entrepreneur Hon. Dr. Saheed Mosadoluwa a.k.a. Mr. Ibile and that is the man behind the 10,000 homes in 5 years initiative tags Ibile Traditional Mortgage System.

The recommended estates include as stated on the company official website : Home | Harmony Garden – Nigeria’s Most Trusted Real Estate Developer

Home | Harmony Garden – Nigeria’s Most Trusted Real Estate Developer
Secure land, property, and affordable housing with Harmony Garden. Trusted real estate developer in Lagos, Nigeria with flexible payment plans.

that house the seven estates which includes Granville Estate, Lekki Aviation Town, Majestic Bay, The Parliaments, Harmony Casa 2.0, Oju-Alaro GRA, and Harmonyville Estate all on Lekki-Epe Expressway, Ibeju-Lekki.

Harmony Garden is widely recognized for its zero-tolerance policy on corruption, land grabbing, and sharp practices issues that plague many parts of Ibeju-Lekki.

Why Harmony Garden Estates Keep Appreciating:
Beyond integrity, experts attribute the rising value of Harmony Garden estates to strategic land banking within Ibeju-Lekki’s development belt. The company’s estates are strategically positioned around critical infrastructure, such as:

Dangote Refinery, which is already reshaping industrial activity, Lekki Deep Seaport, boosting international trade, Lekki International Airport project, set to increase commercial traffic and residential demand, A rapidly expanding network of roads, industries, and residential hubs.

These factors have made the corridor one of Nigeria’s most lucrative real estate zones, with land prices rising significantly year after year.

Harmony Garden prides itself on transparency, ethical dealings, and long-term value creation. The company has earned national recognition as one of Nigeria’s top-selling real estate firms, focusing on quality, affordability, and accessible housing for all income levels.

“In an industry frequently tainted by fraudulent operators, Harmony Garden stands out for integrity,” Adetayo noted. “This is why I always recommend them for anyone buying property in Ibeju-Lekki.”

As Nigerians in the diaspora prepare to return for the festive holidays, the message is clear: invest wisely, verify every detail, and work only with trusted developers. With Ibeju-Lekki’s transformation accelerating, the stakes and the risks are higher than ever.

–Opaque Finance or Hostile Takeover? Nestoil challenges FBNQuest’s asset freeze over disputed $1bn claims

…Experts warn Nigeria risks scaring off global investors if fiduciary transparency collapses

Beneath the sun-scorched oilfields of OML 42, a high-stakes corporate drama is unfolding—one that could redefine confidence in Nigeria’s financial and judicial systems. At its center is a contentious $1 billion dispute involving Nestoil Limited, FBNQuest Merchant Bank, and a syndicate of lenders. What began as a routine request for clarity has morphed into a tangle of bank statements, ex parte court orders, and contested liabilities that now threatens investor sentiment in Africa’s largest economy.

For months, Nestoil says it repeatedly requested statements of account from FBNQuest and its lending partners to reconcile disputed figures exceeding $1.01bn and ₦430bn. Emails dating from February to June 2024, the company alleges, were ignored. That silence, Nestoil argues, was not a clerical lapse but a breach of fiduciary duty at a moment when transparency was critical.

As Facility Agent for the syndicated loan, FBNQuest is obligated to coordinate communication, monitor repayment schedules, and maintain accurate, accessible records. Instead, Nestoil says, the bank sidestepped these duties and raced to court. Without furnishing the requested statements, FBNQuest secured ex parte Mareva and receivership orders that froze Nestoil’s assets and shareholdings. These sweeping orders, Nestoil contends, were obtained without due process and executed while the company was actively seeking clarification.

In its court filings, Nestoil insists the debt figures relied on by FBNQuest are “incorrect and lack any proper basis.” The company is now mobilizing ten local and international forensic auditors to comb through its bank accounts nationwide—a decisive step aimed at uncovering the truth behind the disputed claims. “Only a proper forensic reconciliation would reveal whether we are indebted, and the precise amount, if any,” the company maintains.

Observers have raised eyebrows at the timing of FBNQuest’s move. Neconde, the Nestoil subsidiary tied directly to the facility, recently rebounded in production at OML 42 after years of setbacks. With renewed revenue flows, insiders argue, the asset has become a lucrative target. One source familiar with the matter went further: “This is an attempted hostile takeover of a producing oil asset,” suggesting that the legal escalation may be driven by motives beyond debt recovery.

The Mareva and receivership orders have already disrupted operations. Neconde’s production, logistics, and contracts remain frozen. The ripple effects have drawn the attention—and legal challenges—of foreign lenders and major banks with exposures to Neconde. Their filings raise broader questions about the neutrality of facility agents and security trustees, especially when such entities are affiliates of domestic lenders.

Seasoned bankers warn that the implications extend far beyond this dispute. In a financial ecosystem where trust underpins investment, the perception that facility agents can weaponize their role to seize assets sends a chilling signal. “If agents can turn adversarial under the guise of enforcement, global financiers will hesitate to fund indigenous companies,” one senior banker warned.

The legal issues are no less complex. Neconde insists its inclusion in FBNQuest’s orders is unlawful given its ongoing Federal High Court proceedings. Legal experts emphasize the need for caution when issuing ex parte orders in strategic industries like oil and gas. While such orders aim to preserve assets, they can destroy value—halting production, stalling payrolls, and endangering jobs. “Justice should not become a tool for asset conquest,” a Lagos-based commercial lawyer said.

Financial analysts argue the dispute exposes structural vulnerabilities in Nigeria’s banking system. Facility agents and trustees wield enormous power in syndicated loans, yet the regulatory oversight governing transparency and fairness appears insufficient. With Nigeria aggressively courting foreign investment in energy and infrastructure, cases like this risk eroding already fragile investor trust.

The human consequences are equally real. Beyond boardroom statements and court filings, the freeze impacts workers, contractors, and local communities dependent on OML 42. Production halts can delay salaries and disrupt local economies—raising the stakes of judicial restraint and responsible banking practices.

From a governance standpoint, Nestoil’s move to engage forensic auditors signals a commitment to transparency amid uncertainty. It underscores the need for rigorous record-keeping, independent verification, and clearly defined obligations in multi-party financing arrangements. If anything, the company’s stance is helping set a benchmark for corporate accountability in Nigeria’s financial landscape.

This dispute is also reshaping how facility agents are perceived. Meant to mediate between borrowers and lenders, these agents risk losing legitimacy if allegations of information asymmetry and opportunistic asset seizure hold weight. Transparent communication and adherence to fiduciary obligations are essential—not optional.

The broader system faces its own moment of reckoning. Without stronger regulatory oversight, clearer judicial guidelines, and stricter enforcement of fiduciary duties, similar crises may recur. For a country striving to present itself as a stable investment destination, the damage could be severe.

As the courts, banks, and auditors proceed, the outcome of this dispute will send a powerful message about Nigeria’s commitment to fairness, transparency, and due process. The battle over the $1 billion loan is more than a corporate disagreement; it is a test of the credibility of Nigerian institutions.

In the shadows of OML 42—where black gold flows and fortunes rise or fall—the Nestoil–FBNQuest conflict is a study in accountability, strategy, and the fragility of trust. It will be remembered not only for its legal twists, but for what it reveals about Nigeria’s financial architecture, the dangers of unchecked authority, and the resilience of indigenous companies navigating complex financial terrain.

For investors, bankers, and policymakers, the message is unmistakable: transparency is non-negotiable, fiduciary duties must be honored, and due process cannot be circumvented. Nigeria’s investment climate—and its global reputation—depends on it.