NASCO Town Limited has appealed the judgment of the Lagos State High Court voiding the Federal Government’s acquisition of about 292 hectares of land and has warned members of the public against engaging in any transaction involving the disputed property until the appeal is determined.
The company, in a public notice issued on Tuesday, said the judgment delivered in Suit No. ID/5709LM/2025 was not final, having exercised its constitutional right of appeal. It added that the matter is now before the Court of Appeal.
The clarification followed media reports of the High Court’s 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 to remain calm, assuring them that it would take all lawful steps to protect existing developments and preserve the subject matter of the appeal pending its determination.
The company also cautioned prospective purchasers, developers, estate agents, surveyors, banks and investors against purchasing, leasing, negotiating, developing or otherwise dealing with any portion of the disputed 292.428-hectare property.
According to the statement, anyone transacting with parties other than NASCO over the land would do so at their own risk and subject to the outcome of the appellate proceedings.
Defending its claim to the property, NASCO said its title 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.
It advised members of the public to verify the official records and obtain independent legal advice before acting on any competing claims to the land.
The company maintained that it respectfully disagrees with the High Court’s decision and that its appeal raises substantial legal issues relating to government acquisition, limitation of actions, public purpose, possession, compensation, excision and the legal effect of its long-standing title and development activities.
NASCO further stated that the disputed land is fully developed and not vacant, noting that it accommodates residential estates, road infrastructure, Free Trade Zone operations, Free Zone enterprises, transit harbour facilities, workers and significant third-party investments.
It warned that speculative transactions before the conclusion of the appeal could undermine investor confidence, disrupt industrial operations and adversely affect residents, businesses, lenders and other stakeholders.
Describing the appeal as one of broader public importance, the company said the issues before the Court of Appeal extend 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.
The company reaffirmed its commitment to pursuing the matter through the judicial process while respecting the authority of the courts. It also reiterated its commitment to protecting lawful investments within NASCO Town, which it said was established as a vehicle for residential, industrial, logistics and Free Trade Zone development.
According to NASCO, the prolonged litigation has delayed planned investments in infrastructure, employment generation, education, healthcare, emergency services and other community development projects.
The company 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.