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NASCO Town Limited has appealed the judgment of the Lagos State High Court which voided the Federal Government’s acquisition of about 292 hectares of land in Lagos, warning members of the public against engaging in any transaction involving the disputed property pending the determination of the appeal.
The company, in a statement issued, said it had exercised its constitutional right of appeal against the judgment delivered in Suit No. ID/5709LM/2025, stressing that the matter is now before the Court of Appeal.
NASCO said the clarification became necessary following media reports on the High Court’s decision, which declared the Federal Government’s acquisition of the land invalid and awarded damages in favour of the claimants.
While urging residents, tenants, businesses, Free Trade Zone operators, investors, financial institutions and other stakeholders within NASCO Town to remain calm, the company assured them that it would take all lawful steps to protect existing developments and preserve the subject matter of the appeal until the appellate court reaches a final decision.
It 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 company, any person transacting with parties other than NASCO over the land would do so at his or her own risk and subject to the outcome of the pending appeal.
Defending its claim to the property, NASCO stated that its title is founded on 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 government records and obtain independent legal advice before acting on any competing claims relating to the land.
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The company maintained that it respectfully disagrees with the High Court’s decision, noting that its appeal raises substantial legal questions concerning 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, saying 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 wider public significance, the company said the issues before the Court of Appeal extend beyond the immediate parties to include legal certainty, industrial development and investor confidence in transactions founded on Federal Government acquisition, lease and allocation records.
Reaffirming its commitment to the rule of law, NASCO said it would continue to pursue its case through the judicial process while respecting the authority of the courts.
The company also reiterated its commitment to protecting lawful investments within NASCO Town, which it described as a hub 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.
It pledged to continue operating within the bounds of the law while safeguarding the interests of residents, tenants, investors, workers and other stakeholders pending the final determination of the appeal.
