NASCO appeals land judgment, warns against transactions pending appeal

NASCO Town Limited has lodged an appeal against a Lagos State High Court ruling that invalidated the Federal Government's acquisition of approximately 292 hectares of land. The company has issued a public notice cautioning against any transactions concerning the disputed property until the appeal process concludes.

The judgment, delivered in Suit No. ID/5709LM/2025, is not considered final by NASCO, which is exercising its constitutional right to appeal. The matter is now before the Court of Appeal. This clarification follows media reports detailing the High Court's decision to declare the land acquisition invalid and award damages to the claimants.

NASCO urges residents, tenants, businesses, Free Trade Zone operators, investors, and financial institutions within NASCO Town to remain calm. The company assures stakeholders that it will pursue all lawful measures to protect existing developments and preserve the land pending the appeal's determination. It specifically cautions prospective purchasers, developers, estate agents, surveyors, and banks against engaging in any dealings related to the 292.428-hectare property, stating that such transactions would be at their own risk.

The company defends its claim, citing Federal Government acquisition and lease documents, including notices published in official gazettes in 1976 and 1977. NASCO respectfully disagrees with the High Court's decision, arguing that its appeal raises significant legal issues concerning government acquisition, statutes of limitation, public purpose, possession, compensation, and the legal effect of its long-standing title and development activities. NASCO emphasizes that the land is fully developed, hosting residential estates, infrastructure, Free Trade Zone operations, and substantial third-party investments, warning that speculative transactions could harm investor confidence and disrupt operations.