Drawcok Slams N100bn Legal Action Against FBNQuest Merchant Bank Over Alleged Forceful Seizure of Property

Drawcok Estate Limited has filed a N100 billion lawsuit against FBNQuest Merchant Bank Limited, First Trustees Limited, Mr Abubakar Sulu-Gambari, and the Deputy Sheriff of the Federal High Court, Lagos division, over the alleged unlawful and forceful seizure of its property . The suit is marked FHC/L/CS/22/26.

The company claims the defendants knowingly levied execution of a court order on its properties located at No. 41, No. 42 Akin Adesola Street and 60 Saka Tinubu Street, Victoria Island, Lagos.

Drawcok contends that it was never a party to the court proceedings and the properties were not part of the assets covered under the Common Terms Agreement used to obtain the enforcement order.

The alleged incident occurred on October 28, 2025, when the defendants, accompanied by heavily armed security personnel from the Nigeria Police Force and State Security Services, reportedly stormed the properties.

The firm stated that the defendants “in a commando fashion broke into the property in issue” and “molested the security personnel at the premises, destroyed the plaintiff’s electronic gates, mutilated the property by painting inscriptions on the walls”.

The plaintiff also accused the defendants of deliberately spraying paint on security cameras to render them useless and preventing tenants and technical staff from accessing the building.

The legal counsel to Drawcok, Mr Akinniyi, argued that the defendants knew the plaintiff was “expressly exempted from the CTA” but “willingly misled the Court to grant the Order against the Plaintiff’s property”.

The company is seeking restitution of its properties, an injunction restraining the defendants from further trespassing, and N100 billion in damages for business reputation injury, economic hardship, and breach of its right to fair hearing.

The legal action comes amid a wider legal battle involving Nestoil and Neconde, who are preparing a $1.8 billion damages claim against FBNQuest Merchant Bank and other lenders over alleged disruption of oil production operations.

A bid by FirstBank to reassign the ongoing trial court case had reportedly collapsed following a Supreme Court rebuke, with the court describing attempts to stall proceedings as suggestive of “ulterior motives and a misuse of judicial process”.