COUTINHO CARD & COMPANY NIGERIA LIMITED V. OBIOHA INVESTMENT LIMITED

CHINWE EUGENIA IYIZOBA J.C.A. (Delivering the Leading Judgment): This is an Appeal by the Defendant/Appellant against the judgment of Olateru Olagbegi J. of High court of Lagos sitting at Lagos Judicial Division delivered on the 23rd day of December 2009.

The facts leading to the institution of the suit are as follows: The Respondent was the lessee of a parcel of land known as Plot No. WL 1085 lying and situate at No.30/32 Creek Road, Lagos covered by Registration of Title No. Mo 3949. By a Sub-lease Agreement dated 16th October 1990 (Exhibit B1) and registered at the Lands Registry, Ikeja, Lagos, the Respondent leased the said parcel of land for a term of 25 years certain (commencing 1st January, 1983) to the Appellant at a rent of N9,375.00 (Nine Thousand Three Hundred and Seventy Five Naira) yearly, for the first 16 years of the term as stated in Clause 1(a) of the Sublease Agreement. The total rent for the 16 year summed up to N150,000.00 (one Hundred and Fifty Thousand Naira). Th…