JOSEPH ISHOLA-WILLIAMS V. T. A. HAMMOND PROJECTS LTD.

A. G. O. AGBAJE, J.S.C. (Delivering the Leading Judgment): The primary facts in the case now before us on appeal are not in dispute. One Mr. J. Ishola- Williams by a Deed of Lease dated 28th March, 1977 granted a lease of his landed property at No. 15 Okesuna Street to the defendant company T.A. Hammond Projects Ltd. for a term of 60 years commencing from the date of the said lease at an annual rental of ₦2,500.00. In the lease the defendant covenanted as follows:

(i) "To pay the rent reserved;

(ii) To develop the Demised Premises with an amount of not less than ₦750,000.00 and that the new Building should be called "Eso-Ola House";

(iii) To pay and discharge all water and Township rates; and

(iv) Not to assign, sublet or part with the possession of the Demised Premises or any part thereof without the written consent of the Lessor but that the Lessor's consent would not be necessary after the Demised Premises had been developed."

By 1982 the property has not been developed by the defe…