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SCOA NIGERIA PLC v. STERLING BANK PLC

(2016) JELR 36861 (CA)

Court of Appeal  •  CA/L/170/2013  •  3 May 2016  •  Nigeria

Coram
SAMUEL CHUKWUDUMEBI OSEJI JCA; TIJJANI ABUBAKAR JCA; ABIMBOLA OSARUGUE OBASEKI-ADEJUMO JCA;

Judgement

SAMUEL CHUKWUDUMEBI OSEJI, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of Lagos State delivered by A.O. ADEFOPE-OKOJIE J. (Mrs.) on the 20th day of November 2012 wherein Suit No LD/998/2009 was dismissed.

Sometimes in 1996, the Appellant herein entered into a lease agreement with the Respondent(then known as Magnum Trust Bank Plc) in respect of its property situate at No. 67 Marina, Lagos at a yearly rent of N3, 387, 340 (Three million, three hundred and eighty seven thousand, three hundred and forty Naira) with effect from 1-9-1996. By clause 4 of the Agreement, the lease was renewable at a rent to be mutually agreed upon by the parties, but in the event of a disagreement on the rent to be paid, the matter shall be referred to an arbitrator. Sometimes in 2004, the Respondent by a letter dated 1-6-2004 indicated its interest in renewing the lease. This engendered the exchange of series of correspondences to negotiate an agreeable …

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