S. O. UWAIFO, J.S.C. (Delivering the Leading Judgment): The property in dispute in this case is plot No. 98 at No.2 Abudu Smith Street, Victoria Island, Lagos. It is State land covered by Title Certificate No. LO5166 of 1963 which was leased to late Oba Adesoji Aderemi by the Governor of Lagos State under a deed of lease dated 4 June, 1963. It was developed by the said lessee and at his death, it became vested in the 1st to 4th respondents who are his executors/executrix (hereinafter called the landlords).
Sometime in February, 1986, the appellant indicated its interest in taking a sublease of the said property. The landlords, acting through their solicitors, made an offer by letter dated 18 February. 1986 (exhibit A-A2) to the appellant. The letter contained details which I do not need to state in full. 'It is enough to say that the sublease was to be for ten years with an option for a further five years; the annual rent was to be ₦75,000.00 with effect from June 1, 1986, the first …
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