ACHIKE, J.S.C. (Delivering the Leading Judgment): In the arbitration proceedings which started before Bola Ajibola, Esq. sometime in April 1983, the respondents, inter alia, sought a determination in a controversy between the parties on the amount of rent payable by the appellant under a rent revision clause pursuant to the provisions of a deed of lease. At the arbitration proceedings, the exact question put to the arbitrator for the decision of the High Court, as a question of law, was:
"On what basis should the revised rent be computed? Is it on the basis of the fair and reasonable rent which can be obtained for the premises in the open market? Or is it on the basis of the fair and reasonable rent which can be obtained for the bare site, without taking into consideration the buildings or developments on the site?"
The High Court of Lagos Judicial Division presided over by Moni Fafiade, J. on 3rd February, 1989 held that only the bare land (i.e. second basis) should be taken into acc…