Court
<h4>Lagos Lawyer</h4>
<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reports that a Lagos Lawyer, Oluwole Kehinde, has written a letter on behalf of the beneficiaries of Estate of a Lagos business man Cletus Victor Kwakwu the beneficial owner of the property lying and being at number 10 Macpherson Avenue Ikoyi Lagos state known as Plot 1 section S E South East Ikoyi with Title No L03350,the managing Director of County Estates Limited for immediate surrender of the property.</p>
<p>In addition, the beneficiaries owner of the Estate is also demanding the sum of N2,957,378,716.33 being the outstanding rent plus accrued interest on the rent due to the beneficiary owners.</p>
<p>In the letter, the lawyer stated that <em><strong>“Our clients inform us that sometime in 1998, our clients, represented by the Executors of the Estate, for themselves and on behalf of the Beneficiaries of the Estate, executed a Deed of Sublease in respect of the property in favour of your company for a term of 35 years with a construction period of 1 year. Some of the fundamental covenants contained in the deed of sublease include:</strong></em></p>
<p><em><strong>{A} Payment of the prevalent annual rent obtainable for the two units of four bedroom flats due to the Executors and Beneficiaries of the Estate.</strong></em><br />
<em><strong>{B}Payment of the balance of N5 million for the premium due on the property.</strong></em></p>
<p><em><strong>{C} Compliance with approved building plans and standard specifications.</strong></em></p>
<p><em><strong>In addition to the foregoing, your company only paid our clients part of the rent due for the two years in respect of the 2 units they were entitled to, as the amount paid to our <a href="https://punchng.com/">client</a> was far below the prevailing rent for similar properties in the location at that time.</strong></em></p>
<p><em><strong>Also, your company has not paid the outstanding balance of N5million due on the premium for the property.</strong></em><br />
<em><strong>By our clients’ reckoning, your company is owing our clients rent for 26 years from 2000 to 2025 ,”</strong></em> the lawyer wrote among other things.</p>
<p>Arising from this however, the lawyer disclosed to County Estates Limited that it is owing a grand total of N2, 957, 378, 716.33.</p>
<p>It therefore added that <em><strong>“ From the foregoing, it is certain that your company brazenly and defiantly breached most of the fundamental terms of the sublease regarding the subject property.”</strong></em></p>
<p>Accordingly, our clients have no option but to terminate the said sublease and demand” payment of the N2.952,378,716.33.</p>
<p>The letter, however stated that the <em><strong>“clients are not averse to an amicable settlement of the matter in the spirit of Alternative Dispute Resolution, ADR.”</strong></em></p>

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