Lagos Lawyer, Oluwole Kehinde, On Behalf Of Clients, Writes County Estates Ltd, Terminates Sublease, Demands N2.9 Billion For Outstanding Rent

Lagos Lawyer

OpenLife Nigeria 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.

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.

In the letter, the lawyer stated that “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:

{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.
{B}Payment of the balance of N5 million for the premium due on the property.

{C} Compliance with approved building plans and standard specifications.

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 client was far below the prevailing rent for similar properties in the location at that time.

Also, your company has not paid the outstanding balance of N5million due on the premium for the property.
By our clients’ reckoning, your company is owing our clients rent for 26 years from 2000 to 2025 ,” the lawyer wrote among other things.

Arising from this however, the lawyer disclosed to County Estates Limited that it is owing a grand total of N2, 957, 378, 716.33.

It therefore added that “ 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.”

Accordingly, our clients have no option but to terminate the said sublease and demand” payment of the N2.952,378,716.33.

The letter, however stated that the “clients are not averse to an amicable settlement of the matter in the spirit of Alternative Dispute Resolution, ADR.”