Judgment
EMMANUEL AKOMAYE AGIM, J.S.C. (Delivering the Leading Judgement): The applicant and respondent entered into a sublease agreement dated 16-4-2007 and agreed to submit all disputes arising from it to arbitration. A dispute arose between them concerning the applicant’s performance of its obligations in the contract and the dispute was submitted to arbitration by a sole Arbitrator.
Following the conclusion of arbitral proceedings, the sole Arbitrator on 19-8-2011 made an Arbitral award titled “Final Arbitration award, in full and final settlement of the claims in the arbitration as follows: “ACCORDINGLY, I DO HEREBY AWARD, DECLARE AND DIRECT IN FULL AND FINAL SETTLEMENT OF CLAIMS IN THIS ARBITRATION AS FOLLOWS: 1. The Claimant’s claim succeeds in part. 2.
The Respondent shall within a period of six (6) months from the date of this award, hand over a copy of the Fire and General Insurance of the property to the Claimant and carry out the necessary repair works on the property as identified in Exhibit C7, the Minutes of the Joint Inspection meeting held on the 26th day of August, 2010 and Exhibits C6(i) and (ii) the reports of Ekcel Konsultants dated the 10th day of December, 2008 and February, 2011 respectively. 3.
The Respondent is allowed relief from forfeiture on condition that within six (6) months from the date of this award in compliance with the sublease it hands over a copy of the Fire and General Insurance of the property to the Claimant and carry out the necessary repair works on the property as identified in Exhibit C7, the minutes of the joint inspection meeting held on the 26th day of August, 2010 and Exhibits C6(i) and (ii) the reports of Ekcel Konsultants dated the 10th day of December, 2008 and February, 2011 respectively. 4.
The Respondent shall pay the claimants within 30 days of the date hereof the sum of N3,365,000.00 (Three Million, Three Hundred and Sixty-Five Thousand Naira) representing payment for replacement of marble tiles and Generator purchase/Installation/Servicing. 5. The Respondent shall pay the Claimant interest on the sum awarded in paragraph 4 above or any amount outstanding on same from the 30th day of this award at the rate of 2.5% per annum until final payment. 6.
