…Seeks N20m as weekly payment
From Godwin Tsa Abuja
A Federal High Court has been asked to order a private firm, BB Landmark Realty Limited to pay the sum of N20m per week to South Energyx Nigeria Ltd as compensation for occupation of it’s land situated at Eko Atlantic city otherwise referred to as “Landmark Beach” from 2018 till judgment day.
In a suit marked FHC/L/CS/802/24, the plaintiff, South Energyx Nigeria Limited is further pressing for an order of the Lagos division of the court, to mandating BB Landmark Realty Limited to pay 21% interest on any such sum as may be accessed by the court as due and payable by the company to the plaintiff from the date of instituting the suit to judgment and until satisfaction of same by the defendant.
In the said suit filed by Dr. Muiz Banire, South Energyx Nigeria Limited (plaintiff) equally prayed the court to make an order directing BB Landmark Beach Realty to pay the plaintiff the sum of N20m being the legal fee it has incurred in the legal action.
Also joined as co-defendant in the suit is the Federal Inland Revenue Service (FIRS).
The plaintiff told the court in it’s originating summons that it is the holder of the right of occupancy for the large expense of land known and referred to as Eko Atlantic city which is covered by the Certificate of Occupancy dated March 30, 2007 and registered as No: 96 of page 96 in volume 2007j.
That the Lagos State government had granted a statutory right of occupancy over all the parcel of land measuring 1,307.763 hectares for the purpose of reclaiming the lost land and construct the great wall of Lagos and build the Eko Atlantic city.
That the Lagos State government acted pursuant to it’s powers under the Land Use Act 1978, Cap L5, Laws of the Federal Republic of Nigeria, 2004.
It averred that the statutory right of occupancy over the Eko Atlantic city land is evidenced by a certificate of occupancy dated March 20, 2007 and registered as No: 96 of page 96 in volume 2007j, together with the supplemental deed registered as No: 36 at page 36 in volume 2282 commencing from July 7, 2006 for a term of 78 years.
That by virtue of the above instruments including the concession agreement that was executed by the Lagos State government, granting all the land abutting the Lagos Bar beach waterfront and the reclaimed estate now known as Eko Atlantic city, the plaintiff has been exercising all acts of ownership over the Eko Atlantic city and deriving economic benefits therefrom to the knowledge of the Federal Inland Revenue Service (1st defendant).
That as being a responsible corporate citizen of the Federal Republic of Nigeria, the plaintiff has always ensured it fulfils it’s tax obligations to the 1st defendant.
It is the case of the plaintiff that the 2nd defendant (BB Landmark Realty Limited), is aware that the strip of sandy land which it is illegally using for economic purpose described as “Landmark Beach” forms part of and falls within
“Eko Atlantic city, belonging to the plaintiff. That the 2nd defendant is generating a minimum of 20, 000 visitors per week at an access fee of N2, 500.00 per person since the year 2018 till date.
That the 1st defendant has summoned the plaintiff to render account of the accruals from the exploitation of the beach by the 2nd defendant who is deemed by the 1st defendant to be occupying same at the behest of the plaintiff and therefore deriving unaccounted revenue therefrom.
As a consequence of the plaintiff’s tax exposure to the 1st defendant, the 2nd defendant is liable to the plaintiff in the sum of N20m per week since the year 2018 till date.
That to avoid sudden invasion of it’s premises by the 1st defendant with the force of state, it became imperative to initiate this action to protect the interest of the plaintiff against the defendants.
The plaintiff is therefore seeking a declaration of court that it is not liable or assessable to tax at the instance of the 1st defendant with respect to income accruable or receivable from the 2nd defendant to the plaintiff save and until the 2nd defendant has made payment in respect of compensation due and payable for use and occupation of the plaintiff’s land situate at Eko Atlantic city and otherwise referred to by the defendant as “Landmark Beach since 2018.
A declaration that the 2nd defendant is liable to the plaintiff in the sum of N20m per week as compensation for use and occupation of the plaintiff’s land situate at Eko Atlantic city and otherwise referred to as Landmark Beach since 2018 for the purpose of assessment of the plaintiff’s tax liability to the 1st defendant.
No date has been fixed for the hearing of the suit.