WHAT IS LEASE EXTENSION?
A Lease extension is granted by the government through the National Land Commission (NLC) when the lessee applies for an extension of term before the existing term has expired.
A good example is the question above where the lease term of 99 years with effect from 1st January, 1920 still has 4 years before it expires. In this case if the lessee applies for an extension they will be granted an additional 50 years but from the date of approval and not in 2019 when the lease will expire. The advantage for the lessee in this case is that extension is granted while the land still belongs to him/her