naptu2:
It was never owned by the Lagos State Government.

The Yacht was brought to Lagos as part of a deal between Diamond Bank and some private investors.

There was a dispute between the investors which led to several court cases and the yacht was abandoned at Marina. It became an eyesore and the Lagos State Government gave the investors a deadline to remove the yacht from the Marina.

The yacht was towed away and it was in the United Kingdom the last time I heard about it.

JackBaueress1:
Sweet mouth of Tokunbo Afikuyomi. At the end, the ship became an eyesore and it was towed away.

Nigeria mentality!

2012 Annual Reports and Accounts - diamondbank

Apr 17, 2012 - Sun born yacht hotel. 

The non current asset disclosed as held for sale is a mobile hotel "the sun born yacht" purchased in February 2008 by the Group's former subsidiary, diamond Capital Limited. Assets of diamondCapital were transferred to the bank in 2011 on sale

edogirl2:
Sorry, this is way longer than necessary, but with nairaland, it is sometimes necessary go long.

I was very much involved with the Yacht in question - right at the highest level. I had meetings with very high level officials of the bank that financed the purchase, and as such had access to tons of real and genuine information and documents concerning this yacht. I know the names of the owners, and I was on the yacht up to a few weeks before it was sold.

I can tell you a lot about this yacht.

BELOW IS THE 100% TRUE STORY OF THE YACHT!

______ The 'Princess' Sunborn yacht hotel was constructed around 2002 by Sunborn International Finland.

______ Sunborn International placed and managed the Yacht in London docklands up till 2007 or thereabout.

______ Around 2007, a Nigerian team made up of a former AD - turned PDP (?) Senator and his partner bought the yacht.

______ Purchase price was ridiculously above true market value and transaction was financed by a local bank (name withheld).

______ By & large, the loan was secured on the yacht itself! No other security!! - very common amongst banks during the Soludo bubble.

______ The Senator was able to use his lingering contact with ACN govt in Lagos, to get the then Lagos State commissioner
for tourism to throw govt embrace around the project on the basis that it would boost tourism and raise Lagos's international profile.

______ On the day the yacht arrived in Lagos, thousands of Lagosians and several state officials and the said commissioner were there before TV cameras smiling and basking in the glory of this new toy that would catapult Lagos's international standing to new heights.

______ Unfortunately, by the time it arrived Lagos, the owners had spent so much buying it, they had nothing left to run it. And the bank would not lend a kobo more! To make matters worse, the two buyers fell out over how to take the business forward.

______ Few months passed, then years. Now the yacht was becoming so badly degraded that it risked becoming a health hazard.

______ With AMCON on the rampage, and rumour sipping out about the shoddy nature of the financing of the yacht purchase, the financing bank, wanting to avoid public embarrassment, decided to exercise its right to sell.

______ By mid-2012, the bank put the yacht up for sale.

______ The senator protested placing warning notice in some national newspapers against anyone buying. But he couldn't pay the bank what he owed it, so the bank paid no attention.

______ After several months on the market, the bank found an Asian buyer. The Yacht was quietly towed out of Lagos I believe on boxing day 2012 with most people getting wind only after the yacht was out of Nigerian waters.


Based on what I know, the yacht cost around N4.5 billion, but the bank got back less than 20% of that money.

Moral of the story

1. Lagos State did not invest one kobo in the yacht and so Lagosians have lost nothing
2. Tinubu had nothing to do with this yacht
3. This was a private project that failed largely because of financial incapacity, greed and infighting between two owners
4. The big loser was the lending bank which got back a fraction of what it lent and has no prospect of getting more from the debtors.

naptu2:


https://www.nairaland.com/1581471/truth-lagos-sunburn-yacht-hotel

naptu2:


Yeah. One of the partners had connections with the Lagos State Government and he got the government to hype the hotel - It will boost tourism, bla bla bla.

Diamond Bank wanted to sell the yacht when the dispute arose among the partners and this led to court cases to determine who owned it, Diamond Bank or any of the two partners.

How are you?

naptu2:
It was never owned by the Lagos State Government.

The Yacht was brought to Lagos as part of a deal between Diamond Bank and some private investors.

There was a dispute between the investors which led to several court cases and the yacht was abandoned at Marina. It became an eyesore and the Lagos State Government gave the investors a deadline to remove the yacht from the Marina.

The yacht was towed away and it was in the United Kingdom the last time I heard about it.

jaymichael:
Our online encyclopedia. I always trust you to set the records straight all the time. Como estas bros?

naptu2:
It was never owned by the Lagos State Government.

The Yacht was brought to Lagos as part of a deal between Diamond Bank and some private investors.

There was a dispute between the investors which led to several court cases and the yacht was abandoned at Marina. It became an eyesore and the Lagos State Government gave the investors a deadline to remove the yacht from the Marina.

The yacht was towed away and it was in the United Kingdom the last time I heard about it.

solutionist:


Bros, forget this PR by Diamnod Bank and the Lagos State government. Read this 2009 report by Sahara reporter.


http://saharareporters.com/2009/09/11/sunborn-yacht-hotel-lagos-floating-white-elephant-video

naptu2:
It was never owned by the Lagos State Government.

The Yacht was brought to Lagos as part of a deal between Diamond Bank and some private investors.

There was a dispute between the investors which led to several court cases and the yacht was abandoned at Marina. It became an eyesore and the Lagos State Government gave the investors a deadline to remove the yacht from the Marina.

The yacht was towed away and it was in the United Kingdom the last time I heard about it.