PapaBrowne: Interesting defence. Booked.

geeez: Some people need some education

Those Igbos are particularly ret.arded and very emotional

They talk without thinking and act without reason

I've never seen a people so naive and dumb

Kairoseki77: PLEASE PUT THIS ON FRONT PAGE!
Jealousy is killing our brothers from the SE.

....

Apart from Keyamo’s claims huhuonline.com can also reliably inform the world that Afikuyomi duped Mr. George Ani of an undisclosed millions of naira. Ani gave him the money in trust to procure land for him at a choice area in Lekki and Ikoyi but the unsuspecting George was swindled by Afikuyomi and no compensations or refund was made to his victim.

However the current scandal hanging on the neck of the Senator-turned-Commissioner, Tokunbo Afikuyomi as well as the AC led Lagos Government is the case of the Sunburn Yacht Hotel. Initially, at the launch of the vessel, Afikuyomi made public statements that

[img]http://img.modernghana.com/thumb.aspx?img=XGltYWdlc1xjb250ZW50XFN1bmJvcm4gWWFjaHQgSG90ZWwuanBlZ3w2NzB8MS81LzIwMTQ=[/img]

the procurement of the 105-bed floating hotel was a public private partnership (PPP) initiative. But at another event, Fashola, the sitting Governor denied that the state was not in any way involved in the purchase of the vessel. When the vessel was brought down to Lagos, Afikuyomi at the launch stated that, that will be the first of its kind in Africa and it would put the state in the league of the first five leading economies of the world with similar hospitality facility and tourism earnings capabilities. The hopes were that the floating hotel would revive the tourism sector in Lagos State. He also claimed that the hotel would put Lagos on the same pedestal as major tourist melting pot like Paris, New York, Barcelona, and Helsinki, also describing the transfer of the hotel to Lagos as a significant achievement by the Governor Fashola administration.

Afikuyomi has earlier boasted that winning the bid for the yacht, over other cities that bided for it is a reflection of the “combination of talents, assets, resources and potentials” of the state government and private sector. Surprisingly, the earlier promise of the yacht hotel has failed to materialize, instead, what Afikuyomi seems to have managed to do is trigger what may become the worst public relations challenge for Fashola’s administration. Besides the yacht it still a shadow of itself it has not been refurbished the facilities inside are eye-sore, and no clear cut ownership has been defined yet. Though the state government denied being involved in the procurement, but now, some of the opposition parties in the state, the Democratic People’s Alliance (DPA) and Peoples’ Democratic Party PDP recently accused the state government of lack of sincerity and open deception to the good people of Lagos State who have suffered all sort of taxes from the government that is not wearing human face. It was also gathered that Afikuyomi was the one who wrongfully advised the State Government to introduce 5 percent consumption tax to all Hotels in Lagos. Meanwhile about 100 hotels have teamed up and sued Fashola Government to Court over this 5 percent consumption tax and they were lucky enough because the law Court granted them all their prayers.

The vessel was designed by Lasse Heikkinen, a Finnish ship architectural company and bought from its former owners Sunburn International, Finland. Before it was brought to Lagos, the yacht was reportedly taken to Brazil for refurbishing for an undisclosed amount. Since the yacht was built without an engine of its own, it has to be towed to whatever destination it is taken to. Dockwise Yacht Transport (DYT), a yacht logistics company, conveyed the Sunburn Yacht Hotel to the country for N80 million. Could it really be that Afikuyomi is the sole owner of the vessel? Since the state government has denied being involved in the deal, definitely, Multi-Purpose Infrastructural Development Company (MIDC), the company that facilitated the yacht deal can be said to be the owner of the ship.A source who elected anonymity told huhuonline.com that the purchase of the yacht was facilitated by fictitious company flouted by Afikuyomi was actually the the company that bought the sunborn Hotel and that it was facilitated by Diamond Bank. Investigations are still on by huhuonline.com to unveil the name of the company, the supporting documents and names of individuals who ‘fronted’ for Senator Afikuyomi

geeez: Some people need some education

Those Igbos are particularly ret.arded and very emotional

They talk without thinking and act without reason

I've never seen a people so naive and dumb

Bishop Juice: [size=14pt]Bloody Liar!
Your LASG has already spoken about their culpability in this fraud![/size]

Goddex: [size=14pt]How dare you lie that LASG did not invest a kobo and therefore lost nothing? So this OP claims to know more than APC, the party under whose govt the yacht deal was struck?

See Madam, given that you are one of the APC nuisance we have on this forum makes your claims only good for the trash can. If Lagos state did not lose 8 billion, the APC spokesperson that addressed the media would not hesitate to say so. [/size]

Sunborn Yacht Hotel - Diamond Bank Staff Smell of Fraud

I have an interest in Sunburn Yacht Hotel right from London and enjoyed the facility. My motivation in the Yacht Hotel is really about job creation and huge benefits to many ordinary Lagosians in commerce and tourism. Hence, known to some on this forum, I played some minor unpaid role in facilitation.

Having declared my interest, I need to state that it is sad that Diamond Bank behaved in a fraudulent manner throughout the whole Sunburn Yacht Hotel transactions.

The deceit and the fraud lies in the SPV used. The SPV called Loneseed was registered by some principal officers of Diamond Capital. A loan of N4.5 billion was obtained from Diamond Bank facilitated by Diamond Capital (a subsidiary of Diamond Bank) to purchase the Yacht.

The understanding and agreement stipulates that the yacht will be owned by Lagos State Govt and MIDC. The Lagos State govt are to provide the land and the bay to moor the yacht. These will be quantified and converted to equity. The SPV, called Loneseed will die on the delivery of the yacht to Lagos.

But, unknown to MIDC and Lagos State govt., the Diamond Capital MD, Tony Onwu and some principal officers of Diamond Capital are the directors of Loneseed. The only non-Diamond capital director is Emmanuel Obiere of MIDC.

When the Yacht arrived in Lagos, Diamond Capital requested that the loan should be converted into shares or else MIDC should pay N3.5 billion to buy their interest out. Of course this was rejected. Meanwhile, the bank delayed the payment of N500 million duty to the Customs duty until well over 6 months after the delivery of the yacht despite repeated demands by MIDC.

Consequently, officials of MIDC and Lagos State govt were not allowed to access or operate the Yacht until the customs duty was paid. In addition, Diamond Bank slammed over N1.2 billion as interest charges on the Yacht. The bank again claimed they expended over N1.2 billion without the knowledge of other partners. MIDC rejected these as the add-ons were aimed to frustrate MIDC out of the yacht deal.

Furthermore, N3.5 billion is estimated by the bank officials to be new depositors' funds they are willing to expend on the yacht without the agreement of the other partners. This again will end up shortchanging Lagos State taxpayers as it will water down the value of the land and other facilities. It means in real terms, less than 10% shares from about 40% expected shares.

It is the rejection of these fraudulent bids that frustrated Diamond Capital to now claim ownership of the Sunburn Yacht through Loneseed.
From available information and documents from Diamond Capital and Bank, the bank loaned N4.5 billion of depositors money to about 4 staff without disclosure or on a false pretence that it was involved in a PPP venture with Lagos State govt and its partner MIDC.

According to companies house record in my posession, the SPV called Loneseed has all its directors but one as Diamond Capital staff with no disclosure as to the true owner.

Diamond bank is not listed as a director or owner of Loneseed. Yet N4.5 billion was given out as loan

The only non-Diamond capital director, Emmanuel Obiere, was frustrated, as meetings approving expenditure and disbursement of funds were held without inviting him to such meetings.

In reality, based on agreement, the yacht was paid for through a loan from Diamond Bank. Therefore it is unethical for some staff of the same bank to hijack the business of their customer. The customer being MIDC and seek to short-change Lagos tax payers when the govt is finally on-board via its own land and other infrastructure.

The cumulative effect of all these shady behaviour of Diamond bank is that the cost of Sunburn Yacht Hotel will unjustifiably rise to N10 billion with N5 billion shared by some staff. The refusal of the MIDC and the Commissioner for Tourism to accede to burdening Sunburn Yacht with these fraudulent costs is the real trigger for the delay in commissioning the floating hotel. And except, Diamond Bank is made to review the Diamond Capital phoney practices, the yacht may still be grounded for sometime.

The behaviour of Diamond Bank is just below expectations. I will be surprised if the CBN will not frown at the high risks to depositors funds and the sharp practices of the bank staff.

Biodun Sowunmi
Sent from my BlackBerry wireless device from MTN

decrox199: "I Did Not Write Any Letter to My Father, IYABO OBASANJO Speaks Out! December18, 2013 IYABO OBASANJO (On Rainbow FM): > "I have never seen or heard this sort of fabrication in my entire life! I, IYABO OBASANJO never contemplate writing a letter to my Loving Father. I speak with him almost on daily bases. "Olusegun Aremu Obasanjo is the best father in the world. He gave birth to me, he raise me up and gave me the best of Education. I wouldn't have achieve whatever I did without my father. IN FACT, WHO AM I WOTHOUT MY FATHER? "As a father he never disappoint his children in any way, he is a father anybody wish to have. "If President Jonathan want to reply the letter my father wrote him, he should be man enough to reply direct. Why are they trying to make me a scape goat? I know my father very well and I don't question his judgement, I believe my father wrote his letter in the best intrest of the nation. If Mr. President disagree with some of the allegations in the latter, let him be man enough to talk directly to my father, he should stop involving me in an issue I know nothing about. "How can you write a letter to insult my father and claim I, the daughter is the source. If that is how Ijaw people insult their father, I am a Yoruba Woman, we respect our parent in all circumstances. "I IYABO OBASANJO did not write any letter. Nigerians should please take note. "The purported letter is a malicious lies intended to rubish the good name of my family, when I get to the source of the letter, I will waste no time to take the necessary legal actions. "I love my father and I never disrespect him."

eGuerrilla: Another post provided by an insider (dated 2009)

The understanding and agreement stipulates that the yacht will be owned by Lagos State Govt and MIDC. The Lagos State govt are to provide the land and the bay to moor the yacht. These will be quantified and converted to equity.


Source: http://groups.yahoo.com/neo/groups/NaijaElections/conversations/topics/20824

Kairoseki77:

According to the above, the only thing the LASG provided was the land and docking space for the yacht.

OP, is 100% correct. LASG didn't spend a single kobo on the yacht.

edo.girl:
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.

Kairoseki77:

According to the above, the only thing the LASG provided was the land and docking space for the yacht.

OP, is 100% correct. LASG didn't spend a single kobo on the yacht.

Bishop Juice:

Then why is Joe Igbokwe defending the state's losses as part of doing business?

You people will concoct your own sh1t, smell it, believe it to have a sweet aroma and want everybody to have a whiff


APC is full of pathological liars and crooks!

naija2dabone:

its either you are so stup!d or you think everyone's iq is as low as yours.

This yachtgate just like the others - Lekki-Epe roadgate, fashola official carsgate, lagos house of assembly speakergate,Tinubu firm collecting lagos state tax wuruwuru, Epe cargo airport fraud, deportation stup!dity etc has already comfirm what we all know which is:

Fashola is a fraud
Tinubu is a thief
APC is headquarter of corruption

ilugunboy:



The usual PDP rodents and roaches rants.....too filled with discussing issues of SW...while their Ananmbra...Enugu....Abia....Imo and Ebonyi governors are eating away their common patrimony without a word from these fools.

Nonsense!

Kairoseki77:

According to the above, the only thing the LASG provided was the land and docking space for the yacht.

OP, is 100% correct. LASG didn't spend a single kobo on the yacht.