Bishop Juice:

[size=18pt]The All Progressives Congress, Lagos State Chapter, has said the Lagos State Government has quit the Sunborn Yacht Hotel. The party said it was a bad business and the government had abandoned the deal.


While reacting in an online interview with our correspondent on Saturday, the state Interim Publicity Secretary, Mr. Joe Igbokwe, said the state government took a bad business decision on the yacht and had done away with it.[/size]

I want to believe you have a problem comprehending written text

pure semantics...the government may not have had a single kobo in it. tinubu na badt guy dat time and still is but tho it could have been tokunbo tryna leap without wings

Bishop Juice:

more like stubborn yatch!

I thought I was crazy due to my eccentricity but you took craziness to the next level.

After reading this thread, I think you need to be sectioned for 10 years straight.

You're definitely not mentally stable.

I'm still waiting for a factual rebuttal

adconline: I'm still waiting for a factual rebuttal

The EGUNJE specialists have run it down just like they did to the aviation industry under OBJ, but thanks to providence who has used Stella Oduah to checkmate them under Jonathan's administration.

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.

Thank you for this