NaijaCowFarm:
The Sunborn Yacht Hotel was Custom built in 1999 and refitted in the year 2002; it combines contemporary class and comfort being 18.4m wide, 106.5m in length and 17.6m in height from the sea level. The edifice with a total of six decks and an interior space of approximately 5000 sq.m will provide a breathtaking ambience for corporate guests, conference delegates, wedding parties and leisure guests to hold their exclusive events when operational.

However, as at today, no one can say precisely what has happened to the yacht and the N8 billion Lagos tax payers money that went into it.

Question is WHERE is the N8B Yacht? N8B in 1999 was equivalent to $364M

Doubleoh7:
Let me laugh first. The problem most of us Nigerians have is our selective amnesia. We choose the things we want to conveniently forget about, no matter how that affects us and our future. Recently we've all been inundated with pictures of the high speed train Gov. BOS went to inspect for Lagos rail but not one person remembered to ask what happened to the ones BRF contracted and went to inspect during his tenure. Na here we dey.

Doubleoh7:
Let me laugh first. The problem most of us Nigerians have is our selective amnesia. We choose the things we want to conveniently forget about, no matter how that affects us and our future. Recently we've all been inundated with pictures of the high speed train Gov. BOS went to inspect for Lagos rail but not one person remembered to ask what happened to the ones BRF contracted and went to inspect during his tenure. Na here we dey.

DubaiLandLord2:
Show evidence BRF paid for trains in Canada.

surgical:
This your question reminded me of your oga's response when he was accused of corruption he fashola responded with I don't sign cheques as if that is the answer to the questions
Even his cable train is no where to be found
Their day of reckoning is not too far off

seunmsg:


Why not do your research and tell us what happened to them since you are not as forgetful as the rest of us.

surgical:
Why are you guys so afraid of accountability, you detest it with your every being
If you are asked about the opaque budgetary system in Lagos now if you don't call the person ipob,you go insultive instead of providing an answer

donolatunji:
It's at Hi-Impact Cruise Terminal,Lagos Island.

DubaiLandLord2:
Show evidence BRF paid for trains in Canada.

seunmsg:
What happened to the yacht is available on Google.

Doubleoh7:

At least by your own admission, he went for preshipment inspection of the trains. Maybe you should now tell me at what stage of international commerce does preshipment inspection come in. If that contract was later cancelled, it must come at a cost to LASG, but of course we may never know the exact cost since FOI act is yet to be domesticated in the state. And please before you argue if LASG lost funds in that contract, maybe you should find out how much Wisconsin lost when they cancelled the contract for these trains BOS is finally bringing to Lag.

Akathriel:
I swear these people are all out to sink & bury Tinubu at all cost, and it’s the right thing to do because one man’s insatiable greed has been responsible for the suffering & misfortune of millions of people.

Not everybody know that this Sunburn Yacht project was one of the reasons Diamond Bank bankrupted.

The white elephant project was disguised as a public–private partnership (ppp) between the Lagos State Government and Diamond Bank.

Meanwhile, the Sunborn Yacht hotel does not have an engine of its own and had to be towed using a submersible vessel and powerful tug boats from the Docklands near London to the Marina water fronts by the Chagoury’s HITECH Construction Company for a whopping sum of $5million.

Walai, dem suppose bury Tinubu and his entire family members including all his cronies & corrupt kings inside a boiling volcanic lava.

NaijaCowFarm:
The Sunborn Yacht Hotel was Custom built in 1999 and refitted in the year 2002; it combines contemporary class and comfort being 18.4m wide, 106.5m in length and 17.6m in height from the sea level. The edifice with a total of six decks and an interior space of approximately 5000 sq.m will provide a breathtaking ambience for corporate guests, conference delegates, wedding parties and leisure guests to hold their exclusive events when operational.

However, as at today, no one can say precisely what has happened to the yacht and the N8 billion Lagos tax payers money that went into it.

Question is WHERE is the N8B Yacht? N8B in 1999 was equivalent to $364M

NaijaCowFarm:
The Sunborn Yacht Hotel was Custom built in 1999 and refitted in the year 2002; it combines contemporary class and comfort being 18.4m wide, 106.5m in length and 17.6m in height from the sea level. The edifice with a total of six decks and an interior space of approximately 5000 sq.m will provide a breathtaking ambience for corporate guests, conference delegates, wedding parties and leisure guests to hold their exclusive events when operational.
Was it bought or was proposed to be bought.
One of the attributes of an educated person is not just being capable of reading and writing abc to z,but able to understand an issue before talking of typing,so as not to appear f oolish.

However, as at today, no one can say precisely what has happened to the yacht and the N8 billion Lagos tax payers money that went into it.

Question is WHERE is the N8B Yacht? N8B in 1999 was equivalent to $364M

77up:
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.



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NaijaCowFarm:
The Sunborn Yacht Hotel was Custom built in 1999 and refitted in the year 2002; it combines contemporary class and comfort being 18.4m wide, 106.5m in length and 17.6m in height from the sea level. The edifice with a total of six decks and an interior space of approximately 5000 sq.m will provide a breathtaking ambience for corporate guests, conference delegates, wedding parties and leisure guests to hold their exclusive events when operational.

However, as at today, no one can say precisely what has happened to the yacht and the N8 billion Lagos tax payers money that went into it.

Question is WHERE is the N8B Yacht? N8B in 1999 was equivalent to $364M