N4.5b Sunburn Yatch: Court Restrains Lagos From Moving Vessel – Daily Independent
October 20, 2009 by Bunmi Awolusi · View Comments
A Federal High Court in Lagos has restrained the state government and Multi-Purpose Infrastructural Development Company (MIDC) from moving the vessel containing the Sunburn Yatch Hotel out of Lagos pending the determination of a suit filed by Loneseed Nigeria.
Justice Binta Murtala-Nyako made the order while ruling on an experte application brought by Loneseed, which sued the Attorney General and Justice Commissioner, Supo Sasore Tourism Commissioner, Tokunbo Afikuyomi and MIDC alleging breach of agreement on the N4.5 billion Yacht Hotel deal.
Loneseed averred that Diamond Capital and Financial Markets Limited (a subsidiary of Diamond Bank) acquired 99.9 per cent of its shares to buy Yatch Hotel, and that Ugo Otuonye owns the remaining one per cent.
According to the plaintiff, sometime in 2007, MIDC approached Diamond Bank to fund the acquisition of the floating hotel, and the initial concept was that MIDC would work with the state government to participate in the project by contributing equity in the form of infrastructure and land.
