Nigeria: Sarner UK Lacks Capacity To Invest $250m in Delta Park Project-Investigation
By Jaja King, Abuja – Further Investigations have revealed that the much touted $250 million investment by Sarner Limited UK into Delta State Leisure Park located at Oleri in Udu local council area of the state is mere window dressing.
According to documents obtained exclusively from Companies Home UK, Sarner Limited UK is a small company and does not have the financial capacity to invest such amount in a project.
Delta State Governor, Dr. Emmanuel Uduaghan had said the project was a partnership between Sarner Limited UK and the state Government with the former funding the project to the tune of N40 billion( about $250m).
“The project is a partnership between the State Government and an outfit that is involved in building Parks and Zoos around the world. They are bringing about N40 Billion, they are the one bringing the money, it is not from the State Government. What the State Government is contributing is the road and the bridge which is about N1.8 Billion,” Uduaghan had stated.
Princess Abiodun Oyefusi, Managing director of Sarner PFM, Nigeria corroborated the Governor when she said that Sarner is funding the project
“Sarner PFM signed a Memorandum of Understanding (MoU) with Delta State for the development of a US$250m leisure project. The self -contained leisure complex will contain a water park, cultural centre, amusement rides, hotels and retail outlets. The inward investment by Sarner PFM will provide the much needed boost to the leisure market and local economy of the Delta State,” Oyefusi had said.
“Though the state government is building the bridge, Sarner would make a refund to the State government on completion of the entire project.”
However, investigation contradicts both the Governor and Oyefusi on the financial strength of Sarner UK.
According to 2010 annual report of Sarner Limited UK, dated March 31, 2010 the company’s total shareholders fund less liabilities was $350,215.00 liabilities.
The report also disclosed that Sarner Limited UK has net asset liabilities of £318,531.00 and total cash at hand valued at £3,083.00
More confounding in the report is the fact that Sarner Limited UK is a small company hence was exempted from audit report as applicable to small companies under section 477 of the UK companies Act 2006.
Hence, it becomes more intriguing how a small company of such as Sarner Limited UK can muster the financial war chest to invest $250m in Delta state Leisure Park.
Consequently, it can be inferred that there is an intent to defraud the people of Delta state . Also, earlier investigation has revealed that Sarner PFM Nigeria is not registered with Corporate Affairs Commission as stipulated by companies allied Matters Act of 1990 concerning foreign companies.
Sarner Limited UK has two shareholders, Michael Peter Bennet who serves as creative director and Ross Magri as technical director.
According to Sarner UK Shareholders list report , also obtained from Companies Home UK, each of the directors held 50 ordinary shares each valued at £1 per share at March 31,2010
The company was first incorporated on March 17,1988 and has changed names twice; April 4,1999 and March 8,2002.
Sarner UK Limited has its registered office at 5, Princes Mews, Horace Road, Kingston Upon Thames Surrey,KT1 1JP.
Its registered number is 02231841
Annual report 2010 pdf and shareholders LIST pdf
