The truth has been revealed about the case involving Patrick Olinma, erstwhile General Manager, Commercial of Nigeria LNG and Total Energies Director and his alleged purchase of luxury apartments in Ikoyi, Lagos State.
Mr Olinma was accused of abuse of power and bribery while in office and he was alleged to have bought a property in the highbrow neighbourhood of Ikoyi without following due process.
However, new information reaching us confirms that this was not the case. The property in question was bought by 6 Total employees including Patrick Olinma.
Further verification would also have disclosed that TotalEnergies Nigeria Plc offered the property in question to the public via a tender published in national newspapers in late 2017.
The property was acquired by a winning bid submitted on behalf of 6 Total Energies staff by a firm of Solicitors. TotalEnergies wanted to sell the property consisting of 6 townhouses as a single transaction and not individually hence the need to incorporate an SPV to acquire it as a unit.
50% of the purchase cost was a loan from TotalEnergies Staff Cooperative Society and the borrowers and sponsors of the SPV known as Triad Residences Limited were fully disclosed and documented.
A search at the Corporate Affairs Commission (CAC) will also disclose the full evolution of the ownership of the property which has never been hidden. The particulars are as follows: Triad Residences Limited RC 1459560.
TotalEnergies Plc has never complained of any wrongdoing with the purchase of the property and actually sold the property to the highest bid it received in the tender.