Former LNG And Total Energies Boss, Olinma Absolves Self of Wrongdoing in Purchase of Ikoyi Property

Former LNG And Total Energies Boss, Olinma Absolves Self of Wrongdoing in Purchase of Ikoyi Property

  • A former Executive Director of Total Energies, Patrick Olinma has stated his position in the purchase of an Ikoyi property
  • Olinma said the said property was bought with a combined contribution of six people including himself
  • He said the property was purchased via a public tender published in a newspaper in 2017 and has an SPV to back it up

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Former Executive Director, Commercial of Nigeria LNG and Total Energies, Patrick Olinma, has explained his participation in the acquisition of a luxury apartment in the Ikoy area of Lagos

Vanguard reports that Olinma was accused of corruption and abuse of power while he worked in the firms and was allegedly said to have bought a property in the plush area of Ikoyi without due process.

NLNG, Total Energies, Patrick
Patrick Olinma, ex-Total Energies Executive Director
Source: UGC

Property acquired via legitimate means

Olinma, however, confirmed that about six employees of the firms, including himself, acquired the property, stating that it was offered to the public through a tender published in a national newspaper in 2017.

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He said:

“The property was acquired by a winning bid submitted on behalf of 6 staff by a firm of Solicitors. The owners 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”, Olima revealed in a recent press briefing.

According to the erstwhile boss of LNG and Total Energies, 50 per cent of the purchase cost was a loan from lenders and sponsors of the SPV and they were fully recorded.

He stated that a search at the Corporate Affairs Commission (CAC) will disclose the ownership of the property in question.

He revealed that the property belongs to Triad Residences with RC 1459560.

He said:

“The owners have never complained of any wrongdoing with the property purchase and actually sold the property to the highest bid it received in the tender”.

Olinma retired in 2021 as an Executive Director at Total Energies in charge of commercial activities.

Nigeria-owned gas company NLNG seeks professionals for vacant roles reported that the Nigeria Liquified National Gas (NLNG) Limited seeks to employ experienced candidates for professional roles.

Nigeria Liquefied Natural Gas (NLNG) Limited seeks to engage experienced candidates for professional roles.

NLNG is a Nigeria-owned gas company with its plant on Bonny Island in Nigeria.


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