Accused dismisses claims as false, misleading
The widow of a former president of the Nigerian Institute of Town Planners (NITP), Mrs Victoria Olomola, has petitioned the Economic and Financial Crimes Commission (EFCC) over an alleged conspiracy and fraudulent undervaluation in the sale of a high-value property in Lagos.
In a petition filed through Victor Opara’s Chambers, Olomola, the widow of late Dr A.O. Olomola, alleged conspiracy to defraud, criminal deceit and false representation against Mr Temitope Olusanya and Mr Emmanuel Usman.
According to the petition, Olusanya, who served as Project Officer of Femi Olomola & Company, had access to confidential and sensitive information relating to the firm’s landed assets. The firm is said to have acquired a sizeable portion of land from Atlantic Nominees Limited, part of a 65-hectare expanse registered at the Land Registry Office, Alausa, Ikeja, and covered by government-approved Layout Plan No. DM/467 of May 5, 1999.
Following the demise of Olomola, the wife assumed control of the firm’s affairs. The petition alleges that, unknown to her, Usman fraudulently procured Olusanya to persuade her to sell a portion of the firm’s landed property to Usman at what was described as a grossly undervalued price.
The lawyers claim that the duo falsely represented the market value of the property as N80 million, a figure she reportedly relied upon in concluding the transaction. However, Olomola later discovered that the property’s actual market value at the time of sale was allegedly about N160 million.
The petitioners contend that the discrepancy was known to both men and formed part of a deliberate conspiracy to defraud their client. She further alleges that Olusanya was secretly working for Usman while being employed by the firm, thereby breaching his fiduciary duty of utmost good faith.
Olomola claims to possess “irrefutable evidence” to substantiate her assertions and has urged the EFCC to conduct a thorough investigation, including a forensic analysis of the bank transactions of the accused persons.
The petition also referenced Section 325 of the Criminal Code on conspiracy to defraud, which prescribes a seven-year jail term for offenders, as well as Section 7(1)(f) of the EFCC (Establishment) Act 2004, empowering the Commission to investigate offences under the criminal and penal codes.
Additionally, the petition alleged that Usman has refused to release counterpart copies of the instruments of sale despite repeated demands; a development the petitioner believes warrants further scrutiny. Olomola is asking the EFCC to investigate the alleged grand conspiracy and ensure what she described as “investigative justice.”
In his response, Olusanya firmly denied the allegations, describing them as unfounded and misleading. He maintained that the property was openly marketed to several prospective buyers at the N80 million asking price, insisting that the valuation was not secretly manipulated in favour of any individual.
Olusanya, a town planner, further disclosed that during his time with the company, he advised Mrs Olomola to subdivide the plot into two portions and sell to different buyers to maximise returns and potentially increase the overall value. According to him, the proposal was rejected.
Significantly, Olusanya stated that he had resigned from Messrs. Femi Olomola & Co. before the eventual transaction with Usman was concluded. He emphasised that the final negotiations and execution of the sale agreement were carried out in his absence and without his involvement. “The sale was concluded between the parties after I had left the company,” he reportedly maintained, distancing himself from any alleged conspiracy.
Olusanya, however, insists he neither misrepresented the property’s value nor acted in bad faith, and that he cannot be held responsible for a transaction concluded after his resignation.
Responding to the allegations, Usman dismissed the claims as false. He stated that the estate in question was not secretly acquired but was sold to him after the takeover of Union Bank.
According to him, the Atlantic Nominees Limited (ANL) Estate was previously under the control of UTB Bank, with Messrs. Femi Olomola & Company managing the estate. He explained that when Union Bank assumed possession and took over the liabilities associated with the estate, the ANL estate was subsequently sold to him in 2014.
Usman maintained that he singlehandedly developed the estate’s infrastructure after acquiring it, adding that none of the allottees contributed financially to the development. While attempts to get all the stakeholders to form an association to jointly develop the estate could not materialise.
On the specific allegation that the widow was misled into selling the firm’s land below market value, Usman insisted that the transaction was voluntary and transparent. He said the sale was not conducted under duress and that Mrs Olomola willingly signed the contract of sale and handed over the original title documents to him.
He further clarified that the N80 million valuations reflected the market price at the time of purchase.
According to him, the appreciation in value occurred years later when he transferred some property to a developer, about seven years after the acquisition. “It was only after the land appreciated that Mrs Olomola began to question the worth of the property,” Usman stated.
The EFCC is yet to issue an official statement on the petition or confirm whether a formal investigation has commenced.
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