There was a recent trending publication by the Economic and Financial Crimes Commission of the alleged fraud perpetrated by GIC OIL& Gas Nig LTD and that the MD Godwin Ebolo was on the run and was wanted by EFCC.This was also picked up by blogs and re posted.
This is to set the records straight and to notify all discerning members of the public of the true state of affairs

We state here categorically that the publication is a misrepresentation of facts and has done irreparable damage to the image and character of Godwin Ewah Ebolo and GIC OIL & GAS NIG LTD.This rejoinder is done after a long time waiting for the commission to refute their publication since the media department denied of not being aware that the matter is in court.

This is a summary of the facts leading up to the EFCC publication:

In April,2013, GIC Oil and Gas Services approached Heritage bank for a bank Guarranttee to fund a project from Allied Energy.After the bank carried out due process on the genuineness of the project from Allied Energy.Which the bank confirmed .Then the bank ask the company through the Managing director to submit all the necessary document for application for the issuance of the Bank Guarrantee (BG).Then the bank reliably informed the MD that they got approval for both the BG and the term loan of $3.5m,that once the foreign loan I sorted for BG is ready,the term loan will be negated out from the foreign of $10m.

From this term loan,Gic oil and gas services ltd did 10% equity upfront which was N50million naira and upfront charges of #10m naira,with disbursement fees of another #10m.From the term loan of $3.5m,then $3 3m was disbursed to various companies that were involved in the project to manage their drilling waste in OYO field.While this was being done,over 159% was charged on the company property to secured the term loan,which is still in Corporate Affairs Commission on debenture charged on the assets of the company.

After we have purchased all the necessary equipment for the project and all party moved to site for the first phase of the project,Heritage bank refused to honour their obligation in remitting the MT700 line for the foreign bank Habib bank London to transmit the inflow to the bank after all the charges has been paid to them for the inflow.They frustrated the transaction in a bid to making sure this loan was not paid fast so that more interest will be incurred on the loan.

On the other hand,the Allied Energy had their internal issue relating to their Board of Directors.The MD of the company whom we had dealings with was removed,and the contract was terminated for reason I did not know.Instead of the bank taking a stand that they verified the contract before,they now termed it to be a non existing contract.

The bank took the matter to SFU police station in Ikoyi. The police saw it rightly as Banker -Customers relationship. The Bank now petitioned EFCC.EFCC in direct contravention of their mandate and ultra vires their powers took up the responsibility of being a debt collector. In the course of their investigation the MD was detained on several occasions sometimes for weeks at a time resulting to health issues.They knew he was sick but did nothing .He was constrained to apply for his passport to travel abroad for medical check up.He still communicates with the EFCC officials in charge of his case regularly,and they are aware of his location.Because the EFCC has no merit as usual,they resulted in blackmailing publications that is can tarnishing the image of the the MD and the company.

Furthermore GIC OIL & GAS has started repaying the loan.Heritage bank and GIC agreed on a structured repayment plan of N10million monthly with EFCC as a mediator and GIC has paid the 1st installment of N10Million and and additional N5million.It was after the EFCC publication which was a clear breach of the terms of settlement that GIC decided to put on hold the repayment till after the determination of the suit in court.

However before the publication, the Management of GIC had filed a matter in court.The EFCC, ALLIED PLC and HERITAGE BANK was sued as Defendants.The court of instance ruled against us and a Notice of Appeal has been filed in the Court of Appeal. Attached are copies of the contract between Heritage Bank and GIC OIL and GAS and a copy of the filed Ntice of Appeal as proof of the truth of this publication.

The publication of EFCC that Godwin Ebolo is wanted for fraud is therefore baseless,an unjust fabrication and a gross misrepresentation of facts intended to tarnish the image of the MD and the company.All discernning public should know that Godwin Ebolo is an honest business man whose dealings are above board and with repute.

proof

see proof

pls mod move to fp.This involves the life of a person

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See extract of the Contract between GIC OIL &GAS and Heritage Bank

Note in the letter of approval,Heritage Bank had said they have completed the internal process of assessment of the company's qualification for the loan.
This includes confirmation of the contract and placing a charge on the substantial assets of the company as security for the loan.
Most importantly our company had deposited millions upfront.
This whole incident remains a contract between our company and Heritage Bank and we will fulfill our obligations under the contract, thus EFCC was wrong to publish that our MD was wanted for fraud.
The public should take note.

temifly2015:
Note in the letter of approval,Heritage Bank had said they have completed the internal process of assessment of the company's qualification for the loan.
This includes confirmation of the contract and placing a charge on the substantial assets of the company as security for the loan.
Most importantly our company had deposited millions upfront.
This whole incident remains a contract between our company and Heritage Bank and we will fulfill our obligations under the contract, thus EFCC was wrong to publish that our MD was wanted for fraud.
The public should take note.

Recall that a publication by the Economic and Financial Crimes Commission of Nigeria declaring Godwin Ewah Ebolo wanted for financial crimes was widely circulated in 2016.Consequently Godwin Ewah Ebolo instituted an action against Heritage Bank and EFCC as defendants in the suit.
Following the amicable resolution of the issues pertaining the loan facility GIC Oil and Gas Services Ltd obtained from Heritage Bank,Godwin Ewan Ebolo as the MD of GIC Oil and Gas Services Ltd has been cleared by the EFCC and all relevant organisations has been informed.
A copy of the VACATION ORDER was made available to reporters and is reproduced here.
Consequently the public is hereby put on notice.
The character of Godwin Ewan Ebolo is unimpeachable and his sterling reputation and expertise in business is laudable. His achievements speaks for itself.