Re:You Never Reported To Us’ – Nigeria Police Expose How Redeemed Church Pastor Misled Lagos Court In Alleged N1.7Billion Money Laundering Case

REJOINDER BY SHIBAHWELLS ENERGY SERVICES LIMITED

Our attention has been drawn to a spurious and mischievously skewed news item making the rounds in the public space about, and concerning a police report deliberately skewed -in part- to appear as a denial issued by the Zone 2 Command Headquarters of Nigeria Police Force, Onikan, Lagos to a purported assertion made by the undersigned who is the alter ego of Shibahwells Energy Services Limited (‘Shibahwells’) that he requested or applied to the Zone 2 Command Headquarters of Nigeria Police Force, Onikan, Lagos for report cum clarification on allegation of N1.7Billion money laundering.

The sponsored report being published in online news media outlets such as SAHARA REPORTERS https://saharareporters.com/2022/08/22/you-never-reported-us-nigeria-police-expose-how-redeemed-church-pastor-misled-lagos, NEWS DIRECT, HEAD TOPICS NIGERIA, and OPERA NEWS has received prominent attention and sensationalism with the same sensational caption: ‘You Never Reported To Us’—Nigeria Police Expose How Redeemed Church Pastor Misled Lagos Court In Alleged N1.7Billion Money Laundering Case.’

Just as it is with the instant reports, we have in recent past, been inundated with calls by concerned family members, clients, friends, and business associates who have been confounded and confused by similar false and malicious reports from the sponsors published by SAHARA REPORTERS with sensational titles on the same allegation of money laundering. We have ignored such previous reports believing in the saying that: you can run with a lie, but you cannot hide from the truth for it will catch up. Ordinarily, we would not have responded to the tissue of lies but we are now constrained to do so that these falsehoods do not take a mistaken appearance of truth in an otherwise guided move to ignore and choose not to dignify such deliberately concocted lies with any reply.

In issuing this 'rejoinder', it is pertinent to state that the most compelling aim here is to set the facts straight and to prevent the potential of further confounding and confusing the public.It must be clearly stated here that there are 2 different cases on the matter in question that the sponsors of the false publications intentionally want to confuse the public about for obvious reasons.
The 2 cases are:

CASE 1: A case of fraudulent conversion of joint venture funds reported by the undersigned at the Zone 2 Command Headquarters of Nigeria Police Force, Onikan, Lagos for thorough forensic investigation. The result of the police investigation is now subject of criminal prosecution in Charge No. ID/15422C/2021—The State of Lagos vs. Dare Osamo & 2 Others which is pending before Honourable Justice O. Ogala of the High Court of Lagos State, sitting in Ikeja.

CASE 2: A case of money laundering reported by Timi Popoola against the undersigned and Wema Bank Plc at Area ‘G’ Command of Nigeria Police Force, Ogba, Lagos. This case led to Charge No. MIK/B/6/2022—Commissioner of Police v. Adewole Isaac & Kingsley Ananwude which was struck out by Magistrate A.O. Layinka (Mrs.) of Court No. 2, Magistrates Court, Ogba, Lagos on 15th March 2022.

Contrary to the false impression created in the instant media reports, the undersigned who is the alter ego of Shibahwells, never requested or applied to the Zone 2 Command Headquarters of Nigeria Police Force, Onikan, Lagos or any other police formation for report cum clarification on allegation of N1.7Billion money laundering (but he did report a case of fraudulent conversion of joint venture funds as seen in Case 1 above). The undersigned or Shibahwells also never engaged Chief Wale Taiwo or any other person to make such request or application on their behalf.

As for the contents of the media reports which are not only false but malicious, we wish to state as follows:
Shibahwells entered into a joint venture agreement with Star Orient Nigeria Ltd in July 2018. The JVA which was for the sale and supply of aviation turbine kerosine (ATK) was signed on behalf of Star Orient by its 2 pioneer directors and shareholders (Olanrewaju Bamgbose and Dare Osamo).

At the commencement of the joint venture business, it soon turned out that all the representations Star Orient had made to Shibahwells were false and well conceived lies. Contrary to the representations it made, Star Orient was indebted to government agencies, airlines, and several individuals. All the equipment Star Orient claimed it owned were well conceived lies and soon disappeared once the joint venture started. Star Orient had no funds and had used the company’s name to deceive many unsuspecting individuals and companies of their hard-earned money.

Without any financial contributions whatsoever from the duo of Olanrewaju Bamgbose and Dare Osamo to either Star Orient or the joint venture business, funds injected into the joint venture by Shibahwells through bank facility was used to purchase most of the equipment which Star Orient now claim ownership. Yet, joint venture funds were diverted through fraudulent means. Funds injected into the joint venture came from facility Shibahwells took from Wema Bank after providing securities such as title deeds of landed properties of the undersigned and that of his friends including Timi Popoola who for valuable consideration, voluntarily released the title deed to his property in Magodo G.R.A. Phase II, Lagos as part of the securities for the facility Shibahwells obtained from Wema Bank. Part of the valuable consideration being insurance brokerage contracts worth several millions of naira facilitated by the undersigned for Timi Popoola’s Dove Insurance Brokers Ltd.

Contrary to the spurious publication, Shibahwells never undertook to return Timi Popoola’s title deed within 6 months!Despite the false representations by Star Orient, Shibahwells continued to supply ATK products and provided financing for the operations of the joint venture using the facility it obtained from Wema Bank until it discovered fraudulent diversion of joint venture funds. Apart from impacting negatively on the joint venture business, this development affected Shibahwells’ ability to finance the facility with Wema Bank.


As a responsible and law-abiding corporate entity, Shibahwells notified Wema Bank and those who provided the additional securities for the bank facility including Timi Popoola. In addition, Shibahwells reported the matter at the Zone 2 Command Headquarters of Nigeria Police Force, Onikan, Lagos for thorough forensic investigation. The result of the police investigation is now subject of criminal prosecution in Charge No. ID/15422C/2021—The State of Lagos vs. Dare Osamo & 2 Others which is pending before Honourable Justice O. Ogala of the High Court of Lagos State, sitting in Ikeja.

During investigation at the Zone 2 Police Command, Dare Osamo re-iterated that he and Olanrewaju Bamgbose have no financial contribution/investments in Star Orient and in the joint venture; that they are proxies for one Tunde Babalola. Olanrewaju Bamgbose denied this assertion, but he admitted he did not contribute a dime to the joint venture neither did he make any financial contributions /investment to Star Orient nor pay for the shares allotted to him in the company.

Although he was constantly briefed of the turn of events, Timi Popoola at this point, demanded for a return of his title deed which he had voluntarily released (for valuable consideration) as additional collateral to secure the facility Shibahwells obtained from Wema Bank. Apart from explaining to him on the need to be patient with the bank in view of the fraudulent diversion of the joint venture funds at the instance of Star Orient, Shibahwells also took steps to retrieve the 2 additional third-party collaterals including that of Timi Popoola in exchange for a title deed offered by Star Orient, but which also turned out to be title deed over a non-existent landed property.

The process of retrieval of the 2 additional third-party collaterals led to reconciliation of Shibahwells’ loan account with Wema Bank by an independent auditor who in the process of the account reconciliation, discovered some credit and debit postings in the loan account which the bank stated to be transfers made in error and which were reversed on each occasion the erroneous transfers occurred on the account.

Although he was informed of the bank’s explanation to the erroneous transfers, Olanrewaju Bamgbose mischievously took the view that the funds transferred in and out of the Shibahwells’ loan account may have been Covid-19 bailout funds provided by the Central Bank of Nigeria (CBN) for the aviation industry. To Timi Popoola who was also informed of the bank’s explanation to the erroneous transfers, the development presented an opportunity to blackmail Wema Bank and, to embarrass one of its directors with whom he claimed to have an unresolved personal feud.

When the undersigned and his company (Shibahwells) did not yield to their inordinate quest to blackmail the bank, Olanrewaju Bamgbose provided Timi Popoola with a copy of the Shibahwells’ loan account statement with which the latter used in his petition to the Area ‘G’ Command of Nigeria Police Force, Ogba, Lagos sometime in October/November 2021 alleging N1.7Billion money laundering against the undersigned and Wema Bank. Timi Popoola’s choice of Area ‘G’ Command of Nigeria Police Force, Ogba, Lagos as the place to lodge the petition was deliberate because the Area Commander, ACP Ibrahim Zungura is Timi Popoola’s friend and tenant at Plot 4B, Block 92, Naomi Thomas Street, Peace Valley Zone, Magodo G.R.A. Phase II, Lagos.

On Wednesday 9th February 2022, the undersigned and the bank’s head of oil and gas were arraigned before Magistrate A.O. Layinka (Mrs.) of Court No. 2, Magistrates Court, Ogba, Lagos on 4-count charge of stealing and money laundering in Charge No. MIK/B/6/2022—Commissioner of Police v. Adewole Isaac & Kingsley Ananwude. The criminal charge was subsequently struck out on the strength of the legal advice by the Director of Public Prosecutions (DPP) stating that no prima facie case was found against the defendants. The DPP after an extensive review of the duplicate case file provided by ACP Ibrahim Zungura, stated that the defendants were arrested based on rumour by Timi Popoola and nothing more! The DPP stated further that there is insufficient evidence to predicate the offences upon which a criminal charge was brought before the Court.Since the case was struck out at the Magistrates Court, Ogba.

Timi Popoola and Olanrewaju Bamgbose who are disgruntled, would stop at nothing to use especially the electronic media to vilify the undersigned and Wema Bank. Even after the case had been struck out by the Court, Timi Popoola and Olanrewaju Bamgbose out of desperation, caused ACP Ibrahim Zungura to issue a police report skewed to indict the undersigned and Wema Bank. Not satisfied, the two men have repeatedly made futile efforts at discrediting the DPP’s legal advice alleging that the DPP was misled by a petition to the Attorney General of Lagos State from Solicitors to the undersigned calling on the State to investigate the collusion between Timi Popoola and ACP Ibrahim Zungura and the circumstances surrounding the trumped-up charge at the Magistrates Court.

Out of deliberate mischief and in a futile effort at frustrating the earlier mentioned CASE 1 which is scheduled for continuation of hearing at the High Court of Lagos State, Ikeja on 10th October 2022, Timi Popoola and Olanrewaju Bamgbose have continued to sponsor spurious and mischievously skewed online news using unsuspecting media houses such as SHAHARA REPORTERS alleging that the legal advice by the DPP in respect of CASE 2 was issued under the mistaken belief that CASE 1 is the same as CASE 2.

Despite being aware, having been served with court papers in a civil court action commenced by the undersigned at the High Court of Lagos State in Suit No. ID /8794GCMW/2022—Isaac Adewole v. Timi Popoola & 2 Others, Timi Popoola has continued to use the media and other extra judicial means against the undersigned and Wema Bank. As for Olanrewaju Bamgbose who never invested a dime in Star Orient or in the joint venture but has drawn over N20Million from the joint venture business within 2 years, he has made repeated but failed attempts at hijacking the joint venture business through extra judicial means. He has also been inundating the joint venture customers and the regulator with correspondences containing disparaging and false contents about the person of the undersigned and Shibahwells despite being aware, having been served with court papers in a recent court action commenced by the undersigned at the Federal High Court, Ikoyi, Lagos in Suit No. FHC/L/CS/136/2022- Isaac Trenchard Adewole v. Star Orient Nigeria Limited & 3 Others.

As of date, the joint venture (as previously managed by Star Orient) is still indebted to Shibahwells in the sum of over N1.5Billion. Whilst Olanrewaju Bamgbose motivated by avarice and malice, has continued to take steps towards frustrating the joint venture business; Shibahwells through the undersigned, has continued with management of the joint venture using funds from family members, friends, and business associates all with a view to keeping the joint venture business running so as to repay creditors including Wema Bank and to ensure the sustenance of its workforce.

The above narrative being a true and accurate account of the facts and events on this matter, we have instructed our Solicitors to take appropriate steps known to law, to checkmate the purveyors of the false and malicious media reports and their sponsors.

Whilst urging the public to ignore such media reports, we remain resolute in our belief that truth is buoyant, and no matter how hard one may try to suppress it with falsehood or drown with propaganda, it will always come out. It may take years or decades!

Signed: Isaac Adewole

MD/CEO SHIBAHWELLS ENERGY SERVICES LIMITED

Na the matter we dey since morning...