Metro
Allegations of Fraud Against Us is False, Says GIC Oil and Gas
The GIC Oil and Gas Services Limited has denied claims made by some online publications (not PointBlank.ng) that the company and its CEO, Godwin Ebolo, defrauded a Nigerian bank.
A statement made available to journalists on by the Group General Manager, GIC Oil and Gas Services Limited, Rotimi Olarewaju, stated as follows:
“Our attention has been drawn to some online publications wherein certain facts about our organisation and Managing Director, Gowin Ebolo, were misstated. Owing to this development, it has become consequent upon us to set the record straight for the general public.
“We are calling on all responsible Nigerians to refrain from making untrue assertions about GIC Oil and Gas Services Limited and its Managing Director, Gowin Ebolo, as the facts of this issue is a matter of public record and any and everyone is welcome to it.
“We have resolved that this press release will be our last action on explaining the matter, but we shall not hesitate to prosecute further libellous statements on this issue as it damages the companys reputation and its good standing with its various partners foreign and local.
“In 2013, GIC Oil and Gas Services Limited approached Heritage Bank Plc for a loan totalling US $13.5 million divided into $3.5 million working capital and $10 million bank guarantee to facilitate a waste management contract for Allied Energy Plc.
“We also approached Enterprise Bank in the same year for a thermal desorption plant and waste management equipment in the amount of UD$8 Million for a Shell Petroleum Development Company of Nigeria Limited (SPDC) contract.
“Both facilities were approved and disbursed with GIC Oil and Gas Services Limited contributing ten per cent (10%) in equity for the equipment purchase. The items were bought and paid for pending the commencement of the SPDC job.”
According to Olanrewaju, “It is worthy of note that Enterprise Bank later merged with Heritage Bank and the loans were consolidated.
“With extended delays in the commencement of the project, the bank grew increasingly anxious and thus the issues on the loan availed began.
“As the commencement date of the SPDC project was not yet ascertained at that time due to circumstances beyond our control, the bank took possession of the equipment purchased with the loan facility.”
The statement further noted that “Once the bank realised that these equipment, being project specific, were of no use to both them and GIC Oil and Gas Services Limited without the project, they immediately recalled their loan facility and requested for immediate full payment.
“On the Allied Energy Project, a change in management led to the cancellation of the project completely. Sadly, an occupational risk in our industry.
“Since our finances are always tied to individual projects, the bank was made aware that repaying the loan facility without project commencement would be extremely difficult, but we were willing to agree to a scheduled repayment structure.
“During this period, GIC Oil and Gas Services sought to negotiate a settlement with the bank and while this was ongoing, Godwin Ebolo left the country because of a medical emergency.
“It was at this point we became aware that the loan facility had been reported to the Economic and Financial Crimes Commission (EFCC) by the bank and Ebolo was immediately declared wanted without invitation or notice.
“On finding out that Ebolo was declared wanted by the EFCC, he immediately returned to the country and presented himself to the EFCC wherein the unfortunate mug-shot was taken.”
“Olanrewaju said that Several court proceedings later, the fraud case was dismissed by the Justice A.I. Iyayi-Lamikanra of the Rivers State High Court (attached is a copy of the judgment Suit No.: PHC2631/2016).
“Ebolo was subsequently cleared by the EFCC vide their letter Ref: CR:3000/EFCC/LS/PFS/C/VOL3/033 dated October 6, 2016 and communicated to the various security agencies accordingly.
“Finally, we would like to state that a repayment structure of the outstanding facilities has been mutually agreed by GIC Oil and Gas Services Limited and Heritage Bank Plc. The repayment which has since commenced is being made from contract proceeds from the SPDC job.”
The Lagos State Security Trust Fund has intensified support for community-based security with the donation of 100 anti-riot kits and 1,000 pairs of operational boots to the Lagos State Neighbourhood Safety Agency.
The high quality modern equipment was presented on behalf of the Executive Secretary/CEO, Dr. Ayodele Ogunsan, by the Director of Administration, Mr. Adegbola Lewis, to the General Manager of LNSA, Dr. Ifalade Oyekan, at the Agency’s headquarters in Oshodi.
The Lagos Neighbourhood Safety Agency plays a critical role in grassroots security as they support the police through intelligence gathering, routine patrols, and community policing initiatives across all local government areas in the state. The Corps is also tasked with maintaining law and order, detecting suspicious activities, and fostering safety awareness within communities.
The intervention is expected to further strengthen neighbourhood-level security architecture and deepen collaboration between communities and formal law enforcement agencies in State.
The Federal government has declared Friday, May 1, a public holiday to commemorate this year’s International Workers’ Day.
The Minister of Interior, Olubunmi Tunji-Ojo, made the announcement on behalf of the government.
In a statement signed by the Permanent Secretary of the ministry, Magdalene Ajani, the minister congratulated workers nationwide, commending their commitment and contributions to national development.
He noted that the dedication of Nigerian workers remains vital to the country’s growth and economic progress, urging them to sustain values of patriotism, productivity and diligence.
Tunji-Ojo also reaffirmed the government’s commitment to improving workers’ welfare, enhancing security and creating an enabling environment for economic expansion.
He called on Nigerians to remain peaceful and law-abiding during the celebration, encouraging citizens to reflect on the importance of unity and hard work in nation-building.
The Trade Union Congress (TUC) has expressed concern over the rising pressure on workers’ welfare and economic conditions of the country.
The Congress warned that it would embark on nationwide protest, if there is no improvement.
The warning was conveyed in in a communiqué jointly signed by the TUC President, Mr. Festus Osifo, and Secretary-General, Mr. Nuhu Toro, at the end of its National Executive Council (NEC) meeting in Abuja.
The Congress said the NEC meeting reviewed the state of the nation, developments within the congress, preparations for the 2026 May Day celebration, and other critical issues affecting Nigerian workers.
“The prevailing economic hardship has significantly affected the living standards of Nigerian workers, making daily survival increasingly difficult.
“We are closely monitoring the situation, and if there is no improvement, the congress will have no option but to mobilise workers in defence of their welfare.
“Government must urgently take concrete steps to address the rising cost of living and restore confidence in the economy,” it said.
The Congress said rising fuel prices, inflation, electricity tariff increases and insecurity had combined to erode workers’ purchasing power and living standards.
It noted that global developments, including the Iran–U.S. conflict, were further worsening economic pressures through higher energy costs and supply chain disruptions.
According to the TUC, Nigerian workers have not benefited from higher global oil prices but continue to face rising costs of transportation, food and essential services.
It urged the Federal Government to deploy excess crude revenue to cushion economic shocks and support vulnerable citizens.
The congress also called for urgent measures to stabilise fuel prices, improve electricity supply, and address insecurity nationwide.
It emphasised the need for policies that promote decent work, job security and social protection.
“The government must prioritise the welfare, dignity and security of Nigerian workers in all policy decisions,” it said.
The TUC further called for tax relief for manufacturing companies and workers to ease economic pressure and stimulate productivity.
On electricity, it condemned repeated tariff increases without improved service delivery and demanded fair pricing, universal metering, and an end to estimated billing.
The congress expressed concern over rising insecurity, describing it as a major threat to economic activities and workers’ safety.
It urged government at all levels to adopt coordinated, intelligence-driven strategies to protect lives, farms, businesses and critical infrastructure.
“A stitch in time saves nine,” the communiqué added.
