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We Have Done No Wrong, GIC Oil and Gas Services Limited Debunks Alleged Fraud
The GIC Oil and Gas Services Limited has denied claims made by some online publications (not The Boss Newspaper) 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.”
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Makinde Ignores Oyomesi’s Rejection, Presents Staff of Office to New Alaafin of Oyo
Governor of Oyo, Mr. Seyi Makinde, on Monday, presented the staff of office to Abimbola Owoade, the new Alaafin of Oyo.
The presentation of the staff and certificate of recognition took place at the Oyo government house in Ibadan.
The governor presented the official instrument legitimising the reign of a king to the new monarch at the Exco Chamber of the Governor’s Office in Ibadan, the state capital.
The symbolic event was performed nearly three years after the death of the former Alaafin, Lamidi Adeyemi III.
On January 10, Makinde announced Owoade as the new Alaafin of Oyo in a statement by the Oyo commissioner for information and orientation, Dotun Oyelade, quoting the governor as approving Owoade as Alaafin following the recommendations by the Oyomesi (kingmakers).
However, some members of the Oyomesi, a few hours later, rejected the appointment of Owoade as the new Alaafin.
They argued that the occupant of the stool is chosen in compliance with the registered Alaafin of Oyo Chieftaincy Declaration of 1967, not by consultation or divination as stated by Makinde.
The kingmakers in the faction include Yusuf Akinade (Basorun), Wakeel Akindele (Lagunna), Hamzat Yusuf (Akinniku), Wahab Oyetunji, warrant chief standing in for the (Asipa), and Gbadebo Mufutau, warrant chief standing in for (Alapinni).
They added that only the Bashorun, head of the Oyomesi, can convene a meeting to elect an Alaafin, arguing that any meeting convened by Makinde was null and void.
Speaking at the event, the governor said the Alaafin’s stool is important not just to Oyo town but to the Yoruba race as a whole.
The governor maintained that he decided not to meddle in the appointment of the new Alaafin because of his administration’s belief in openness and transparency.
He said, “The Alaafin stool is very important not just to Oyo Town or Oyo State but the entire Yoruba race. So, under my watch, I made it very clear that the stool would not be for sale. It is not a stool for us to toil with.
“I met Prince Owoade for the first time in my life yesterday. I never spoke to him in my entire life until yesterday. I did not know his profile or the profile of any of the princes vying for the stool and it was deliberate, because I did not want my opinion to influence the process.
“Let me say this clearly; when we came in 2019, we had challenges with the traditional institution in Ibadanland and it has been resolved to everybody’s satisfaction.
“When it was time for us to approve the selection of Okere, some people came to me and said ‘This is our friend’. They said one person is APC and I said it does not mean anything to me whether you are PDP or APC. Why should my decision be based on political consideration? So, I approved the selection of the Saki kingmakers.
“I always tell people not to kill themselves over politicians, because we see ourselves in the night. We go to each other’s houses. Politics, electioneering is a game. It’s only when you have been elected, then governance becomes a serious business because you will take decisions that will affect millions of people. So, we will not play politics with governance.
“The Alaafin stool became vacant in 2022. We were moving towards election and people said, you have to approve the appointment of Alaafin, otherwise, Oyo people would not vote for you. I said the people should not vote for me but that I would do what was right and Oyo voted for me massively. Oyo will continue to support me.
“Let me also say briefly that those that are still hell-bent on destabilising the traditional institution in Oyo, the government is not letting down. We will prosecute them. The money they collected; they will still be prosecuted except they go to Kabiyesi. If he forgives them, I will also forgive them.”
While congratulating the new monarch, Governor Makinde prayed that his reign would bring peace and progress to Oyo Town, Oyo State and the Yoruba race.
“The coronation would be in four weeks. From today, we have an Alaafin. I congratulate the Alaafin of Oyoland, His Imperial Majesty, Oba Akeem Abimbola Owoade. I pray that your reign shall bring unity to Yoruba race wherever they may be around the world.
“I pray it would also bring progress and development to Oyoland, Oyo State as well as Yoruba race in general,” Governor Makinde added.
In his response, Alaafin Owoade promised to work for the progress of Oyo Town, Oyo State and Nigeria as well as the development of the people.
He thanked the Governor, the Oyomesi and everyone that worked for his selection and assumption of office as the 46th Alaafin of Oyo.
Earlier in his speech, the Commissioner for Local Government and Chieftaincy Matters, Hon Demola Ojo, lauded the Governor for his determination to ensure that the right processes were followed in the selection of the new Alaafin.
He also thanked those involved in the selection process.
In attendance at the event were the Deputy Governor of Oyo State, Barr. Abdulraheem Bayo Lawal; a former Speaker, Oyo State House of Assembly, Senator Monsurat Sunmonu; member representing Oyo East/Oyo West House of Assembly, Hon. Rahman Olorunpoto; Awise Awo Agbaye, Professor Wande Abimbola and his wife, Iyanifa Ajisebo Abimbola; some members of the Oyomesi as well as traditional rulers in Oyo Kingdom.
Top government functionaries in attendance included the Secretary to the State Government, Prof. Olanike Adeyemo; Chief of Staff to the Governor, Otunba Segun Ogunwuyi; Head of Service, Mrs Olubunmi Oni, mni, and the Permanent Secretary, Ministry of Local Government and Chieftaincy Matters, Mr Joel Ajagbe.
Sources: TheCable and Channels TV
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Viral Video: The Okoya Family Comprises Responsible Citizens
Many have been baffled about the recent viral video of the Okoya boys, Subomi and Wahab.
The Viral Video was shot privately to promote a song release ‘CREDIT ALERT’.
Looking at their parent’s life trajectories this unfortunate situation doesn’t accurately represent who the boys are.
Their father, an industrial giant is an easy going man whose passion for his trade has seen him dominating the business landscape over the last 65 years, while their mother whom the high society holds in high esteem as the epitome of brain and beauty is a workaholic who has equally inculcated the virtues of hardwork in all her children with a mantra “money doesn’t fall from the trees, you have to work to earn it’.
The ongoing debates surrounding the viral videos of the Okoya boys alleged abuse of the Naira is not necessary. While I quite agree with the authorities on measures being taken to curtail the abuse of Nigeria’s currency and its integrity, this particular scenario is a private video shot immaturely to promote the young boy’s upcoming song, “CREDIT ALERT’’ as the purpose of the video was simply to promote their music in a style emblematic of western music styles and trends, not necessarily to show off or demean Nigerian law enforcement.
They are young adults who have constantly demonstrated their sense of responsibility as citizens of Nigeria and will continue to uphold the law.
No doubt, the Okoya family comprises responsible citizens of the country, who constantly uphold what Nigeria stands for.
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A Requiem for a Trojan, Chief Olabode Emanuel
By Eric Elezuo
When men pass away, life experiences a definite slow down for as many loved ones as they may have known, but when men like Chief Olabode Emanuel are no more, the entirety of creation is alerted; mourning becomes a case study, and wails as loud as thunder clap are heard from nigh and far. That is because they touched lives indescribably.
That is the story of a titan, who bowed out of a wonderful performance on January 4, 2025, just at the turn of a fresh year, after nine decades of meritorious existence, breaking barriers and churning out one first another another. Bode Emanuel, as he is fondly known, was many things in one package, traversing the world of financial entrepreneurship with ease, and into industrialisation as a construction guru as well as a boardroom wizkid with his glorious spell at UAC’s Grand Cereals, where he retired in 2021.
A proud alumnus of the prestigious St. Gregory’s College, Bode Emanuel is a typical example of he came, he saw and he conquered.
His death as announced by the Old Boys Association of St. Gregory’s College (SGCOBA) though sent shivers down the spines of not a few, was still taken with equanimity and total reverence to the will of Almighty God as a result of the numerous lives his existence touched and turned around. Many hears his name, and smile.
A revered Board of Trustees Member of the institution, the nonagerian, before his demise, was also a Chartered Accountant par excellence, a Fellow of the Institute of Chartered Accountants of England and Wales (ICAEW), and a member of the Institute of Chartered Accountants of Nigeria (ICAN).
The statement announcing his death read: “As a seasoned administrator with vast experience, Chief Emanuel has served as the Chairman of the Board of many local and international corporate organizations.
“These include: BoriniProno & Co. Limited, Trevi Foundations of Nigeria Limited, Foundation Construction Limited, Saipem (Nigeria) Limited, Hogg Robinson Nigeria Limited, and Grand Cereals Limited.
“Aside St Gregory’s College Old Boys Association, he was a board member of, Nigerian Life & Provident Company Limited, Sterling Assurance Company Limited, Macmillan Nigeria Publishers Limited – Publishers of Primary, Secondary and Tertiary Books and Publications in Africa – amongst others. Details on burial arrangements are “to be announced by the family.”
Born on April 20, 1935, Bode Emanuel has either headed or founded several notable business and professional bodies including being a foremost member of the Ikoyi Club, and founding member of the New Partnership for Africa’s Development (NEPAD) Business Group Nigeria, which he rose to become its 4th Chairman in 2022.
Chief Emanuel is survived by a vast array of family members, friends and colleagues, including his beloved wife and confidante, Mrs Anana Bode Emanuel.
The entrepreneur will be sorely missed!
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