Waste management contract loan: Our story, by GIC Oil and Gas Services Limited

GIC Oil and Gas Services Limited has denied some claims made by online publications against it.
A statement made available to journalists on Monday by the Group General Manager, GIC Oil and Gas Services Limited, Rotimi Olarewaju, stated: “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.
In light of the above, Olanrewaju said: “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 company’s 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 $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 $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 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 Justice A.I. Iyayi-Lamikanra of the River State High Court (attached is a copy of the judgement – 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.”