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GIC Oil & Gas MD, Ebolo Lands In Trouble After Securing $10 Million Loan For Nonexistent Contract

...Donates cars, cash to Christ Embassy

The Managing Director of GIC Oil and Gas, Godwin Ewah Ebolo, has been accused of using part of a $10 million loan (approximately N4bn) he collected to fund the lavish lifestyles of Pastors Chris and Ken Oyakhilome of Christ Embassy Church, according to the Economic and Financial Crimes Commission, EFCC, report.

In series of document relating to the matter and sighted by our correspondent, Ebelo who has been declared wanted by the EFCC is an elder of the church and a close ally of the General Overseer, Chris Oyakhilome.

The anti-graft agency said the fugitive “obtained a loan facility from Heritage Bank supposedly to finance a nonexistent contract and diverted the money to personal use,” including donating $1 million to acquire a $2m church auditorium for the Houston, Texas branch of Chris Embassy.

He was also accused of buying a Bentley car for the Houston church pastor and the founder’s brother, Reverend Ken Oyakhilome.

Ebolo received a bank guarantee from Heritage bank for $10 million for 100% financing of a project from Allied Energy in April of 2013, according to the EFCC.

However, upon the receipt he started throwing the money around and it got to a point he ran out of it and could not honour his commitment to Heritage bank.

Consequently, the bank reported him to the Police Special Fraud Unit where he was first investigated.

When he just landed in troubled waters, sources said he approached Rev Ken for a $100,000 loan, but the latter reportedly turned him down and only advised him to turn to God.

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