A Managing Director of GIC Oil and Gas, Godwin Ewah Ebolo, collected a $10 million loan from Heritage Bank for his business, and instead
allegedly diverted the cash in oiling the lavish lifestyles of Chris and Ken Oyakhilome of Christ Embassy Church, according to documents seen by Pointblanknews.com.
Ebolo denied any wrongdoing saying he had started paying back the loan to the Bank.
But Pointblanknews.com learned that shortly after he got the money, Ebolo donated a whooping $1 million to fund the purchase of the $2m church auditorium for the Houston, Texas branch of Chris Embassy.
Ebolo who was investigated by the Special Fraud Unit and later declared wanted by the EFCC, also purchased a Bentley car for the pastor of the Houston church, Reverend Ken Oyakhilome.
In a statement by the EFCC, Ebolo who is an elder at Christ Embassy and a close ally of the Overseer, Chris Oyakhilome, diverted the cash part of which was used to buy a Bentley car for Reverend Ken, younger brother of Pastor Chris.
According to the EFCC “Ebolo obtained a loan facility from Heritage Bank supposedly to finance a nonexistent contract and diverted the money to personal use.”
Ebolo had received a bank guarantee from the bank for $10 million for 100% financing of a project from Allied Energy. The bank has informed Ebolo of the approval in April of 2013 for the bank guarantee and a term loan of $3.5m.
Our source hinted that shortly after the EFCC declared Ebolo wanted, he started having money problems because of his lavish lifestyle and outrageous donations.
He then approached Rev Ken for a $100,000 loan, who declined but asked him to seek the face of God for breakthrough, a source close to him told Pointblanknews.com.
Ebolo who felt betrayed then upped the ante and asked for a refund of his $1 million donation. Ebolo had threatened to expose Christ Embassy and even assassinate Pastor Chris.
The threat led to panic in the church, which forced the church to transfer Rev Ken to its church in Ontario, Canada. Our source also hinted that Pastor Chris refunded some undisclosed amount to Ebolo.
But Ebolo is insisting he never stole any money from Heritage or defrauded the bank therefore to declare him wanted was illegal. That the loan was properly obtained. Documents from the bank confirmed that.
According to him “GIC oil and Gas had started repaying the loan Heritage Bank and GIC agreed on a structured repayment plan of N10 million monthly with EFCC as mediator and GIC has paid the first installment of N10m and an additional N5 million.”
A Spokesman for the Christ Embassy Church or Pastor Oyakhilome could not be reached for comment.