The Family of the late Founder/Owner of Ascon Oil Company Limited,
Engineer George Ikemefuna Enenmoh, has alerted Nigerians and the
business community, particularly the oil and gas sector of the economy,
that they remain the “absolute owner” of the company until the shares
sales purchase agreement it entered with Quest Oil and Engineering
Services Limited in 2019 is fully paid.
This was contained in a press statement issued by the matriarch of the
Family, and former Group Managing Director of the Ascon Oil
Company Limited, Barrister Grace Enenmoh-Olowofoyeku.
In the press statement, the Family maintained that despite all entreaties,
morally and legally, to get the purchaser, Quest Oil and Engineering
Services Limited, pay up, they have been foot-dragging.
The immediate Enenmoh Family, therefore, warned the general public,
especially the business community, not to entertain anyone, or group of
people, or organization, canvassing any intention to sell the company’s
assets until the purchaser, Quest Oil and Engineering Services Limited,
has fully discharged all its obligations as contained in the said
agreement.
The Family warned that “anyone negotiating to buy the assets of Ascon
Oil Company Limited/Quest Oil and Engineering Services Limited,
prior to the payment of the full consideration/purchase price, does so at
his/or her own peril.”
“Until Quest Oil and Engineering Services Limited fulfills all its
obligations in the agreement and pays the purchase price in full, they
have no right to sell any of the assets,” Barrister Grace Enenmoh-
Olowofoyeku stated emphatically in the release.
“Until they discharge all their obligations, as clearly spelt out in the
agreement, the immediate Family of the late Engineer George
Ikemefuna Enenmoh, remains the absolute owners of the company.”
Prior to its divestment in 2019, Ascon Oil Company Limited had been a
major player in the downstream sector of the oil and gas sector of the
economy.
Founded and nurtured by the irrepressible George Ikemefuna Enenmoh,
an engineer and quintessential entrepreneur, the company had many
filling stations across the country, had sea-going vessels, as well as tank
farms in Lagos and Ogun States respectively. The company was a big
player in the industry.
But tragedy struck in 2005 as the Ascon founder/owner died in a
Bellview Airlines plane crash near Lagos. And the pendulum of
leadership fell on his widow, Barrister Grace Enenmoh, as the
company’s Group Managing Director.
Despite the weight of that monumental tragedy, the Sabongida Ora, Edo
State-born lawyer-turned-businesswoman carried on with a steely
resolve to take the company to greater heights. And she did.
However, in 2019, the company ran into turbulent economic waters. It
confronted serious issues ranging from inconsistent economic policies
by government, brazen corruption in the downstream sector of the
economy, erratic power supply, “strangulating” estimated billings by the
DISCOs, among others.
Hard as the company tried, the problems remained intractable. When the
problems persisted, the immediate Family of the late Engineer George
Enenmoh, as well as other strategic stakeholders unanimously decided to
sell the company.
