Enenmoh family warns public against negotiating to buy Ascon Oil Company’s assets

The family of late Engineer George Ikemefuna Enenmoh, founder of Ascon Oil Company Limited, has issued a public warning regarding the company’s assets.

In a press statement sent to PM News, Barrister Grace Enenmoh-Olowofoyeku, the matriarch of the family and former Group Managing Director of Ascon Oil Company Limited, stated that the family remains the absolute owner of the company.

According to the statement, the purchaser, Quest Oil and Engineering Services Limited, failed to fully pay the purchase price despite paying for part of the company in 2019.

The family warned the public, particularly the business community, not to engage in any negotiations to buy the company’s assets until Quest Oil and Engineering Services Limited has fulfilled its obligations and paid the purchase price in full.

Barrister Enenmoh-Olowofoyeku emphasized that any attempts to sell the assets before the purchaser has met its obligations would be done at the perpetrator’s own risk.

The family also appealed to the public to stay clear of the assets until the matter is resolved.

The statement from the family says “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.

“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.”

Back-story

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 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.

However, 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, Barrister Grace carried on with a steely resolve to take the company to greater heights.

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.

In the same 2019, Quest Oil and Engineering Services Limited bought the company. But according to the former GMD, the purchaser has not fully paid the purchase price till now.