We Remain Owners of Ascon Oil Company - Late Founder's Family

• The family of the founder of Ascon Oil Company Limited, Engineer George Enenmoh, has raised alarm over plans to sell the firm by Quest Oil
• The family disclosed that the Enenmoh family remain absolute owners of the firm until the shares sales agreement with Quest Oil is fully paid
• Family said that despite all entreaties to get the purchaser, Quest Oil and Engineering Services Limited, to pay up, has failed

The Family of the late Founder/Owner of Ascon Oil Company Limited, Engineer George Ikemefuna Enenmoh, has maintained 

that they remain the “absolute owner” of the company until the shares sales purchase agreement they entered with Quest Oil and Engineering Services Limited in 2019, is fully paid.

Ascon Oil owners warn the public

This was contained in a press statement issued by the Family matriarch 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, to pay up, they have been foot-dragging. 

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The immediate Enenmoh Family, therefore, warned the general public, especially the business community, not to entertain anyone, 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 also warned that anyone negotiating to buy the assets of Ascon Oil Company Limited/Quest Oil and Engineering Services Limited, before the payment of the full consideration/purchase price, does so at his/her peril.

“Until Quest Oil and Engineering Services Limited fulfils 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 spelt out in the agreement, the immediate Family of the late Engineer George Ikemefuna Enenmoh, remains the absolute owners of the company, the statement said.

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Ascon Oil plays a dominant role in Nigeria

Before its divestment in 2019, Ascon Oil Company Limited had been a major player in the Nigerian economy's downstream oil and gas industry.

Founded and nurtured by George Ikemefuna Enenmoh, an engineer and quintessential entrepreneur, the company had many filling stations across the country, seagoing vessels, and tank farms in Lagos and Ogun States, respectively. It 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.

Mixed fortunes for Nigeria as oil prices fall

Legit.ng earlier reported that Nigeria’s Bonny Light crude dropped by 10.6% to $73.53 per barrel from $84.02 in January, sending fears over the performance of the Nigerian government’s 2025 budget and revenue target.

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The 2025 budget benchmarked oil prices at $75 per barrel, oil production at 2.06 million barrels per day, and a revenue projection of N36.35 trillion, of which 56% was projected to come from oil sales.

Experts say the decline in oil prices represents a 6.6% potential dip in Nigeria’s oil revenue target, worsened by declining oil output below 2.06mbpd.

Source: Legit.ng