Two companies, Quest Oil and Engineering Services Limited, owners of Ascon Oil Company Limited and Rainoil Ltd, are currently vying for ownership of a gas station on Admiralty Way in Lagos.
While Quest Oil announced that it had recovered its gas station located at Block 36 Admiralty Way, Lekki Phase 1, the management of Rainoil Ltd denounced the action as an invasion.
Quest Oil in a statement, said the action is in line with Judge Liman’s earlier order of the Federal High Court in Lagos, setting aside his previous order prohibiting Ascon from interfering with the activities of the alleged receiver, Olawale Akoni, who saw to the possession of the property by Rain Oil Limited.
Ascon Oil Company Limited CEO Goke Dele said in the statement: âWe are setting the tone in the downstream sector as a major player with innovative energy solutions.
âThe current optimization of our assets across the country symbolizes our reinvigorated strategy for the Nigerian energy, oil and gas market. Ascon Oil Company Limited will continue to provide its legal services in accordance with the provisions of the law. “
The company added that: âAs part of its plans to position the downstream sector on the global energy transition map, Ascon Oil Company Limited plans to provide alternative sources of fuel to its customers as it plans to strategically deploy automotive gas infrastructure in its service stations. located across the country.
âThis is not only a giant leap, but it gives even more credibility to the company’s commitment and investment in innovative clean energy technology in the downstream sector. This, according to the company, will lead to job creation and the creation of cleaner fuel sources that will lower the cost of energy for Nigerians. “
For its part, Rain Oil said: âThe benchmark decision was rendered in 2020 and was not in favor of Ascon Oil. The decision of Justice Liman J. in the case reaffirmed the power of the receiver appointed by Stanbic IBTC Bank.
âDissatisfied with Judge Liman’s decision of July 24, 2020, which was not in their favor, Ascon Oil appealed the decision to the Court of Appeal. The case remains before the Court of Appeal.
“We then wonder how Ascon Oil can come back a year later to enforce a judgment which was not in their favor and for which they went to the court of appeal,” he noted.
He noted that the cabinet was looking for ways to resolve the issue while in court.