Saturday, July 19, 2025
Freedom Online
  • Home
  • News
    • Foreign
    • Crime
  • Business
  • Politics
  • Health
  • Entertainment
  • Interview
  • Sports
  • Ad Rates
No Result
View All Result
Freedom Online
  • Home
  • News
    • Foreign
    • Crime
  • Business
  • Politics
  • Health
  • Entertainment
  • Interview
  • Sports
  • Ad Rates
No Result
View All Result
Freedom Online
No Result
View All Result

Olowofoyeku reveals forces ‘that made us sell ASCON Oil’

Freedom Reporter by Freedom Reporter
March 23, 2020
in Breaking News, Business, News
0
Olowofoyeku reveals forces 'that made us sell ASCON Oil'

Olowofoyeku

1.9k
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

By Shola Oshunkeye

The former Group Managing Director, GMD, of the ASCON Oil Company Limited, Grace Olowofoyeku, has named the factors that compelled the board of directors to approve that the company be sold.
She said the clarification became expedient in order to dispel the rumour roiling in the social media that the family of her late husband, and founder/Chairman of the company, Barrister George Enenmoh, was at war with her over the decision to sell the company to its investors.
Until it ran into turbulent waters in 2019, ASCON Oil was one of the leading players in the downstream sector of the economy.
Olowofoyeku, who took over the company in 2005 when her husband and founder of ASCON Oil died in a Bellview airlines crash, said any suggestion of discontent over the divestment “is a lie from the pit of hell.”
“The whole family knew about it,” she declared. “The whole process was done in the open. My children, who were directors in ASCON, as well as other stakeholders, reached a consensus that the best option was to divest. And that’s precisely what we did.
“In fact, my children initiated the move to sell the company. My children saw that the boat was sinking and they said we should bail out. And the family of my late husband, Engineer George Enenmoh, was in full support. Everybody agreed that it was the best thing to do in the circumstance. That’s why we did it and everybody is happy.”
Olowofoyeku, a lawyer, named inconsistent government economic policies, brazen corruption in the downstream sector of the economy, erratic power supply, “strangulating” estimated billings by EKO DISCO, as some of the factors that militated against ASCON Oil, and eventually led to its sale.
“Apart from unfavourable government policies,” the Sabongida Ora, Edo State former GMD continued, “there were other major problems, like the various toll gates created by people from the regulatory agencies down the line. It was impossible for you to transact any business without settling those people. You need to settle heavily before you can do business. There is also the nagging issue of erratic power supply which keeps you running all your stations on diesel at astronomical costs. This is not to mention the crazy estimated bills that the DISCOs slam on ASCON every month.”
Olowofoyeku underscored the damage that estimated billing did to the company in the few years leading to its divestment, citing the example of the company’s mega filling station at the Admiralty area of Lekki in Lagos, which guzzled N2 million per month in estimated electricity billing.
“What were we selling?” she asked angrily. “We were paying N600,000 per month at our head office (in Victoria Island). Is this place (the headquarters) a manufacturing company? What machines do we operate here to attract N600, 000 per month? None.
“As far as I am concerned, that is oppressive. What business were we doing to generate the income that would enable us pay N2 million for power in just one station, in a month? What were we making in our Admiralty station to be paying N2 million every month for electricity? If you do the maths, you can guess how much we were spending on energy alone. This is not talk about other operational costs, overheads, and so on.”
After taking ASCON Oil to unprecedented heights after her husband’s demise, expanding its retail outlets first from 11 to 39, then, to 57, Olowofoyeku said that, paradoxically, by 2019, the business terrain had become so difficult that the company could hardly do any profitable business again.
“Business became so bad that, in the last four years, we had been gradually laying off staff,” she revealed. “I laid off a lot of staff because we couldn’t pay salaries. By 2019, we had asked 80 per cent of the staff to go home. With that, coupled with the underlying factors which remained unchanged, we had to divest 80 percent. Later, we were left we no other choice but to divest the remaining 20 percent. ASCON Oil is now completely in the hands of its new owners.”

Tags: Olowofoyeku reveals forces 'that made us sell ASCON Oil'
Share30Tweet19Send
Previous Post

Maximise Amotekun’s gains, TYLPI tells South-West governors

Next Post

Covid-19: Brace up for tougher decisions, Lai Mohammed tells Nigerians

Related Posts

Akpabio: Okpebholo’s Supreme Court victory ‘triumph of democracy, Edo people’s will’
Breaking News

Okpebholo to Peter Obi: A new Sheriff is in town, don’t come to Edo because I can’t guarantee your security

July 18, 2025
Atiku will soon return to PDP – Damagum
Breaking News

U.S. Mission welcomes new Consul General in Lagos

July 18, 2025
Govt strips Atiku of Waziri Adamawa title
Breaking News

Atiku will soon return to PDP – Damagum

July 18, 2025
Next Post
Covid-19: Brace up for tougher decisions, Lai Mohammed tells Nigerians

Covid-19: Brace up for tougher decisions, Lai Mohammed tells Nigerians

COVID-19: NUJ urges FG to take drastic measures

COVID-19: Bauchi governor in self isolation following contact with Atiku’s son

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

https://freedomonline.com.ng/wp-content/uploads/2025/01/5aeac180-db4e-4e7c-bd37-07ddbf15b053.mp4

Popular Stories

  • Buhari: From May 29, I will be far away from Abuja

    Buhari dies in London (see details)

    204 shares
    Share 82 Tweet 51
  • How a former governor spraying £50 bills in London was arrested

    87 shares
    Share 35 Tweet 22
  • ‘It is an abomination to bury Awujale outside sacred grounds of Igbo Odu’

    85 shares
    Share 34 Tweet 21
  • Diya’s son: How Awujale saved my father from Abacha

    83 shares
    Share 33 Tweet 21
  • Tinubu calls Aisha Buhari, orders Shettima to accompany ex-President’s body home from London

    74 shares
    Share 30 Tweet 19
  • Coat of Arms: Keyamo warns Atiku

    74 shares
    Share 30 Tweet 19

Latest Stories

Akpabio: Okpebholo’s Supreme Court victory ‘triumph of democracy, Edo people’s will’

Okpebholo to Peter Obi: A new Sheriff is in town, don’t come to Edo because I can’t guarantee your security

July 18, 2025
Atiku will soon return to PDP – Damagum

U.S. Mission welcomes new Consul General in Lagos

July 18, 2025
Govt strips Atiku of Waziri Adamawa title

Atiku will soon return to PDP – Damagum

July 18, 2025
Police officer who attacked Obaseki, Ighodalo in viral video arrested

Varsity lecturer dies in hotel

July 18, 2025
Female World Cup: Ex-Falcons coach says team can surpass quarter final record

WAFCON: Super Falcons crush Zambia 5-0 to reach semis

July 18, 2025
FirstBank reinforces its financial inclusion drive, disburses over N17bn loans through FirstAdvance

Report of FG’s involvement in First Holdco Share Acquisition ‘inaccurate, misleading, resentful, malicious’ – AGF Fagbemi

July 18, 2025
How a former governor spraying £50 bills in London was arrested

How a former governor spraying £50 bills in London was arrested

July 18, 2025
Freedom Online

© 2025 Published by SWAAYA LIMITED, Plot 20, Block G, Scheme 1, Residential 3, OPIC Beachland Estate, Lagos/Ibadan Expressway, Lagos. Gabriel Akinadewo, MD/CEO 08023010222, 08094000056, 08052097814.

Navigate Site

  • Home
  • News
  • Business
  • Politics
  • Health
  • Entertainment
  • Interview
  • Sports
  • Ad Rates

Follow Us

No Result
View All Result
  • #13921 (no title)
  • Advert Rates
  • APC ad
  • Archive Sitemap
  • Contact
  • Contact Us
  • Documents
  • Full Width
  • Homepage
  • Ogun State
  • Ogun State banner ad
  • P-A
  • P-A2
  • Privacy policy
  • Sample Page
  • Sample Page
  • Submit an article
  • Welcome

© 2025 Published by SWAAYA LIMITED, Plot 20, Block G, Scheme 1, Residential 3, OPIC Beachland Estate, Lagos/Ibadan Expressway, Lagos. Gabriel Akinadewo, MD/CEO 08023010222, 08094000056, 08052097814.