Two firms, Quest Oil and Engineering Services Limited, owners of Ascon Oil Company Limited and Rainoil Ltd are currently having a running battle over the ownership of a petrol filling station on Admiralty Way, in Lagos.
While Quest Oil announced that it has reclaimed its petrol filling station located at Block 36 Admiralty Way, Lekki Phase 1, the management of Rainoil Ltd has decried the action as an invasion.
Quest Oil in a statement, said the action is in line with the earlier Order of Justice Liman of the Federal High Court in Lagos, setting aside his previous Order restraining Ascon from interfering with the activities of the purported Receiver, Olawale Akoni, who saw to the possession of the property by Rain Oil Limited.
The Chief Executive Officer, Ascon Oil Company Limited, Goke Dele in the statement said: “We are setting the pace in the downstream sector as a major player with innovative energy solutions.
“Our current asset optimization across the country symbolizes our reinvigorated strategy for the Nigerian Energy, Oil & Gas market. Ascon Oil Company Limited will continue to carry out its lawful services in line with the provisions of the law.”
The company stated further that: “As part of its plans to position the downstream sector in the global energy transition map, Ascon Oil Company Limited plans to provide alternative sources of fuel to its customers as it plans to deploy autogas infrastructures across its service stations strategically located across the country.
“This is not only a giant stride, but further gives credence to the company’s commitment and investment in innovative clean energy technology in the downstream sector. This, the company believes, will lead to employment generation, and the creation of cleaner fuel sources which will reduce the cost of energy for Nigerians.”
On its part, Rain Oil said: “The ruling referenced was delivered in 2020 and was not in favour of Ascon Oil. The ruling delivered by Justice Liman J. in the case reaffirmed the power of the receiver as appointed by Stanbic IBTC Bank.
“Dissatisfied with the ruling of Justice Liman on 24th July 2020, which was not in their favour, Ascon Oil went on to appeal the ruling at the Court of Appeal. The matter remains at the Appeal Court.
“We then wonder how Ascon Oil can return a year afterwards to execute a judgment which was not in their favour and for which they have gone to the Court of Appeal,” it noted.
It noted that the firm is seeking ways of resolving the issue pending before a law court.