Years after Husband’s Demise, Grace Olowofeyeku, Sells off Family Business, ASCON OIL

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Grace Olowofeyeku

The unfettered caress of time on every individual is expressed in many ways, the most distinguishable of these expressions being change. New wrinkles, new passions, new resignations; it almost never ends. To grapple with circumstances is to be equal parts brave and balmy. And yet, not to grapple at the same time is considered prudent but fantastical. A decade and a half year after her husband walked off into the gentle night, Madam Grace Olowofeyeku resigns from grappling with his brainchild.

ASCON OIL is one of the indigenous oil firms in Nigeria with a solid reputation since the late 80s. With operations taking flight from Kano and full engagement with the downstream sector of the oil and gas industry, the company obtained the rights to operate as an independent marketer of petroleum products around ‘88, with the signing of the NNPC/PPMC bulk purchase agreement. Since then, the company has spread out with deep roots and strong branches across the Northern belt (particularly Kaduna, Gombe and Maiduguri), the oil-rich South (Port Harcourt and Warri, especially), and even the FCT.

A company that is the wrinkle of Barrister George Enenmoh – who died in the Bellview Airlines crash of ‘05 – and a traditional family venture, innovation and value creation is its watchword. It has even been monologued as a practical people-firm, with professional leadership and management underneath its soft core. An editorial enterprise to be sure, this crafted dream must now be realised by alien hands.

Mrs. Grace Olowofeyeku, the widow of the founder of ASCON OIL – its Group Managing Director and Chief Executive Officer – has allegedly sold off the company. The rationale for this alleged close out revolves around the tough, hard-to-pierce condition of the Nigerian jungle-market.

Only very recently, Madam Grace was reported as expressing dissatisfaction with the engines of commerce and enterprise in Nigeria. She indicated machinations of governmental agencies and the rickety oil industry as instrumental to businesses grinding down. To be, apparently, would see her management of ASCON OIL end in similar fashion. Not to be, that was her answer.

As an aside, Madam Grace is now married to Bankole Olowofoyeku, also a staff of ASCON Oil. Furthermore, the progeny of the late George Enekid are allegedly not unhappy with ASCON’s change of leadership.