Rainoil Laments Takeover Of Outlet By Quest Oil 

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Yemisi Izuora

Rainoil Ltd has decried the recent invasion of its retail station located at Admiralty Way, Lekki I on the 13th of August 2021, by officials of Quest Petroleum Limited, purported owners of Ascon Oil Limited, accompanied by several armed mobile policemen.

Rainoil claimed the action was carried out under the guise of executing the ruling of the Federal High Court Ikoyi, dated 24th July 2020, as per Liman J. in Suit No FHC/L/CS/567/2020, Olawale Akani (SAN) vs Ascon Oil Limited.

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, and the matter remains at the Appeal Court, the company said.

“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.

“The matter instituted on the above date is still in litigation and as a law-abiding organization, we choose not to comment further on the subject of litigation.

“We assure the public and our esteemed customers that this matter will be resolved expeditiously.” Rainoil said in a statement.

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