11Plc, ASCON in dispute over ownership of asset

There seems to be no end in sight to the lingering dispute between 11Plc (formerly Mobil Oil Nigeria Plc) and ASCON Oil Company Limited as both oil companies have continued to lay claim of right of ownership of a filling station located on the Oshodi-Gbagada Expressway of Lagos State.

11Plc claims the asset belongs to it according to a renewed 10-year lease agreement with the landowners which it said expires in 2020, while ASCON on the other hand is saying the said property belongs to it, arguing that it bought the station in 2010 from the family of the late landowner, Sunday Ogunyade, with the sum of N750 million.

11Plc further claimed that all the court orders which it said, first barred the administrators of the estate of the landowner, or its agents from evicting or forcibly removing it as owner of the property till 2020, and a later order that mandated 11Plc and ASCON, to stay away from the facility pending further determination of the court, had all been violated by ASCON.

However, briefing journalists on the matter, ASCON’s Managing Director, Grace Olowofeyeku, said all the claims by 11Plc with respect to the property were false, stating that the property belongs to ASCON having bought it in 2010 for N750 million.

Source: THISDAY

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