February 2, 2020

Ascon Oil: 35 years after, Grace Olowofoyeku moves on

Ascon Oil, Grace

It is no longer news that Grace Olowofoyeku, the Group Managing Director (GMD) and Chief Executive of Ascon Oil Group, a company involved in the downstream sector of the oil and gas industry, has sold-off the company.

Earlier she laid off 80 percent of the staff. Obnoxious estimated billing on electricity where she spent N3m in one of her 52 filling stations and hardly got a supply for three days in a week did not also help matters.

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The Edo State-born lawyer, having been in the industry for over 35 years, helped Ascon Group to expand into the blending of lube oils and operation of truck parks.

She also operated tank farms and several filling stations across the country.

A professional career woman with deep sense of philanthropy, Olowofoyeku typifies an outstanding study in humility and she has moved on to other things. Today, she has diversified to farming, by owning cassava plantations and producing garri and rice.

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She lost her husband when things were about to reach the level of success and she had to carry on with the struggle alone. Ascon Oil is the story of an idea defying all odds, born in the mind of one of Nigeria’s brightest visionaries who came, who saw and who conquered, George Enenmoh, the founding Managing Director, passed on in 2005 in a plane crash.

From 2005 when Enenmoh passed on, the baton of leadership was passed to Grace. Under her leadership, the company has grown in leaps and bounds, expanding its retail outlets from 11 to 52.

Vanguard News