Over Unpaid Debt, Court Siezes Mike Adenuga’s Glo Mobile Properties

58 views

Billionaire, Chief Mike Adenuga has continued to experience financial difficulties as Bailiffs from the Financial Division of the High Court in Accra attacked and seized vehicles and assets of Glo Mobile Ghana Ltd.

The Bailiffs were executing judgment in favour of one of Glo Mobile contractors, DAMMAC ENGINEERING CO. LTD.

DAMMAC ENGINEERING had sued GLO MOBILE GHANA Ltd for monies owed to it since 2017 in respect of maintenance services provided by the contractor.

GLO MOBILE Ltd. admitted part of the debt which together with interest stood at GHC3,522,088.50.

GLO MOBILE Ltd. pleaded to be allowed to pay the debt by installment but defaulted after two installments in May and June 2020.

The Court bailiffs will be going back to GLO MOBILE Ltd. yard at Kaneshie Industrial Area with technicians to dismantle Glo’s air-conditioners, equipment, and mast which is likely to shut down Glo’ssignals and operations.

Glomobile in 2019 could not pay for interconnecting charges with Airtel and was set to be disconnected
according to a memo from the Nigerian Communication Commission, NCC.

NCC said in the memo that it “examined the application and circumstances surrounding the indebtedness and determined that the affected operator does not have sufficient reason for non-payment of interconnect charges.”

Sources said that the planned disconnection of Glomobile from Airtel interconnectivity is purely due to Adenuga’s
inability to come up with funds to offset bills owed Airtel.

It was also gathered that Adenuga whose net worth is estimated at $8billion by Forbes Magazine has incurred so many foreign debts that he is now unable to meet the financial obligations of his numerous businesses.

In 2007, Globacom secured an $800million loan to upgrade subscription from 11 million lines to 18 million lines. The loan was also to help boost network capacity from 13 million to 30 million lines.

Of the $800 million loans, $600 million was secured from Alcatel, one of its major suppliers while another $280 million was secured from an unnamed source to complete its submarine cable gateway projects that would link Nigeria to the United Kingdom and a dedicated route to the
United States.

It was also learnt that of the many loans sourced and collected from foreign lenders, Adenuga is bogged down with repayments, leaving his businesses to suffer.

Leave a reply

Your email address will not be published. Required fields are marked *