Court Seizes Glo Mobile Properties In Ghana Over Debts, The Many Troubles Of Adenuga

Court Seizes Glo Mobile Properties In Ghana Over Debts, The Many Troubles Of Adenuga

Forbes 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.

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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’s
signals and operations.

Pointblanknews.com had reported that 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.”

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Pointblanknews says 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.

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, Pointblank reports

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.

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

What do you think?

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