By A Court in Ghana has seized properties belonging to Glo Mobile Ghana over unpaid debts to DAMMAC Engineering, a contractor hired by Glo Mobile.
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’s signals 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.”
According to reports gathered, the planned disconnection of Glomobile from Airtel inter-connectivity 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.
