and unable to meet up financial obligations of his numerous businesses
including Glomobile, a source within his businesses has told
pointblanknews.com.
Glomobile is currently unable to pay for interconnect charges with
Airtel and is set to be disconnected in few days’ time, a memo from the
Nigerian Communication Commission, NCC, has said.
Should the disconnection happen, subscribers on the Glo network will no
longer be able to make calls to Airtel but will be able to receive
calls, according to NCC which approved the partial disconnection.
NCC said in a 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 told pointblanknews.com 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.
Sources told pointblanknews.com that Adenuga whose net worth is
estimated at $8billion by Forbes Magazine, has incurred so much foreign
debts that he is now unable to meet financial obligations of his
numerous businesses.
In 2007, Globacom secured a $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 loan, $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.
Sources told pointblanknews.com that of the many loans sourced and
collected from foreign lenders, Adenuga is bogged down with repayments,
leaving his businesses to suffer.