{"id":70094,"date":"2019-10-25T06:30:42","date_gmt":"2019-10-25T05:30:42","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=70094"},"modified":"2019-10-25T06:30:42","modified_gmt":"2019-10-25T05:30:42","slug":"billionaire-mike-adenuga-going-broke","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/billionaire-mike-adenuga-going-broke\/","title":{"rendered":"Billionaire Mike Adenuga Going Broke?"},"content":{"rendered":"
\n
<\/div>\n
\n
\nForbes Billionaire, Chief Mike Adenuga, is said to be nearing bankruptcy
\nand unable to meet up financial obligations of his numerous businesses
\nincluding Glomobile, a source within his businesses has told
\npointblanknews.com<\/a>.<\/p>\n

Glomobile is currently unable to pay for interconnect charges with
\nAirtel and is set to be disconnected in few days\u2019 time, a memo from the
\nNigerian Communication Commission, NCC, has said.<\/p>\n

Should the disconnection happen, subscribers on the Glo network will no
\nlonger be able to make calls to Airtel but will be able to receive
\ncalls, according to NCC which approved the partial disconnection.<\/p>\n

NCC said in a memo that it \u201cexamined the application and circumstances
\nsurrounding the indebtedness and determined that the affected operator
\ndoes not have sufficient reason for non-payment of interconnect
\ncharges.\u201d<\/p>\n

Sources told\u00a0pointblanknews.com<\/a>\u00a0that the planned disconnection of
\nGlomobile from Airtel interconnectivity is purely due to Adenuga\u2019s
\ninability to come up with funds to offset bills owed Airtel.<\/p>\n

Sources told\u00a0pointblanknews.com<\/a>\u00a0that Adenuga whose net worth is
\nestimated at $8billion by Forbes Magazine, has incurred so much foreign
\ndebts that he is now unable to meet financial obligations of his
\nnumerous businesses.<\/p>\n

In 2007, Globacom secured a $800million loan to upgrade subscription
\nfrom 11 million lines to 18 million lines. The loan was also to help
\nboost network capacity from 13 million to 30 million lines.<\/p>\n

Of the $800 million loan, $600 million was secured from Alcatel, one of
\nits major suppliers while another $280 million was secured from an
\nunnamed source to complete its submarine cable gateway projects that
\nwould link Nigeria to the United Kingdom and a dedicated route to the
\nUnited States.<\/p>\n

Sources told\u00a0pointblanknews.com<\/a>\u00a0that of the many loans sourced and
\ncollected from foreign lenders, Adenuga is bogged down with repayments,
\nleaving his businesses to suffer.<\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Forbes Billionaire, Chief Mike Adenuga, is said to be nearing bankruptcy and unable to meet up financial obligations of his numerous businesses including Glomobile, a source within his businesses has…<\/p>\n","protected":false},"author":1,"featured_media":70095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-70094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nBillionaire Mike Adenuga Going Broke? - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/billionaire-mike-adenuga-going-broke\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaire Mike Adenuga Going Broke? 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