The Nigeria Billionaire, Michael Adenuga, has millions of dollars unpaid in telecommunications fee due to federal government of Nigeria and even the telecommunications debt made Benin Republic removed him from operating, suggests that he is cash-scrapped.

Glo is yet to pay the $282 million dollars for its GSM renewal fee that expired last year which is always renewed in every 10 years. Glo was also unable to pay N1.4bn owed the NCC for the frequency spectrum license it holds which expired on November 2017.

Globacom company was tossed out of Benin republic in December after it failed to renew its operational license. It had up to 1.6 million subscribers in 2015. Some sources familiar with the company operation revealed that Glo financial troubles has been mounting for a while.

Also recall that Globacom holds Nigeria’s second National operators license and had been unable to fund the deployment of fixed land lines as stipulated under the terms of the license due to cash constrains.

In 2001, his first attempt to acquire a GSM license under his investment vehicle was a complete disaster, which costs him to lose his bid deposit of $20m due to his inability to pay the $265m license fees within the timeline set by the government during Nigeria’s first open GSM license auction.

So, how Adenuga plans to raise at least $1bn to acquire 9mobile, which owns a consortium of Nigeria banks about $1.2bn in loan, with its crippling indebtedness to government remains a facade.

See more information revealed via https://prexblog.com/see-michael-adenugas-globacom-cannot-afford-9mobile/

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The rich also cry.

MorataFC:
The rich also cry.

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MorataFC:
The rich also cry.

The Poor also Laugh

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ednut1:
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It's official bro

Newsprex:


It's official bro

Source?

dukeo:


Source?

You can check the source below the article, where I copied it to nairaland or Google it If you wanna die for source.

Newsprex:


You can check the source below the article, where I copied it to nairaland or Google it If you wanna die for source.

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