Mike Adenuga’s Globacom Doused In N2billion Debt To Service Providers, Shuns Directive From Regulator To Pay Up

Globacom, the telecommunication company with reclusive money man Mike Adenuga as financial muscle is doused in a N2billion debt mess.

The company is said to owed service providers,Wireless Applications Services Providers Association of Nigeria (WASPAN) the state sum.

And according to documents made available this debt is owed in the face of directive from

industry regulator, Nigerian Communication Commission to pay up.

The Commission reportedly gave a dead line of Thursday October 15 2015 for Globacom to offset the debt.

The debt is defined as ‘20% portion of revenue made by Globacom from Value Added Services rendered to Globacom subscribers since 2013’

WASPAN alleged the debt may be more than that, claiming that ‘Globacom refuses to give a detailed log of their services to show how much Globacom truly owes them. It is believed that the debt owed ‘

The N2billion figure is allegedly arrived using projection provided by Globacom.

The management of the company is said to have stated that that they can only pay a maximum of N200m to vendors at any time and a lot extrapolations reportedly come into play to accommodate the figure

WASPAN had written industry regulator NCC to compel the telecommunication company to provide a detailed log of their services to show how much Globacom truly owes

The NCC reportedly mandated Globacom to produce within 30 days the detailed logs of the services rendered by the vendors and also make immediate payment to all Wireless Applications Service Providers that are being owed in mediating in the situation.

This was after WASPAN had written a petition against the company to NCC.

According to information available ‘The 30 days ultimatum expired on October 15 without Globacom complying with any of the directives of the NCC.’

Curiously, the Chairman Dr Adenuga is said to have approved payment of the debt – but it remains unpaid.

Some of the owing which made up the debt is said to go back as far back as february 2013.

Some stood at N805,022,709 as at December 2014 – and remain outstanding.

Globacom is said to be holding out on payment in the guise of verifying the figures that is said to have names of its Marketing Dept Accountant , Head of Revenue Assurance Dept, Head of Internal Audit , Director of Finance and Director of Treasury as perusers.