Insiders Tell Things At Stake In To Attack Against Mike Adenuga

Like a sponsored attempt, there appears to be a relentless attack on the person of Mike Adenuga the billionaire whose private life remains a mystery to the world.

There are ceaseless snide remarks about Adenuga and debts especially on social media and particularly on Twitter, the platform without regard for anybody.

The outright and subtle attacks have adopted the tone of deliberate – sponsored – move stealthily nipping at the credibility of Adenuga who is one of the nation’s kings of commerce.

“These relentless digs at Adenuga are loosely woven around talks of debts” societynow.ng learned.

Close watchers of the unfolding scenario point out that there lays the grave danger.

“These loose remarks just mention debtor without putting things in context, yes like every other mega business some of Adenuga’s enterprises are indebted to some persons or corporate bodies but banding such about without putting things in context and tagging Adenuga a debtor is pure mischief” a source pointed.

The extreme danger in it is that these loose talks are attacking the integrity of combined businesses that employ hundreds of Nigerians catering to a higher number of dependants.

Societynow.ng’s digs reveal that Globacom – one of Adenuga’s companies – employs over five thousand (Five thousand) people.

“These are Businesses that heavily contribute to the development of the nation directly through taxation and the likes and indirectly via derivable values including corporate social responsibility initiatives.”

Adenuga through his businesses remains one of the nation’s major employer of labor, especially factoring into the equation the sidelines employments generated by his telecommunication company.

Some of Adenuga’s major businesses include Globacom (Telecommunication), Consolidated Oil (Oil and Gas), Convenant Apartments Limited (Real Estate).

Globacom has transformed into a continental brand with expansion into other African countries like Benin Republic, Ghana, and Côte d’Ivoire, with millions of subscribers to the bargain.

Interestingly, the checks by societynow.ng revealed that all the loans being used to vilify Adenuga as a “debtor’’ were taken purely for business reasons.

Top on the list of touted debts has always been the $800m loan which was taken to upgrade Globacom’s subscription from 11 million lines to 18million lines and also to boost network capacity from 13milllionlines to 30million lines.

Added revelation has it that out of the $800m loan, $600m was gotten from Alcatel based on status as one of its major suppliers.

A $280m secured from an unnamed source to complete the telecommunication company’s submarine cable gateway projects that would link Nigeria to the United Kingdom and a dedicated route to the United States is part of the touted debts.

None of these debts are products of extravagance living or mindless spending information available to societynow.ng indicate.

“People most times make careless remarks, especially online without a proper grasp of what is at stake” a source pointed out.

The checks by societynow.ng revealed that a larger percentage of the celebrated persons making the nation proud with their business exploits across different spheres of the economy – home and abroad – are leveraging loans here and there to oil their operations – just like Adenuga.

” It is a sound business practice, the reality is that there is a certain stage you’ll get to in business that you need to leverage on loans to get things done..the value of a company – and by extension, the chief promoter – is determined by vision and growth and Adenuga whether you like it or not has that going for him” societynow.ng gathered.

In the face of what appears to deliberate digs at his credibility, Adenuga who holds the esteemed national honor of Grand Commander Of The Order of Niger (GCON) amongst other recognitions including France’s highest Commander of the Legion of Honor as a testament of what he stands for home and abroad has continued to hold his forte as one of Africa’s richest.- and increase his wealth to the bargain.

“That is staying power and growth” a source stated simply.

Forbes in its latest ranking of Africa’s richest people valued Adenuga at number 5 with an estimated fortune of $6.3Billion in the face of the dispute by those who should that the “Bull” is worth far more than that.