Court Seizes Glo Mobile Properties Over Alleged Debts In Ghana

Forbes Billionaire, Chief Mike Adenuga is reportedly experiencing some financial difficulties as Bailiffs from the
Financial Division of the High Court in Accra, attacked and seized vehicles and assets belonging to Glo Mobile Ghana Ltd.

The Bailiffs were executing judgment in favour of one of Glo Mobile contractors, Dammac Engineering Co. Ltd.

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Dammac Engineering had sued the telecom network for monies owed to it since 2017 in respect of maintenance services provided by the contractor.

Glo Mobile Ltd. admitted part of the debt which together with interest summed up to GHC3,522,088.50.

Glo Mobile Ltd. pleaded to be allowed to pay the debt by installments but defaulted after two installments in May and June 2020.

The Court bailiffs will be going back to Glo Mobile Ltd. yard at Kaneshie Industrial Area with technicians to take down Glo’s air-conditioners, equipment, and mast which is likely to shut down Glo’s signals and operations.

Recall that Adenuga whose net worth is estimated at $8billion by Forbes Magazine has incurred so many foreign debts that he is now unable to meet the financial obligations of his numerous businesses.

In 2007, Globacom secured an $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.

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According to reports, of the $800 million loans, $600 million was secured from Alcatel, 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 say Adenuga is now bogged down with repayments, leaving his businesses to suffer.

In 2019, Glo Mobile could not pay for interconnecting charges with Airtel and was set to be disconnected.

The planned disconnection of Glomobile from Airtel interconnectivity, sources say, is purely due to Adenuga’s inability to come up with funds to offset bills owed Airtel.

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