Business
Globacom in huge debt of Over #2bn ( Documents attached)
Globacom Nigeria is calling the bluff of the regulatory commission based on petitions sent to the commission by the Wireless Applications Services Providers Association of Nigeria (WASPAN).
The association sent the petition over debts owed by Globacom to its members totaling over N2billion.
In the petition; WASPAN alleged that Globacom refused to pay them their 20% portion of revenue made by Globacom from Value Added Services rendered to Globacom subscribers since 2013. They also complained 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 by Globacom, if fully investigated, is far in excess of the N2billion claimed as the total outstanding by Globacom.
In its mediatory function as a regulators; NCC had 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 by Globacon.
The 30 days ultimatum expired on October 15 without Globacom complying with any of the directives of the NCC.
In one of the attached internal memos; see that Globacom was owing the vendors N805, 022,709 as at December 2014 which till today remains unpaid. Also note that some vendors’ services have not been paid from February 2013, almost 3 years now!!! The memo is dated April 1, 2015.
An approval attached; via internal memo dated June 1, 2015 but was signed by the signatories in August 2015 shows outstanding amount for January 2015 to be N208,974,917. Even though you can see an instruction from Dr. Mike Adenuga to pay, that payment has not been done till today. Globacom management raised this memo after the ownership of company claimed that they can only pay a maximum of N200m to vendors at any time; that is why you can see all sorts of extrapolations to arrive at the N208m.
Now into simple arithmetic, if the average invoice of the vendors is N200m per month and they have not been paid this year at all (10months as at October 2015), the outstanding amount due for this year alone is N2billion plus the previous amount of N805, 022,709 that was outstanding as at December 2014 which makes a total of at least N2.8billion being owed to the vendors.
Based on the contract signed with the vendors; Globacom earns 80% of the revenue on Value Added Services while the vendors earn 20%; this revenue share to the vendors is also the lowest in the industry. In essence, it means Globacom has already pocketed their share of the revenue being N11.2billion conservatively put.
We believe Globacom is relying on its existence as a Nigerian company to influence the decision of the regulatory body as it has done in past dispensations. Even the second letter written to Globacom has not made Globacom to pay up because they wrote back to NCC saying that they are working on the payments. Globacom is just out to kill Nigerian companies.
Globacom cannot claim to be verifying the authenticity of the figures because the internal memos attached by the marketing dept accountant (Ambrose), head of revenue assurance dept (Sharma), head of internal audit (Awojulu), director of finance (Toluhi) and director of treasury (Disu).
Renewed Hope Ambassadors Inspect RHA Secretariat
Renewed Hope Ambassadors, led by its Director-General and the Governor of Imo State, Hope Uzodinma, alongside Zonal Coordinators (NW, NC, SE), the Media & Publicity Directorate, and other key stakeholders, inspected the RHA Secretariat two days after President Bola Tinubu unveiled the Renewed Hope Ambassadors grassroots engagement drive in Abuja.
Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn
Harmony Garden & Estate Development Limited has expanded its development activities across Ibeju-Lekki, pushing the projected long-term value of its estate portfolio beyond $1 billion.
Led by Chief Executive Officer Hon. Dr. Audullahi Saheed Mosadoluwa, popularly know Saheed Ibile, the company is developing seven estates within the Lekki–Ibeju corridor. Details available on Harmony Garden & Estate Development show a portfolio spanning land assets and ongoing residential construction across key growth locations.
A major component is Lekki Aviation Town, where urban living meets neighborhood charm, located near the proposed Lekki International Airport and valued internally at over $250 million. The development forms part of the company’s broader phased expansion strategy within the axis.
Other estates in the corridor tagged as the “Citadel of Joy” (Ogba-idunnu) include Granville Estate, Majestic Bay Estate, The Parliament Phase I & II, and Harmony Casa Phase I & II.
With multiple projects active, the rollout of the Ibile Traditional Mortgage System, and structured expansion underway, Harmony Garden & Estate Development Ltd continues to deepen its presence within the fast-growing Ibeju-Lekki real estate market.
Business
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group, one of Africa’s leading diversified conglomerates, is maintaining a strong presence at the ongoing 62nd edition of the Paris International Agricultural Show in France, participating as a premium sponsor and supporting the Nigeria Pavilion at one of the world’s most respected agricultural gatherings.
The 62nd Paris International Agricultural Show, taking place from February 21 to March 1, 2026, at Porte de Versailles in Paris, convenes global leaders across farming, agro processing, technology, finance, and policy. The event serves as a strategic platform for industry engagement, knowledge exchange, and commercial partnerships shaping the future of global food systems.
BUA Group’s participation reflects its long term commitment to strengthening the entire food production value chain. Through sustained investments in large scale processing, value addition, and branded consumer products, the Group continues to reinforce its role in advancing food security, industrial growth, and regional trade integration.
Speaking on the Group’s participation, the Executive Chairman of BUA Group, Abdul Samad Rabiu CFR, said, “BUA’s presence at the Paris International Agricultural Show reflects our belief that Africa must be an active participant in shaping the future of global food systems. We have invested significantly in local production capacity because we understand that food security, industrial growth, and economic resilience are interconnected. Platforms like this allow us to build partnerships that strengthen Nigeria’s competitiveness and expand our reach beyond our borders.”
BUA Foods, a subsidiary of BUA Group, maintains a strong footprint in flour, pasta, spaghetti, sugar, and rice production, serving millions of consumers within Nigeria and across neighbouring African markets. The Managing Director of BUA Foods, Engr. Abioye Ayodele, representing the Executive Chairman, is attending the event at the Nigeria Pavilion, engaging industry stakeholders and showcasing the company’s manufacturing capabilities.
Also speaking at the show, Engr. Ayodele stated, “BUA Foods has built scale across key staple categories that are central to household consumption. Our participation at this Show allows us to demonstrate the quality, consistency, and operational strength behind our products. We are also engaging global stakeholders with a clear message that Nigerian manufacturing can meet international standards while serving both domestic and regional markets efficiently.”
The Show provides BUA Group with an opportunity to deepen trade relationships, explore new export pathways, and reinforce Nigeria’s growing relevance within the global agricultural and food ecosystem.
BUA Group remains focused on building enduring institutions, expanding productive capacity, and positioning African enterprise competitively within global markets.
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