Connect with us
Advertisment

Business

Globacom in huge debt of Over #2bn ( Documents attached)

Published

on

glo

Advertisment

 

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.

Advertisment

ncc nccc
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.

 

debygbes
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).

Advertisement

 

Advertisment

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

brands/telecom

Dana Airline’s Troubled History of Scandals and Safety Concerns

Published

on

Dana Airline’s Troubled History of Scandals and Safety Concerns

 

Advertisment

 

In the turbulent skies of Nigeria’s aviation industry, Dana Airline has become synonymous with controversy and scandal. From regulatory violations to financial mismanagement, the airline’s history is marred by a litany of transgressions that have raised serious questions about its commitment to safety and integrity.

Advertisment

One of the most alarming issues plaguing Dana Airline is the recurrent violation of flight crew duty regulations. Reports have surfaced indicating pilots flying over their allowed hours, raising concerns about fatigue and compromised safety standards. Such breaches not only endanger passengers but also erode trust in the airline’s operational integrity.

Financial misconduct further tarnishes Dana Airline’s reputation, with instances of fake telexes being sent to suppliers and staff to deceive them into making payments. In one egregious case, an engine was reclaimed by a lessor due to non-payment, only for Dana Airline to find the supplier bankrupt upon attempting to settle the freight costs. This pattern of defaulting on payments extends across all suppliers and includes the non-payment of staff salaries, painting a picture of financial instability and irresponsibility.

Safety is paramount in aviation, yet Dana Airline’s management has been accused of prioritizing profit over passenger welfare. Instances where the Managing Director overrules safety protocols set by management, coupled with weight and balance miscalculations due to cargo and excess baggage fraud, underscore a disturbing trend of negligence.

Advertisement

Moreover, the airline’s questionable practices extend to its maintenance operations, where falsified records and quick fixes by Indonesian personnel have compromised safety standards. The turnover of directors in the maintenance department reflects the dire financial constraints preventing proper maintenance procedures.

The lack of proper financial management and qualified personnel exacerbates Dana Airline’s woes, with the Chief Financial Officer’s association with Dana Group, under scrutiny for financial fraud, raising further red flags. Suppliers coerced into lying about amounts due during audits and the circumvention of regulatory payments only add to the company’s litany of transgressions.

Despite previous groundings and regulatory scrutiny, Dana Airline has persistently managed to evade accountability, with reports of political influence being used to circumvent regulatory actions. However, a thorough financial audit, if conducted, would likely reveal the airline’s precarious financial position, potentially rendering it unfit to operate.

In conclusion, Dana Airline’s track record of scandals and safety breaches raises serious doubts about its commitment to passenger safety and regulatory compliance. Unless substantive changes are made to address the underlying issues plaguing the airline, its continued operation poses a significant risk to the flying public.

 

Dana Airline's Troubled History of Scandals and Safety Concerns

Advertisment
Continue Reading

Business

Fidelity Bank Commends Air Peace’s Performance

Published

on

Fidelity Bank Commends Air Peace’s Performance

 

Advertisment

Fidelity Bank Commends Air Peace’s Performance

. Celebrates Airline For The Commencement of the Lagos-London Route

LAGOS – Fidelity Bank Plc has commended Air Peace’s performance since it commenced flight operations about 10 years ago.

 

Advertisment

Fidelity Bank Commends Air Peace’s Performance

Dr. Nneka Onyeali-Ikpe, the Managing Director, Fidelity Bank Plc gave the commendation over the weekend in Lagos during a special event organised for the airline by the bank to celebrate Air Peace for the milestone of commencement of direct flights from Lagos to London.

According to Nneka Onyeali-Ikpe, who doubled as the host at the event, the airline has upheld the principles of financial discipline and good corporate governance since inception, while it has also been very loyal to the bank.

Advertisement

She expressed delight that the bank had the airline as one of its major clients since inception, stressing that the Bank was celebrating the airline’s milestone of launching direct flight service to London and other developments it would attain in the future.

The event, which held at the Civic Center, Victoria Island, Lagos, had in attendance several bank Managing Directors, stakeholders in the aviation sector, media personalities and well-wishers of both brands.

Speaking at the event, an elated Dr. Allen Onyema, the Chairman, Air Peace, observed that it was not rosy for the airline to attain its status and expressed gratitude to the flying public, the various aviation stakeholders, the media and the government for the continued support since it launched in 2014.

He specifically acknowledged the pivotal role played by Engr. Ben Adeyileka, the former Acting Director-General, Nigeria Civil Aviation Authority (NCAA), in helping the airline secure its Airline Operator Certificate (AOC).

He further commended Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

“I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution. Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity,” he said.

He reiterated that Air Peace was set up primarily to create employment, not for profitmaking, stressing that the motivation behind the business was to empower Nigerians economically.

“Air Peace was not borne out of the intent to profiteer, but to create jobs. Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation”, he remarked.

He restated the airline’s belief in the Nigerian project, maintaining that supporting the airline meant supporting the growth of the Nigerian economy.

Onyema further craved for the support of all Nigerians on the Lagos-London route, which it opened on March 30, 2024.

He explained that the airline needed to sustain the route, stressing that this could only be done through support from Nigerians.

He said: “For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

“Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos. From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer.”

He pledged that the airline would continue to fully adhere to the standard of safety and lauded the management and staff of Air Peace for their efforts in realising the London dream.

 

 

 

 

 

 

 

 

 

Advertisment
Continue Reading

Business

Dangote Group is the elixir of Gateway int’l Trade Fair – OGUNCCIMA

Published

on

Dangote: NANS Write President Tinubu Over mismanagement Of CTIN Funds (Video)

Dangote Group is the elixir of Gateway int’l Trade Fair – OGUNCCIMA

…Subsidiaries hit Ogun trade fair

 

Advertisment

 

Ogun State Chambers of Commerce, Industry, Mines and Agriculture (OGUNCCIMA) has described the Dangote Group as the driving force of the Gateway International Trade Fair.

Advertisment

This is just as companies under the leading African Indigenous Conglomerate, Dangote Industries Limited, hit the trade fair with their various products as part of strategies to increase market share and deepen customers’ affection.

 

 

Advertisement

The President of the chamber, Engr. Mike Akingbade, stated this when Ogun state governor, Dapo Abiodun officially opened the 13th edition of the Trade Fair at the M.K.O Abiola Trade Fair Complex, Oke Mosan, Abeokuta

Akingbade lauded the support of Dangote Group in sustaining the Trade Fair, which he noted has led to the prosperity of the state and economic freedom for the people.

“A special commendation must be given to Dangote Industries Limited which has remained the major sponsor of the Gateway International Trade Fair for many years. The committed support of the Dangote Group is the elixir with which the trade fair is activated and OGUNCCINA is eternally grateful for the wonderful gesture of the company,” he said.

He said the 13th Gateway International Trade Fair with the theme: “Achieving Economic Prosperity through Business Connection, Trade and Investment, “is aimed among others, to allow businesses to expand their reach, access new markets, and diversify their customer base. He emphasized that forging robust business connections, participating in trade activities, and making strategic investments will unlock new markets, stimulate economic growth, and enhance overall prosperity.

The Regional Sales Director, Dangote Cement PLC, Lagos/Ogun, Mr Tunde Mabogunje in his goodwill address, assured Ogun state government and OGUNCIMMA of the continuous support of the company, noting that the Group is dedicated to enhancing the prosperity of Nigeria by creating opportunities for Nigerians and businesses in the country.

Mabogunje said visitors to the Dangote Group’s pavilion at the fair will have the opportunity of buying products of these companies at reasonably reduced prices as the Dangote businesses will be selling at discounted prices.

He also hinted that the Dangote Refinery will be part of the next edition of the Trade Fair.

“We want to appreciate Ogun state for bringing us as a partner. We want to assure you that we will be here next year bigger. By next year, our refinery will be part of the Trade Fair,” he said.

Governor Dapo Abiodun who visited the Dangote pavilion immediately after performing the ribbon-cutting ceremony, commended the company and others for supporting the Trade Fair which he noted is aimed at stimulating economic growth.

Advertisment
Continue Reading

Cover Of The Week

Trending