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Glo Communications Loosing More Customers As Vendors Debt Gets Messier….. More Customers Port to other lines!

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Globacom Nigeria is gradually losing grip on some of their one-time loyal customers as the huge debt the company owes Vendors, Wireless Applications Services Providers Association of Nigeria (WASPAN), lingers.
Some of the GLO service subscribers who are part of those owed have made a switch to other networks as they have lost trust and confidence in the Mike Adenuga owned company.‎
In a brief telephone chat with one of the over 48 companies owed by GLO, the embittered man who would like to maintain anonymity confirmed that as far as his office is concerned, they were all using GLO as their official lines, but as the telecommunication company is at verge of making them bankrupt, he passed an instruction to all those working under him to make a switch to other network which is more reliable, and poses no threat to his establishment.
Speaking to another Glo subscriber who has been on the network since inception, he confirmed since he heard about their many debts he has decided to make a switch to other network and as such advised all and sundry who might be on the network to exit before it will get too late.

“It’s so saddening and intolerable! I have been very loyal to this telecommunication company to the extent that I chose to invest in them but at the end of the day, they are proving that they don’t worth the commitment after all.
Another embittered investor confided in us that he is running bankrupt already just because he is trying to relate with the telecommunication company. “I took a loan from the bank so I can partner with GLO in providing wireless services. It has been over 3 years now, yet the company has blatantly refused to pay up and you expect me to stick with them? No! Things don’t work that way”, he voiced out over the phone.

Recall that few months ago, in a bid to recover the N2Billion debts, WASPAN had sent a petition to Nigeria Communication Commission (NCC) over the persisting issue with GLO but the company called the bluff of the regulatory commission and refused clearing the bills.
‎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 its subscribers since 2013 which totals over N2billion.
They also complained that Globacom refused to give a detailed log of their services to show how much Globacom truly owes them. ‎
Although the company has paid just about 10 Percent of the total debt owed, it is believed that , if fully investigated, GLO owes more than the N2billion they claimed as the total outstanding debts and their chances of paying more is quite slim.
It could be recalled that based on the contract signed with the vendors, Globacom earns 80 per cent of the revenue on Value Added Services, while the vendors earn 20 per cent.
Globacom is believed to have made not less than N11.2 billion from the Value Added Services rendered by the vendors.
A member of WASPAN said on the development: “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 memo by the Marketing Department’s Accountant, Head of Revenue Assurance Department, Head of Internal Audit, the Director of Finance and the Director of Treasury showed that work on the revenue accruable to us had been finalized.”

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Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]

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Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.

 

In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

 

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

 

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

 

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

 

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”

 

WATCH VIDEO HERE:

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FCMB Manager Arrested For Hoarding New Naira Notes

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A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.

 

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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage

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The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.

 

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