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Globacom owes service providers over N2b, defies NCC’s directives to pay..

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Globacom Nigeria Limited is owing its vendors over N2 billion, Society Reporters NG has learnt.
And despite the intervention of the industry regulator, the Nigerian Communications Commission, Globacom has refused to pay the vendors who operate under the aegis of the Wireless Applications Services Providers Association of Nigeria.
What has even made it more painful for the WASPAN members is that the Chief Executive Officer of Globacom, Otunba Mike Adenuga, has approved that the money be released to the service providers.
According to documents available to us, Globacom is owing members of WASPAN not less than N2 billion as the total accruals to the Value Added Service providers was yet to be fully computed.
In a petition to the NCC, the WASPAN members said Globacom is owing its members over N2 billion.
In the petition, WASPAN alleged that Globacom refused to pay them the 20 per cent that was to accrue to them from the revenue they generated alongside the company.
This was based on earnings from Value Added Services rendered to Globacom subscribers since 2013 by the WASPAN members.
The petitioners also complained that Globacom has refused to give a detailed log of the services provided by them, which has been consumed, to show how much exactly Globacom owes them.
The members of WASPAN are of the opinion that the debt owed by Globacom, if fully investigated, is far in excess of the N2 billion claimed as the total outstanding by Globacom.
The NCC, on receipt of the petition, had mandated Globacom to produce within 30 days the detailed logs of the services rendered by the vendors and also make immediate payment to the members of WASPAN, who are being owed.

NCC gave Globacom a 30-day ultimatum.
The 30 days ultimatum expired on October 15 without Globacom complying with any of the directives of the NCC.
In an internal memo made available to Society Reporters NG, Globacom was said to be owing the vendors N805,022,709 as at December 2014, which remains unpaid till date.
Yet, the service providers said they have not been paid since February 2013.
In another memo cited by us, Adenuga authorised payment to the service providers.
But this is also yet to be complied with.

 

Even at that, the amount approved for payment from the debt was N208,974,917.
The management of Globacom is claiming that it can only pay a maximum of N200 million to vendors at any time.
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 finalised.”
Efforts to reach the spokesmen of the company since Monday did not succeed.

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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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