Globacom Limited (Glo), one of Nigeria’s leading telecommunications service providers, led by billionaire businessman Mike Adenuga, has remitted N154 billion ($200 million) to the Nigerian government as part of its spectrum license renewal fees.
This development comes in the wake of intense speculation and reports regarding a contentious dispute between Nigeria’s third-richest man, Adenuga, and the Nigerian government.
The dispute centered on unpaid spectrum license renewal fees, annual operating levies, and numbering plan fees, which had accumulated to a significant N200 billion ($260.5 million).
Reliable sources with insights into the matter have confirmed that the Mike Adenuga-led telecommunications giant has settled $200 million as part of the spectrum license renewal fees.
Under the leadership of Adenuga, Glo has consistently pursued the goal of creating Africa’s most extensive and superior telecommunications network. The company has achieved this aim with millions of subscribers in both Nigeria and Ghana, earning the distinction of being Nigeria’s second-largest telecommunications service provider.
Presently, it commands a substantial market share of approximately 28 percent, following closely behind its South African counterpart, MTN, which boasts a 35-percent share of Nigeria’s telecommunications market. Glo’s impressive journey to success has been buoyed by its massive subscriber base, exceeding 55 million individuals.
In addition to his interest in the telecommunications sector, Adenuga has diversified his portfolio, expanding into sectors such as oil and gas and the construction industry. These ventures have further cemented Adenuga’s position as one of Nigeria’s most affluent individuals.
At the time of drafting this report, Adenuga stands tall with a net worth of $3.5 billion, ranking him as Nigeria’s third-richest individual and securing his place among the world’s top 900 wealthiest individuals.
This payment to the Nigerian government stands as a milestone in resolving the dispute and reaffirms Globacom’s commitment to its operations in the Nigerian telecommunications landscape.
With the payment made, the company is set to continue its mission of providing top-notch telecommunications services to its ever-expanding subscriber base, contributing to the growth and development of the Nigerian economy.
