|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLOBACOM LIMITED |
|
|
|
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Registered Office : |
6, Danmole Street off Idejo Street, Victoria Island, Lagos
|
|
|
|
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Country : |
Nigeria |
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|
|
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Date of Incorporation : |
22.01.2002 |
|
|
|
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Com. Reg. No.: |
RC : 439916 |
|
|
|
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Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject engages in National Telecommunication Operation Services such as:
Telephone services, Mobile GSM, Fixed wire and fixed wireless international
Gateway, Online Telecommunication services |
|
|
|
|
No. of Employees : |
Over 4,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
NIGERIA ECONOMIC OVERVIEW
Oil-rich Nigeria has been hobbled by political instability, corruption,
inadequate infrastructure, and poor macroeconomic management, but in 2008 began
pursuing economic reforms. Nigeria's former military rulers failed to diversify
the economy away from its overdependence on the capital-intensive oil sector,
which provides 95% of foreign exchange earnings and about 80% of budgetary
revenues. Following the signing of an IMF stand-by agreement in August 2000,
Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion
credit from the IMF, both contingent on economic reforms. Nigeria pulled out of
its IMF program in April 2002, after failing to meet spending and exchange rate
targets, making it ineligible for additional debt forgiveness from the Paris
Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal
that eliminated $18 billion of debt in exchange for $12 billion in payments - a
total package worth $30 billion of Nigeria's total $37 billion external debt.
Since 2008 the government has begun to show the political will to implement the
market-oriented reforms urged by the IMF, such as modernizing the banking
system, removing subsidies, and resolving regional disputes over the
distribution of earnings from the oil industry. GDP rose strongly in 2007-12
because of growth in non-oil sectors and robust global crude oil prices.
President JONATHAN has established an economic team that includes experienced
and reputable members and has announced plans to increase transparency, diversify
economic growth, and improve fiscal management. Lack of infrastructure and slow
implementation of reforms are key impediments to growth. The government is
working toward developing stronger public-private partnerships for roads,
agriculture, and power. Nigeria's financial sector was hurt by the global
financial and economic crises, but the Central Bank governor has taken measures
to restructure and strengthen the sector to include imposing mandatory higher
minimum capital requirements.
|
Source : CIA |
GLOBACOM LIMITED
The company engages in National Telecommunication Operation Services
such as: Telephone services, Mobile GSM, Fixed wire and fixed wireless
international Gateway, Online Telecommunication services.
The company is
located at Mike Adenuga Towers, 2nd Floor, off Adeola Odeku Street, 1, Mike
Adenuga Close, Victoria Island, Lagos, Nigeria.
COMPANY NAME: GLOBACOM LIMITED
REGISTERED NAME: GLOBACOM LIMITED
REGISTERED
ADDRESS: 6,
Danmole Street off Idejo Street, Victoria Island, Lagos, Nigeria
CURRENT
OPERATIONAL ADD: 143,
Ahmadu Bello Way, Victoria Island, Lagos, Nigeria
PREVIOUS
HEAD OFFICE: 25,
Saka Tinubu Street, Off Adeola Odeku Street, Victoria
Island, Lagos State,
Nigeria
GROUP
HEAD OFFICE: Mike
Adenuga Towers, 2nd Floor, off Adeola Odeku Street,
1, Mike Adenuga Close,
Victoria Island, Lagos, Nigeria
POSTAL
ADDRESS: P.M.B.
80165, Victoria Island, Lagos, Nigeria
TELEPHONE: 234-1-2675673-4
(2 Lines) (Inactive)
FAX: 234-1-2627510
(2 Lines)
MOBILE: 234- 805-557-1003, 805-002-0121, 805-002-0200
E-MAIL: customercare@gloworld.com, corporatecare@gloworld.com,
cesar.camara@gloworld.com , etopup@gloworld.com
WEBSITE: www.gloworld.com
PRIMARY CONTACT: Mr.
Cesar Camara (Chief Information Officer)
Currency: All monetary quoted in this report are in Nigerian
Naira, the local currency or unless otherwise stated. The exchange rate is N155
to 1 US $.
NATURE OF PREMISES: Owned
head office occupying approximately 1,500 square meters.
DATE INCORPORATED: 22nd
January, 2002
YEAR BEGAN OPERATIONS: 29th
August, 2003
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC:
439916
SHARE CAPITAL: 10,000,000.00
PAID-UP CAPITAL: 10,000,000.00
LEGAL ADVISER: Mrs.
Gladys O. Talabi
STAFF STRENGHT: Over
4,000
1. Izegbu Steve
6, Danmole Street, Off Idejo Street,
Victoria Island Lagos State, Nigeria
2. Ogunbayo Sola
No. 23B, Glover Street, Ikoyi, Lagos
State, Nigeria
3. Mr. Steve Izetbu
6, Danmole Street, Off Idejo Street,
Victoria Island Lagos State, Nigeria
4. Mr. Ike Oraekwuotu
Plot 1092, Adeola Odeku Street,
Victoria Island, Lagos State, Nigeria
5. Mr. Owen Tychus
Plot 289, Ajose Adeogun Street, Victoria
Island, Lagos State, Nigeria
6. Mrs. Gladys O. Talabi
62/64, Campbell Street, Lagos Island,
Lagos State, Nigeria
7. Mr. Festus O. Igbomor
5, Independence Layout, Enugu, Enugu
State, Nigeria
8. Mr. Babatunde Akinyera
Plot 289, Ajose Adeogun Street,
Victoria Island, Lagos State, Nigeria
9. Alh. G. Subair
2, Dawaki Road, Kaduna, Kaduna State,
Nigeria
10. Mike Adenuga
18A, Okoawo Close, Victoria Island,
Lagos State, Nigeria
11. Agbolade Michael Adenuga
18A, Okoawo Close, Victoria Island,
Lagos State, Nigeria
1.
Izegbu Steve
2.
Ogunbayo Sola
3.
Mr. Steve Izetbu
4.
Mr. Ike Oraekwuotu
5.
Mr. Owen Tychus
6.
Mrs. Gladys O. Talabi
7.
Mr. Festus I. Ogbomor
8.
Mr. Babatunde Akinyera
9.
Alh. G. Subair
10. Mike Adenuga
11. Agbolade Michael
(Based
on secondary sources information)
|
S/N |
NAMES |
POSITION |
|
1. |
Dr. Mike Adenuga (Jnr.) |
Chairman |
|
2. |
Mr. Mike Jibotoh |
Executive Director (Special Project) |
|
3. |
Mr. Timi Ogunsanwo |
Executive Director (Commercial) |
|
4. |
Mr. Adewale Sangowawa |
Executive Director (Human Resources) |
|
5. |
Mr. Jameel Mohammed |
Chief Operating Officer |
|
6. |
Mrs. G.O. Talabi |
Executive Director (Legal) |
|
7. |
Mr. Bella Adenuga |
Executive Director |
|
8. |
Mr. Paddy Adenuga |
Executive Director |
|
9. |
Mr. Charles Jenarius |
Regional Director, West Africa (Marketing
Communications) |
|
10. |
Mr. Cesar Camara |
Chief Information Officer |
|
11. |
Mr. Bode Opeseitan |
Head (Public Relations) |
|
12. |
Mr. Dele Babatunde |
Administration |
|
13. |
Avneesh Mahajan |
National Head Roll Out and Implementation |
|
14. |
Manoj Manicketh |
Head - Glo1 at Globacom Limited |
|
15. |
Ajay Jha |
Head VAS at
Globacom |
|
16. |
Naresh Chandra |
CTO at Globacom |
Globacom Limited was incorporated in Nigeria on 22nd January, 2002 with Registration Number (RC: 439916).
The company engages in National telecommunication Operator (Mobile GSM,
Telephone services. Fixed wire and fixed wireless international Gateway, Online
Telecommunication services). The Group
corporate head office is located at Mike Adenuga Towers, 2nd Floor, off
Adeola Odeku Street, 1, Mike Adenuga
Close, Victoria Island, Lagos, Nigeria. The company occupies the whole seven-storey building owned by the company
and among the high rising and beautiful building in the area, it is painted
with light brown and egg yellow colour, glasses was used to design some parts
of the building. The premise is covered with a long fence and two gates. A big
golden calf of horse was placed in front the building. The building consists of
different departments and outfits owned by the company.
Globacom Limited engages in National Telecommunication Operation Services such as: Mobile GSM, Telephone services, Fixed wire and fixed wireless international Gateway, Online Telecommunication services. Globacom Limited (popularly called GLO) is a Nigerian multinational telecommunications company headquartered in Lagos, Nigeria. GLO is a privately owned telecommunications carrier that started operations on 29 August 2003. It currently operates in four countries in West Africa, namely Nigeria, Republic of Benin, Ghana and Côte d'Ivoire. The company currently has employed more than 2,500 people worldwide.
The company is owned
by the Mike Adenuga Group and launched in 2002. It is the Second National
Telecommunications Operator (SNO) in Nigeria, licensed to provide an array of
telecommunications services. Since
Globacom Limited started operations on August 29, 2003, it has become a pacesetter in the
telecommunications industry, introducing changes that have afforded Nigerians
the benefits of telecommunications and information technology and spurred
national development. Globacom Limited became the first operator in Africa to
launch gateway switches outside the continent to carry international voice and
data traffic after commissioning its switch in the United Kingdom in September
2004. Although Globacom
Limited was the fourth GSM operator to be launched in Nigeria, in the last ten
years it has grown to boast of over 26 million subscribers, making them the
fastest growing network in Africa. Its existence made the telecoms industry in
Nigeria to offer lower tariffs and even more value added services as it
is the first company in the region to introduce per second billing which
changed the shape of the market completely.
When the company was launched in Nigeria in 2003, they had the vision to be the market leading service provider in Nigeria and they also aspire to build Africa’s biggest and best telecommunications network. With over 25 million subscribers, they have realized the dream of being Nigeria’s leading service provider. And through extending their coverage into other African countries like the Republic of Benin, Ghana and the Ivory Coast, they are well on track to achieving their goal of being the biggest and best telecommunications network in Africa.
As a company, Globacom recently made history as the first single company to build an $800 million high-capacity fibre-optic cable, known as Glo-1. It is the first successful submarine cable from the United Kingdom to Nigeria; and it will decrease telecom process and provide excess bandwidth to all the cities connected to the cable. This historical initiative will also improve teleconferencing, distance learning, disaster recovery and telemedicine among several other benefits. As part of giving back to the communities in which they operate (Corporate Social Responsibilities) the company gave the sum of $1m (one million dollars) to Nigeria Super Eagles for its victory in the just concluded Africa Youth Championship Cup of Nation, it also sponsors the national football teams and the Premier Leagues in Nigeria and Ghana. In 2010, Globacom sponsored the African Handball tournament in Benin Republic as well as the biggest cultural festival (FITHEB) held in the Benin Republic. Globacom has also sponsored the annual Confederation of African Football (CAF) Awards since 2005. They are also the sponsor of the Glo Lagos International Half Marathon.
Globacom Limited has a reputation as one of the fastest
growing mobile service providers in the world.
It has acquired
licenses to operate in some countries such as the Republic of Benin and in
Ghana and the Ivory Coast.
The company’s team is composed of experienced, reputed and talented management professionals with unyielding commitment to customer service, efficient technical support: constant monitoring of the network performance and call quality, builds strong customer relationship. Also, it parades dedicated staff of over 4,000 in its organizational structure which is built on a concept of global businesses and designed to allow the company compete most effectively in the highly competitive, ever changing and challenging telecommunication industry.
During our visit to the corporate head office address on 2nd May, 2013, we met the Front Desk Officer who refused to disclose any information about the company on hearing our mission. According to her, she could not give any information without due authority from the management but promised to submit our document to the appropriate authority and get back to us in due course but we are yet to receive any response as at the time of compiling this report.
Conclusion: Based on available information and our visit
to the company, we are of the opinion that the company is well known and
actively engaged in legitimate business.
Therefore, we recommend the company for normal business engagement
and any business relationship with the company should be mutually beneficial.
NOTE: WE ADVISE THAT ANY BUSINESS TRANSACTION WITH THE COMPANY SHOULD BE
DIRECTED TO THE GROUP HEAD OFFICE DUE TO THE SECURITY SITUATION IN THE COUNTRY
(NIGERIA).
Name: Dr. Mike Adeniyi Ishola Adenuga Jr. (CON)
Position: Chairman
Profession: Business
Nationality: Nigerian
State of Origin: Ogun State
Place of Birth: Ijebu-Igbo, Ogun State
Date of birth: 29th April, 1954
Education & Qualification: B.sc and M.sc (Business
Administration) - Federal
· International Calls & Roaming
· Promotions
· Prepaid Packages
· Blackberry Services
· High Speed Internet
· Glo Business Packages
· Value Added Services
·
Cinet Corporate Solutions Limited
·
Cinet Internet Services Provider Co.
Ltd.
·
Conpetrol Limited
·
Cinet GSM Limited
·
Cinet Technical Services
Limited
·
Cinet Integrated Online Limited
·
Globacom Services Limited
·
Cinet Wireless
Communications Limited
·
Orator GSM Limited
·
Glo Broadaccess
·
Gloo-1
·
Equitorial Trust Bank
·
Equitorial Trust Bank Limited
·
Continental Oil & Gas Limited
·
Glo Mobile
·
Cinet Marketing and Distribution Co.
Ltd.
·
Cinet Limited
·
ECL International Limited
·
ConOil Plc
·
ConOil Producing, among others.
(SOCIO-CIVIC)
·
Eyo Festival, Ojude Oba Festival
·
Eleghe Festival
·
Poverty Alleviation
Programmes in partnership with Shell, NDDCC, NAPEP, State
Government
·
Super Eagles and Super
Falcons
·
National Football
Teams
·
Globacom Nigeria
Premier League
·
Annual Glo CAF Awards
·
Nigeria Football
Association
·
Ghana Premier League
·
Nigerian Football
Supporters Club
·
Glo Lagos
International Half Marathon
·
Nigeria Football Federation (NFF)
·
Glo People Police Marathon
·
Confederation of African Football
African Player of the Year Award
·
GLO sponsors the FITHEB, Benin
·
Glo Ghana Premier League, Ghana
·
Ghana National Football Teams
·
The sponsorship also includes
young players from Benin,
Ghana and Nigeria going to
Manchester
to train with the club
Sterling Bank Plc formerly Equitorial Trust Bank Plc
ABUJA
Plot 1101,
Aminu Kano Crescent, Wuse II, Abuja, FCT, Nigeria (234-805-557-2179)
REPUBLIC OF BENIN OFFICE
Glo Mobile
Benin, 817, Parcelle C Quarter, Avenue de la Liberation, Pres Le Poste de
Police D’Aidjedo, Cotonou
The
company also has various world class sales outlets and branch offices
nationwide equipped with state of the art technology and equipments
The company has both local and international references
The company has both local and international references
To build Africa’s biggest and best telecommunications network
* Quality of
Management: EXCELLENT
* Ethics &
Integrity: VERY GOOD
* Ownership
Structure: VERY GOOD
1.
Company Premises
2.
Corporate Affairs
Commission
The company’s Audited Accounts was not available as at the time of compiling this report. However, we advise that the maximum credit limit to be accorded to the company could be put at 500million US dollars ($500m USD). This opinion is as a result of the company’s performance in the telecommunication industry in Nigeria and also, it is among the top major fast growing companies in Africa.
The company is operating in an industry with very great potentials. The telecommunication Services sector of the Nigeria economy has a lot to explore when it comes to the need for expansion, improvement of product quality, work force development and general technical expertise. Mainly private individuals dominate this sector. Despite the huge capital required for setting up this investment, it has grown in its leaps and bound over the decades in the nation. Although, the efforts of the Federal Government cannot be ruled out. The Government has put in place different policies that support private individuals to secure loans/ mortgages from banks and other financial institutions. However, to record a groundbreaking record in this sector, foreign investors are inevitable. They facilitate the importation of high-tech equipment, which will boost quality production and efficient communication.
This sector of the economy has great potentials for intending investors.
(Corruption, Money Laundering & Terrorism)
Public Notice from various sources including but not limited
to: The Courts, Nigerian Prison Service, Economic & Financial Crimes
Commission (EFCC), National Drug Law Enforcement Agency (NDLEA), National
Agency for Food & Drugs administration and Control (NAFDAC), Independent
Corrupt Practices and Other Related Offences Commission (ICPC) Etc.
No negative information on subject from the above agencies as at the time of compiling this report.
Having carried out all necessary verifications on subject, our investigations revealed that Globacom Limited is duly registered in Nigeria, with a Registered Address located at 6, Danmole Street off Idejo Street, Victoria Island, Lagos State, Nigeria, while the corporate office is located at Mike Adenuga Towers, 1, Mike Adenuga Close, Adeola Odeku Street, Victoria Island, Lagos State, Nigeria.
Subject is into genuine business transactions. Subject is an on-going concern.
All information contained in the report is from secondary sources ONLY.
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with
the strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed
for credit transaction. It has above average (strong) capability for payment
of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded
healthy. General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.