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West African Billionaire Mike Adenuga Offers Ivorian Mobile Phone Company $600 Million

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Mfonobong Nsehe
Mfonobong Nsehehttps://www.jozigist.co.za
Mfonobong Nsehe is currently Nigeria and Kenya advisor to Pilot Fish Media. He is also the CEO of Hodderway Group, a Kenyan-based private limited liability company focused on brokering and delivering attractive, large-ticket transactions in Africa to select blue chip international investment partners. He travels extensively across Africa every year, meeting and interviewing the continent's wealthiest entrepreneurs and tallying their net-worth for Forbes' annual rankings of the World's Richest People and Africa's Richest People. He is also a contributing writer for Jozi Gist. You can follow him @MfonobongNsehe and on Linkedin

Nigerian billionaire Mike Adenuga has made a bid to buy Ivorian mobile telecoms operator Comium Cote d’Ivoire.

Mike-Adenuga

According to news website Telegeography, Globacom, a Nigerian mobile telecoms operator owned by Adenuga, is lodging a $600 million takeover bid for Comium Cote d’Ivoire, a company that has been grappling with debt and cash flow problems.

If the deal goes through, Globacom will have succeeded in extending its brand presence in West Africa. Already, the mobile telecoms operator has operations in Nigeria, Ghana and Benin Republic. Globacom, which already owns an international carrier services licence in Cote d’Ivoire, reportedly plans to invest over $1 billion in upgrading Comium-CI’s network over three years.

Comium CI has more than 900,000 mobile subscribers according to L’Autorite de Regulation des Telecommunications. It is a subsidiary of Comium Group, a Lebanon-based telecommunications company owned by Lebanese businessman Nizar Dalloul. The group operates as a multi-service provider on four continents, specializing in Wireless Data Networks, GSM communications, Internet service provision and VoIP. Comium CI is heavily enmeshed in debt to the tune of more than $25 million and has been given until 15 May to pay off its debts or risk being placed into receivership.

Mike Adenuga, 63, is the 2nd richest man in Nigeria with a fortune currently estimated by FORBES at $4.2 billion. He owes his fortune to his ownership of Nigerian mobile telecoms outfit Globacom, and Conoil Producing, a Nigerian oil exploration firm that operates 6 oil blocks in the Niger Delta.

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