adverts
Ahmad Farroukh, who was appointed CEO of Nigerian telecom giant Globacom in October 2024, has resigned after just one month in the role, multiple sources close to the matter confirmed.
While Globacom has not issued an official statement or communicated the resignation internally, several industry insiders suggest the decision was linked to significant challenges within the company’s organisational structure.
Various news outlets in Nigeria reported that a manager at Globacom, who pleaded anonymity, said Farroukh’s departure was tied to problems with the organisational setup.
adverts
Meanwhile, a top-level executive at the Nigerian Communications Commission (NCC) who asked not to be named also confirmed Farroukh’s exit but declined to share specifics.
Globacom did not respond to multiple requests for comments.
Farroukh’s abrupt resignation highlights significant internal challenges at the company, which has long been criticised for its centralised decision-making process.
According to a former Globacom executive, the company’s founder, Chief Dr. Mike Adenuga Junior, is key to most decisions within the company. Adenuga has managed the telecom giant alongside his other business interests, including oil and gas, financial services, and real estate, with minimal structural separation between his other ventures and Globacom’s operations.
This approach has historically worked for the company but may have presented obstacles for Farroukh, whose experience at more structured organisations like MTN and Airtel might have led him to expect a different level of operational autonomy.
Farroukh’s departure also comes when Globacom is facing heightened regulatory scrutiny. In late 2024, the NCC’s sector audit revealed that over 40 million subscribers were not properly registered with their National Identification Numbers (NIN), violating government regulations. This led to a significant loss of market share, with Globacom’s share of the Nigerian mobile market shrinking by approximately 60%, leaving it with just 12%.
Globacom has also faced ongoing cybersecurity issues, including a high-profile hack in 2023 that exposed the personal data of millions of its subscribers. These issues may have created an environment where Farroukh’s leadership efforts could not make a meaningful impact quickly.
“A CEO leaving in one month is unprecedented in the industry. The NCC can investigate the reason for his exit. The commission can seek an explanation from the CEO, who is not obligated to respond, or from the company because this is about corporate governance, which the NCC Act covers,” said Ayoola Oke, a former special adviser to the former executive vice chairman of NCC, Ernest Ndukwe.
Globacom’s leadership void following Farroukh’s departure will raise questions about the company’s ability to navigate its ongoing internal challenges and regain its competitive edge. Without significant structural changes, it is unclear how Globacom can address the organisational weaknesses that led to Farroukh’s exit.
Ghana
It would be recalled that in Ghana, where Globacom has now packed out and left after just a few years, the company changed its Head of Business for up to seven times within that short period.
Glo staff in Ghana had always felt like outsiders because the company is controlled from the centre, and that rendered the local staff virtually redundant in terms of high-level decisions.
When Farroukh took over as Group CEO for Glo, industry watchers predicted that unless Adenuga allowed Farroukh the free hand to work, that relationship was not going to last long.
Now Farroukh is gone as predicted, and the company is back in the hands of the one-man-thousand founder and life CEO of Glo, Chief Dr. Mike Adenuga.
