NCC Gives Globacom 24 Months to Separate Chairman and CEO Roles or Face Sanctions

Globacom founder and chairman, Mike Adenuga, has been given two years to relinquish his role as chief executive officer (CEO) or risk regulatory sanctions from the Nigerian Communications Commission (NCC).

The directive, issued under sweeping new corporate governance rules released on August 7, 2025, seeks to strengthen accountability, transparency, and operational independence in Nigeria’s telecom industry.

“This is similar to what the banking sector in Nigeria did many years ago, ensuring the banks adhere strictly to global standards when it comes to corporate governance,” said one telecom executive who spoke on condition of anonymity. “The telecom industry took too long to arrive here.”

Under the new guidelines, telecom operators must separate the positions of board chairman and CEO — a standard already adopted by MTN Nigeria, Airtel, and T2 (formerly 9mobile). Globacom remains the only major operator where the founder doubles as both chairman and CEO, a structure that has raised governance concerns for years.

While Adenuga is widely credited with building Globacom into one of Nigeria’s most formidable telecom brands, industry critics say the absence of an independent CEO role has limited the company’s alignment with international best practices.

In 2024, the company appeared to take steps toward compliance by appointing telecom veteran Ahmad Farroukh as CEO.

However, his tenure lasted only two months before an abrupt resignation, reportedly over disagreements about operational control. The departure reinstated Adenuga as both chairman and chief executive, a direct violation of the NCC’s new framework.

The updated NCC guidelines stipulate that:

• The board must have at least five members, including a non-executive chairman, a managing director/CEO, executive directors, non-executive directors (NEDs), and independent non-executive directors (INEDs).
• Non-executive directors must outnumber executive directors, with at least one-third of the board being independent.
• At least two NEDs—one of them independent—must have ICT or cybersecurity expertise.
• The chairman must be a non-executive director and cannot assume the role of MD/CEO under any circumstances.

The NCC has broad enforcement powers under the new regime. Non-compliance can lead to fines, suspension, or even revocation of an operator’s licence, and in serious breaches, the Commission can order management changes within a set timeframe.

In contrast to Globacom’s founder-led governance model, MTN Nigeria, Airtel, and 9mobile operate with clear separations between strategic oversight and day-to-day operations. Industry analysts note that while Adenuga’s dual role has enabled swift decision-making, it has also slowed institutional reforms.

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