Ahmad Farroukh, appointed CEO of Nigerian telecom giant Globacom in October 2024, has resigned after only one month in the role, sources familiar with the situation confirmed. While Globacom has yet to release an official statement or notify employees internally, insiders attribute the sudden departure to unresolved challenges within the company’s organizational structure.
A mid-level manager at Globacom, who spoke anonymously, suggested that Farroukh’s resignation was connected to structural difficulties within the company. Similarly, a senior official at the Nigerian Communications Commission (NCC) confirmed Farroukh’s exit but refrained from providing further details. Attempts to obtain comments from Globacom have so far been unsuccessful.
Farroukh’s brief tenure draws attention to persistent internal issues at Globacom, which has often been criticized for its centralized decision-making process. According to a former Globacom executive, the company’s founder, Mike Adenuga, plays a central role in all major decisions, managing the telecom business alongside his other enterprises, including oil, banking, and real estate, with limited operational independence between them.
This management style, while effective in the past, may have posed challenges for Farroukh, who previously worked in more structured corporate environments like MTN and Airtel. His experience in such settings may have led him to expect a greater degree of autonomy than Globacom’s management structure could offer.
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The resignation also comes at a turbulent time for Globacom, which is grappling with regulatory pressures. In late 2024, an NCC sector audit revealed that over 40 million of Globacom’s subscribers were not properly registered with their National Identification Numbers (NIN), a violation of government regulations. The fallout resulted in a dramatic loss of market share, with Globacom’s customer base shrinking by about 60%, leaving it with only 12% of the Nigerian mobile market.
Further compounding its challenges, the company has faced cybersecurity lapses, including a major data breach in 2023 that exposed sensitive customer information. These ongoing crises may have created a difficult environment for Farroukh to implement meaningful changes during his short time as CEO.
“A CEO resigning after just one month is unprecedented in this industry. The NCC might look into the matter, potentially seeking explanations from either the CEO or the company, as this touches on corporate governance, which falls under the NCC’s purview,” said Ayoola Oke, a former Special Adviser to ex-NCC Executive Vice-Chairman, Ernest Ndukwe.
Farroukh’s sudden departure leaves a leadership gap at Globacom, raising concerns about the company’s ability to address its deep-seated structural challenges and regain its competitive footing. Without significant reforms, Globacom’s path to overcoming these obstacles and restoring its market position remains uncertain.
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