Ahmad Farroukh, CEO of Nigeria’s indigenous telecom giant Globacom, has resigned just one month into his tenure, due to what insiders describe as challenges within the company’s organizational structure.
Farroukh, a seasoned executive with experience at MTN and Smile Communications, was appointed in October 2024 to lead Globacom’s overhaul efforts and align the company with the Nigerian Communications Commission’s (NCC) push for strengthened corporate governance.
Although Globacom has not yet issued an official statement on the resignation, sources within the Nigerian Communications Commission (NCC) and Globacom revealed that Farroukh’s decision may be tied to structural and operational difficulties.
Sources further suggested that Farroukh’s leadership style clashed with Globacom’s centralized decision-making process, heavily influenced by the company’s founder, Mike Adenuga.
This centralized approach has historically worked for Globacom but may have presented obstacles for Farroukh, who was expected to lead the company’s transformation.
Farroukh’s abrupt resignation comes amidst significant regulatory challenges for Globacom following the recent substantial loss of market share the company faced due to non-compliance with the NCC’s National Identification Number (NIN)-SIM verification exercise, resulting in a 60% decline in market share leaving it with just 12%.
The resignation has raised concerns about Globacom’s ability to navigate its internal challenges and regain its competitive edge. The company must now appoint a new CEO who can address the organizational weaknesses that led to Farroukh’s exit.
