Ahmad Farroukh, appointed as CEO of Nigerian telecom giant Globacom in October 2024, has resigned after just one month in the role, according to multiple sources familiar with the matter. While Globacom has not issued an official statement or communicated the resignation internally, industry insiders attribute his abrupt departure to governance challenges within the company.
A mid-level manager at Globacom, speaking anonymously, suggested that Farroukh’s exit was linked to issues with the company’s organisational structure. Similarly, a senior official at the Nigerian Communications Commission (NCC) confirmed Farroukh’s resignation but declined to provide further details. Despite multiple requests for comment, Globacom has remained silent on the matter.
Farroukh’s short-lived tenure underscores long-standing internal challenges at Globacom, often criticised for its centralised decision-making process. According to a former executive, most strategic decisions within the company are controlled by its founder, Mike Adenuga, who manages Globacom alongside his other business interests, including oil and gas, financial services, and real estate. This lack of operational separation between Adenuga’s ventures and Globacom has worked historically but may have clashed with Farroukh’s expectations for a more structured organisation, shaped by his experience at companies like MTN and Airtel.
The timing of Farroukh’s departure coincides with a period of heightened regulatory and operational pressure on Globacom. A 2024 NCC audit revealed that over 40 million Globacom subscribers were improperly registered with their National Identification Numbers (NIN), a violation of government regulations. This lapse led to a drastic market share decline, with Globacom losing approximately 60% of its customer base and retaining only 12% of Nigeria’s mobile market.
Globacom has also faced cybersecurity challenges, including a major 2023 data breach that exposed millions of subscribers’ personal information. Such persistent issues likely created an environment where Farroukh struggled to enact meaningful change within a short timeframe.
“A CEO leaving after just one month is unprecedented in the industry. The NCC can investigate the reasons behind his departure under corporate governance provisions in the NCC Act,” said Ayoola Oke, a former Special Adviser to the NCC’s former Executive Vice-Chairman, Ernest Ndukwe.
Farroukh’s resignation leaves a leadership void at Globacom and raises concerns about the company’s ability to address its internal challenges and regain market competitiveness. Without significant structural reforms, the organisational weaknesses that contributed to Farroukh’s exit may continue to undermine the company’s performance and stability.
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