Ahmad Farroukh, appointed CEO of Nigerian telecommunications giant Globacom in October 2024, has resigned just one month into his role, multiple sources confirm. While Globacom has yet to issue an official announcement or internal communication regarding his departure, industry insiders suggest that significant organizational challenges were a major factor in Farroukh’s abrupt resignation.
Reports from Nigerian media cite a Globacom manager, speaking anonymously, who revealed that Farroukh faced difficulties adjusting to the company’s highly centralized decision-making structure. A senior official at the Nigerian Communications Commission (NCC), who also chose to remain anonymous, confirmed the resignation but did not provide additional details.
Farroukh’s resignation brings to light long-standing internal issues within Globacom, a company that has frequently been criticized for its centralized operational model. A former Globacom executive shared that the company’s founder, Chief Dr. Mike Adenuga Junior, exercises tight control over most of the key decisions within the organization. Adenuga manages Globacom alongside his other business interests in oil and gas, financial services, and real estate, with limited structural separation between these enterprises. While this centralized control was effective in Globacom’s earlier years, it may have clashed with Farroukh’s expectations, given his experience at more structured organizations such as MTN and Airtel.
Farroukh’s departure also coincides with external challenges that Globacom is currently grappling with. The NCC recently revealed that over 40 million of Globacom’s subscribers were not properly registered with their National Identification Numbers (NIN), violating government regulations. This compliance issue resulted in a significant loss of subscribers, causing Globacom’s market share in Nigeria to shrink by around 60%, leaving the company with just 12% of the market.
Additionally, Globacom has faced ongoing cybersecurity issues, including a major data breach in 2023 that compromised the personal information of millions of its subscribers. These external pressures likely compounded the difficulties Farroukh encountered during his brief tenure as CEO.
Industry experts are calling for further investigation into the circumstances surrounding Farroukh’s resignation. Ayoola Oke, a former Special Adviser to the NCC’s Executive Vice-Chairman, Ernest Ndukwe, commented on the situation, stating, “A CEO leaving after just one month is unprecedented in the industry. The NCC may investigate this matter under its corporate governance mandate.”
Farroukh’s resignation raises critical questions about Globacom’s leadership and its capacity to address internal weaknesses. Without substantial structural reforms, the company may struggle to regain its competitive position in the Nigerian telecom market.
Glo’s History in Ghana
Globacom’s challenges extend beyond Nigeria. In Ghana, where the company ceased operations after only a few years, it went through seven different Heads of Business during that brief period. Local staff in Ghana often felt marginalized due to the centralized control exerted from Nigeria, which left them with little influence over high-level decisions. This lack of operational autonomy was a significant factor contributing to the company’s inability to sustain its presence in Ghana.
Farroukh’s resignation highlights the urgent need for Globacom to rethink its operational model and address the systemic issues that are hindering its growth and stability in both Nigeria and other markets. Without making these necessary changes, the company may continue to face similar challenges and struggle to maintain its foothold in the competitive telecom industry.
