Ahmad Farroukh, who was appointed as the CEO of Nigeria’s telecom giant Globacom in October 2024, has resigned after only one month in the position.
Multiple sources close to the matter have confirmed the abrupt departure, though the company has yet to issue an official statement.
While Globacom has not confirmed the resignation internally or publicly, industry insiders point to significant internal challenges as the primary reason for Farroukh’s exit. A manager at the company, speaking anonymously, cited issues with the organisational structure as a key factor in Farroukh’s decision to step down. A senior executive at the Nigerian Communications Commission (NCC) also confirmed his resignation but refrained from sharing further details.
Farroukh’s sudden resignation highlights the ongoing internal difficulties within Globacom, which has long faced criticism for its centralised decision-making process. According to a former executive at the company, the influence of Globacom’s founder, Chief Dr. Mike Adenuga Jr., who remains deeply involved in the day-to-day operations of the company, has created operational challenges for those in leadership roles. Adenuga manages the company alongside his other extensive business ventures, leaving little structural separation between his diverse interests and the telecom giant’s operations.
This centralised approach, which has historically worked for Globacom, may have clashed with Farroukh’s experience in more structured organizations such as MTN and Airtel, where he likely expected a higher level of autonomy in running the company. The departure of Farroukh also coincides with a challenging period for Globacom, which has been under heightened regulatory scrutiny. In late 2024, the NCC’s sector audit revealed that over 40 million Globacom subscribers had failed to properly register their National Identification Numbers (NIN), leading to a significant loss in market share for the company. Globacom’s share of the Nigerian mobile market has shrunk by around 60%, leaving it with just 12%.
In addition to regulatory challenges, Globacom has faced several cybersecurity issues, including a major hack in 2023 that exposed the personal data of millions of subscribers. These issues may have further complicated Farroukh’s ability to implement his vision for the company within a short time frame.
Industry observers are shocked by the speed of his resignation, with some questioning the company’s corporate governance and whether the NCC will probe the circumstances behind Farroukh’s departure. “A CEO leaving in one month is unprecedented in the industry. The NCC can investigate the reason for his exit,” said Ayoola Oke, a former Special Adviser to the former Executive Vice-Chairman of the NCC.
Globacom’s leadership crisis raises concerns about the company’s ability to overcome its internal and regulatory challenges. The situation underscores the difficulty of running a business with such a heavily centralised structure and raises questions about the company’s future trajectory under Adenuga’s direct control.
It’s also worth noting that in Ghana, where Globacom operated briefly before pulling out, the company faced similar leadership instability, with the Head of Business changing hands multiple times in a short period. Staff in Ghana often felt sidelined due to the centralised control, a sentiment that may have contributed to Farroukh’s inability to make lasting changes.
As Farroukh exits, Globacom returns to being under the direct control of Chief Dr. Mike Adenuga, a figure whose influence over the company remains absolute. Whether this return to a more centralised leadership model will address the company’s internal weaknesses remains to be seen.
