The CEO of Nigerian telecom giant Globacom, who was appointed in October 2024, resigned after just one month in the role, as confirmed by multiple sources close to the matter. While no official statement has been issued by Globacom, there are suggestions that the decision was connected to significant challenges within the company’s organizational structure.
Speculations from a mid-level manager at Globacom, speaking on the condition of anonymity, hint that Farroukh’s departure might be related to issues with the organizational setup. A top-level executive at the Nigerian Communications Commission (NCC) also confirmed Farroukh’s exit but chose not to disclose further details.
Despite multiple requests for comments, Globacom did not provide any response.
The sudden resignation of Farroukh sheds light on internal challenges within the company, known for its centralized decision-making process. The founder of the company, Mike Adenuga, is heavily involved in most decisions, managing the telecom giant alongside his other business interests without substantial structural separation.
This management approach, while historically effective, may have posed challenges for Farroukh, coming from organizations with a more structured operational environment like MTN and Airtel.
Farroukh’s departure coincides with a period of increased regulatory scrutiny for Globacom. A recent sector audit by the NCC revealed that a significant number of subscribers were not properly registered, leading to a substantial loss of market share for Globacom.
Globacom has also faced cybersecurity issues, including a notable hack in 2023 that compromised the personal data of many subscribers. These challenges may have hindered Farroukh’s ability to implement effective leadership strategies swiftly.
Experts in the industry have expressed surprise at the CEO’s swift exit, emphasizing the need for the NCC to investigate the circumstances surrounding it. The leadership vacuum left by Farroukh’s departure raises concerns about Globacom’s capacity to address its internal issues and regain competitiveness without significant structural changes.