Globacom, one of Nigeria’s leading telecom providers, is reportedly preparing to appoint Ahmad Farroukh as its new CEO, succeeding founder Mike Adenuga, who has led the company since its inception in 2003. According to sources cited by TechCabal, the company has notified the Nigerian Communications Commission (NCC) and appointed a new board, which the NCC has approved. Although Globacom has yet to make an official announcement, Farroukh’s appointment is anticipated soon.
A New CEO for Globacom Amid Industry Challenges
The leadership shift comes at a pivotal moment for Nigeria’s telecom industry. Recent NIN-SIM verification regulations have led to a substantial drop in active subscribers across major networks, with Globacom losing over 43 million users between March and September 2024, reducing its active subscriptions from 62.1 million to 19.1 million. Despite challenges, Globacom remains a prominent player alongside MTN, Airtel, and 9Mobile, as they compete for market share. MTN, for instance, managed to grow its subscriber base by 2.9% in the first half of 2024 despite compliance-related loss.
Farroukh’s extensive leadership background positions him well for the role. Previously, he held CEO roles across several MTN subsidiaries, including MTN Nigeria and MTN South Africa, and served as Group CEO for Smile Communications Nigeria Limited. His experience also spans executive positions at Saudi Arabia’s Mobily, the country’s second-largest telecom operator. This appointment adds to his distinguished career in the telecom sector and marks a new phase for Globacom as it navigates regulatory changes and market competition.
