Globacom, a major player in Nigeria’s telecommunications sector, has announced the appointment of seasoned telecom executive Ahmad Farroukh as its new Chief Executive Officer. Farroukh, who has an extensive background in telecom leadership across Africa and the Middle East, including stints as CEO of MTN Nigeria and MTN South Africa, brings over 20 years of experience that Globacom hopes will lead it through critical restructuring and growth.
This appointment, Globacom stated, is part of a strategic effort to enhance corporate governance and operational performance. The move aligns with recent directives from the Nigerian Communications Commission (NCC), which has increased its focus on governance standards within the industry.
Farroukh’s appointment comes at a time of significant challenges for Globacom. A recent NCC regulatory audit revealed discrepancies in Globacom’s subscriber data, resulting in a 69.2% drop in the company’s reported subscriber base—from 62.19 million in March 2024 to 19.15 million by September. This sharp decline has raised the stakes for Globacom, prompting the need for swift strategic reforms to restore confidence and strengthen its competitive position.
Globacom expressed confidence that Farroukh’s expertise in steering companies through restructuring will be instrumental in revitalizing the company’s subscriber growth and ensuring stability. The company is also moving towards a stronger governance framework by establishing a board, reflecting its commitment to addressing NCC’s emphasis on transparency and accountability.
Farroukh’s impressive career began in 1995 as CEO of Investcom Group, which was later acquired by MTN Group, marking the start of his trajectory in African telecom. He has held various executive positions, including MD of MTN Ghana, regional director for Investcom in West Africa, CEO of MTN Nigeria from 2006 to 2010, and later, CEO of Mobily in Saudi Arabia. Most recently, he served as Group CEO of Smile Communications Nigeria Limited.
In a statement, Globacom highlighted that Farroukh’s leadership is expected to drive both growth and structural adjustments necessary for navigating the challenges within Nigeria’s highly competitive telecom industry. His expertise is anticipated to support the company’s strategic efforts to regain its market position and adapt to the evolving demands of the telecom sector.
