- Globacom reportedly will appoint Ahmad Farroukh, a former CEO of MTN, as its new chief executive.
- TechCabal reported that three individuals with direct knowledge of the matter disclosed this. However, the leadership change would mark the first time for Globacom, as Mike Adenuga has led the company since its launch in August 2003.
- The sources also mentioned that the telco has notified the Nigerian Communications Commission (NCC). Additionally, the company has appointed a new board, which has received approval from the regulator.
While Globacom has not yet officially announced this move, reports show that Farroukh’s appointment is expected within days.
This development comes at a time when the National Identification Number (NIN)-SIM verification exercise has led Nigerian mobile network operators to lose 64.3 million subscriptions. The directive resulted in significant subscription losses across major telecoms — MTN, Airtel, Globacom, and 9Mobile — with Globacom and 9mobile significantly impacted. Globacom’s active subscriptions fell from 62.1 million in March to just 19.1 million by the end of September 2024, losing over 43 million users.
Globacom competes in a market where other players like MTN, Airtel, and 9Mobile push for market share. According to the NCC, MTN and Airtel, though also impacted by the NIN-SIM directive, maintained their leading market positions.
For the half-year ending 30 June 2024, MTN Nigeria reported a 2.9% increase in total subscribers, reaching 79.4 million, despite removing 8.6 million subscribers in H1 2024 to comply with the NCC directive.
Farroukh’s previous roles make him a potential fit for the position, having served as CEO of Investcom Group in Lebanon (later acquired by MTN Group) and managing director of MTN Ghana and regional director for West Africa under Investcom. In 2006, he became CEO of MTN Nigeria until 2010, and subsequently served as CEO of MTN South Africa in 2014.
He he has also served at Mobily, Saudi Arabia’s second-largest telecom operator, and now serves as Group CEO of Smile Communications Nigeria Limited. The appointment would add Globacom to his portfolio of leadership roles.
