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Globacom CEO Ahmad Farroukh resigns after one month amid governance challenges

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Globacom CEO Ahmad Farroukh resigns after one month amid governance challenges

Frank Eleanya (Ekwutosblog)
Jan 21, 2025

Ahmad Farroukh, who was appointed CEO of Nigerian telecom giant Globacom in October 2024, resigned after just one month in the role, multiple sources close to the matter confirmed. While Globacom has not issued an official statement or communicated the resignation internally, several industry insiders suggest the decision was linked to significant challenges within the company’s organisational structure.

A mid-level manager at Globacom, speaking on the condition of anonymity, speculated Farroukh’s departure was tied to problems with the organisational setup. A top-level executive at the Nigerian Communications Commission (NCC) who asked not to be named confirmed Farroukh’s exit but declined to share specifics.

Globacom did not respond to multiple requests for comments.

Farroukh’s abrupt resignation highlights significant internal challenges at the company, which has long been criticised for its centralised decision-making process. According to a former Globacom executive, the company’s founder, Mike Adenuga, is key to most decisions within the company. Adenuga has managed the telecom giant alongside his other business interests, including oil and gas, financial services, and real estate, with minimal structural separation between his other ventures and Globacom’s operations.

This approach has historically worked for the company but may have presented obstacles for Farroukh, whose experience at more structured organizations like MTN and Airtel might have led him to expect a different level of operational autonomy.

Farroukh’s departure also comes when Globacom is facing heightened regulatory scrutiny. In late 2024, the NCC’s sector audit revealed that over 40 million subscribers were not properly registered with their National Identification Numbers (NIN), violating government regulations. This led to a significant loss of market share, with Globacom’s share of the Nigerian mobile market shrinking by approximately 60%, leaving it with just 12%.

Globacom has also faced ongoing cybersecurity issues, including a high-profile hack in 2023 that exposed the personal data of millions of its subscribers. These issues may have created an environment where Farroukh’s leadership efforts could not make a meaningful impact quickly.

“A CEO leaving in one month is unprecedented in the industry. The NCC can investigate the reason for his exit. The commission can seek an explanation from the CEO, who is not obligated to respond, or from the company because this is about corporate governance, which the NCC Act covers,” said Ayoola Oke, a former Special Adviser to the former Executive Vice-Chairman of NCC, Ernest Ndukwe.

Globacom’s leadership void following Farroukh’s departure will raise questions about the company’s ability to navigate its ongoing internal challenges and regain its competitive edge. Without significant structural changes, it is unclear how Globacom can address the organizational weaknesses that led to Farroukh’s exit.

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IMO STATE LAUNCHES DIGITAL LAND INFORMATION CENTER, UNLOCKING NEW ERA FOR PROPERTY MANAGEMENT AND INVESTMENT

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Imo State has taken a major leap in land administration with the unveiling of the Imo Land Information Service Centre (IMLISC), a modern, technology-driven facility established under the leadership of Governor Hope Uzodimma. Located within the Ministry of Lands, Survey and Physical Planning in Owerri, this state-of-the-art centre is set to transform land governance, boost investor confidence, and protect citizens from fraudulent land dealings.

The IMLISC introduces a fully digital system that streamlines land transactions and offers services such as e-land searches, land recertification, issuance of Certificates of Occupancy (C of O), and ownership transfers. These automated processes ensure faster, more transparent, and accountable land administration, marking a clear departure from outdated, manual methods.

Governor Uzodimma’s administration has championed this initiative as part of its broader commitment to innovative governance and economic reform. The centre provides Imo citizens with secure access to land-related data, shielding them from scams and ensuring legitimacy in property transactions. It builds trust and simplifies land ownership—making it both secure and straightforward.

For the business community, IMLISC is a game-changer. Entrepreneurs and real estate developers now have access to clear documentation, reliable data, and efficient processing—eliminating bottlenecks that previously hampered progress. The result is a more attractive business climate that welcomes both local and diaspora investors with open arms.

Moreover, the new system is expected to enhance internally generated revenue (IGR). With better documentation and fewer disputes, land transactions will be more organized and traceable, increasing state earnings from legitimate dealings. These funds can then be reinvested into critical sectors like infrastructure, healthcare, and education—ultimately benefiting every Imo resident.

The centre will also serve as a hub for land dispute resolution, offering timely and fair intervention mechanisms. Through data-driven decision-making, it will support sustainable urban planning and responsible land use policies across the state.

Governor Uzodimma’s foresight in establishing the IMLISC is a testament to his commitment to good governance, transparency, and economic growth. The centre is not just a building—it is a symbol of Imo State’s readiness for progress, a safeguard for property rights, and a magnet for investment.

With this initiative, Imo is setting a new benchmark in land administration—one that empowers citizens, supports business growth, attracts global investors, and drives development for the future.

#HopeNewAndElectronicMediaCenter

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French Tesla customers sue over brand becoming ‘extreme right’

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Tesla sales in the EU have nearly halved, with many customers looking for electric cars put off by Elon Musk's political positions. Photo: JULIEN DE ROSA / AFP/File Source: AFP

Around 10 French clients with leases on Teslas are suing the US carmaker, run by Elon Musk, because they consider the vehicles to be “extreme-right” symbols, the law firm representing them said on Wednesday.

They feel they suffered “direct and concrete” damage from the way Teslas are now associated with “Elon Musk’s actions”, the GKA law firm said.

They are demanding the Paris commercial court order their lease contracts be terminated and legal costs reimbursed, it said in a statement, signed by lawyers Patrick Klugman and Ivan Terel.

The lawsuit comes as Tesla sales in the European Union have almost halved since the beginning of the year, a slump attributed to Musk’s political activities.

Those activities include him — until last week — standing firmly with US President Donald Trump, and overseeing efforts to cut down US departments and agencies.

He has also lent public support to Germany’s far-right Alternative for Germany (AfD) party, and came under criticism for making a repeated gesture with an out-thrust arm interpreted by many historians to be a Nazi salute.

“Because of Elon Musk’s actions… Tesla branded vehicles have become strong political symbols and now appear to be veritable extreme-right ‘totems’, to the dismay of those who acquired them with the sole aim of possessing an innovative and ecological vehicle,” GKA said in a statement.

The perception of the Teslas they leased “prevents them from fully enjoying their car”, it said.

Most of the leases run for four years, with an option at the end to buy the vehicle.

Tesla cars in Europe and elsewhere have been targeted by vandals, with some drivers reporting they have been insulted for using what is sometimes called on social media a “swasti-car”.

Several owners have taken to putting stickers on their Teslas reading “I bought this before Elon went crazy”.

“The situation is both unexpected and impossible for French Tesla owners,” Klugman told AFP.

“Musk’s political positions have interrupted enjoyment” of the vehicles, and “we believe that Mr Musk owes these buyers the peaceful possession of the thing sold”, he said.

Contacted by AFP for comment, Tesla did not immediately respond.

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Elon Musk unveils XChat to rival WhatsApp, Telegram, others globally

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Billionaire Elon Musk is pushing forward his ambition to transform X (formerly Twitter) into an “everything app” with the launch of XChat, a new messaging feature designed to rival the likes of WhatsApp, Telegram, and Signal.

Unveiled over the weekend, XChat introduces end-to-end encryption, vanishing messages, file sharing, and audio/video calling.

Musk described the tool as “all new” in a post on Sunday, emphasizing its focus on secure, private communication.

“All new XChat is rolling out with encryption, vanishing messages, and the ability to send any kind of file.  

“This is built on Rust with (Bitcoin style) encryption, a whole new architecture. You can do audio/video calls without a phone number across all platforms,” Elon Musk posted.

Early reports suggest the feature is already in beta testing among paid X subscribers. Leaked screenshots by app researcher Nima Owji show support for group chats, a vanish mode, and a four-digit passcode to lock messages, a significant upgrade to X’s previous direct messaging capabilities.

The bigger picture 

XChat is part of Musk’s long-term goal of morphing X into a Western super app, similar to China’s WeChat.

This vision encompasses everything from messaging and payments to entertainment, commerce, and even dating.

Musk previously told employees he wants X to function as a digital bank and dating app by 2024, part of a sweeping transformation that could change how users engage with the platform.

He’s not alone in this race. OpenAI CEO Sam Altman is also building a “super app” through his side project, World, which recently launched an app store and biometric ID system called Orbs.

What you should know 

With 600 million monthly active users as of October 2024, Musk’s X holds a considerable lead but retaining that user base is critical.

The rollout of XChat could help the platform move beyond just being a public town square and into users’ everyday digital routines.

Last year, X unveiled plans to roll out a peer-to-peer payment system on the platform, saying it would unlock more user utility and new opportunities for commerce.

  • The company said this would also showcase the power of the platform users living their “life in one place.
  • Reports have indicated that as of December 2023, X was licensed for payment processing in a dozen U.S. states, and by this January, that number stands at 14, with the recent additions of Arkansas and Pennsylvania.
  • Musk had earlier said that he envisions a platform where users will be able to send money to others and extract those funds to authenticated bank accounts.

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