Globacom has two years to appoint a chief executive officer separate from its chairman or face sanctions from the Nigerian Communications Commission (NCC). The directive is part of new corporate governance rules announced on August 7, 2025, aimed at boosting transparency, accountability, and operational independence in the telecom sector.
“It’s similar to what the banking sector did years ago,” said one telecom executive who asked not to be named. “The industry took too long to arrive here.”
The rules require telecom firms to separate the chairman and CEO positions. MTN Nigeria, Airtel, and T2 (formerly 9mobile) already comply. Globacom remains the only major operator where founder and chairman Mike Adenuga also serves as CEO.
In 2024, the company briefly moved toward compliance by appointing Ahmad Farroukh as CEO. His tenure lasted just two months before he resigned, reportedly over differences on decision-making. Adenuga then returned to the dual role.
The NCC’s guidelines mandate at least five board members, including a non-executive chairman, an MD/CEO, executive directors, non-executive directors, and independent non-executive directors. Non-executive directors must outnumber executives, and one-third of the board must be independent. At least two non-executive directors—one independent—must have ICT or cybersecurity expertise.
Most critically, the chairman must be non-executive and cannot hold CEO powers. Non-compliance can result in fines, licence suspension, or even licence revocation. In serious cases, the NCC may order changes in management.
Globacom’s founder-led model has allowed swift decisions but limited independent oversight. The failed Farroukh appointment highlighted the challenge of balancing a dominant founder’s influence with modern governance standards.
