Globacom has appointed Ahmad Farroukh as its new chief executive officer, according to sources familiar with the situation. This strategic move comes in response to the Nigerian Communications Commission’s (NCC) initiative to enhance corporate governance within the telecommunications sector.
Farroukh, who previously led MTN Nigeria, is set to spearhead a comprehensive transformation of Globacom, which is also in the process of restructuring its board. His extensive experience in the telecom industry spans several countries and roles. He began his career in 1995 as CEO of Investcom Group in Lebanon, a company that was later acquired by MTN Group.
His notable positions include managing director of MTN Ghana and regional director for West Africa, as well as CEO of MTN Nigeria from 2006 to 2010. In 2014, he took the reins as CEO of MTN South Africa, followed by a tenure at Mobily, Saudi Arabia’s second-largest telecom operator, until 2017. Most recently, Farroukh served as Group CEO at Smile Communications Nigeria Limited before joining Globacom.
He holds a Master’s in Business Administration and Accounting from the Lebanese American University and is a Certified Public Accountant (CPA) in New York.
This leadership change comes in the wake of a substantial decline in Globacom’s subscriber base, which plummeted by 69.20% over six months, dropping from 62.19 million in March to 19.15 million in September due to a regulatory audit of the industry. Farroukh’s leadership will be crucial in navigating these challenges and restoring the company’s competitive position in the market.
