Business
BREAKING:Globacom CEO Ahmad Farroukh Resigns Amid Governance Challenges
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.
Ahmad Farroukh, the CEO of Nigerian telecom giant Globacom, has 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 organizational structure.
Techcabal reports that Farroukh’s departure was tied to problems with the organizational 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.
Farroukh’s abrupt resignation highlights significant internal challenges at the company, which has long been criticized for its centralized 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 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.
Business
CBN: 60 newly recruits staff laments three years of waiting without engagement
The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.
• CBN Governor, Olayemi Cardoso
A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.
The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.
“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.
According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.
“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.
After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.
He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…
The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.
Business
KPMG, NRS settle rifts over new tax laws
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.
KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives
However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.
The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.
In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.
” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.
“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”
The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.
Business
IMF to release January 2026 World Economic Outlook update on Monday
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
The International Monetary Fund (IMF) will release its January 2026 World Economic Outlook (WEO) Update on Monday, January 19, 2026.
The report will be presented during a press conference hosted at the National Bank of Belgium in Brussels.
The press conference is scheduled for 10:30 a.m. The Brussels time and will be streamed live via the IMF website and Press Centre, allowing journalists to participate both in person and virtually.
The IMF’s economic assessment will be presented by Pierre-Olivier Gourinchas, Economic Counselor and director of the Research Department; Petya Koeva Brooks, deputy director of the Research Department; and Deniz Igan, Division Chief, Research Department.
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
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