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
IEA Cushions Global Oil Supply By 290 Million Barrels March -July
Ultimately, a full and unconditional reopening of the Strait of Hormuz remains essential to avoid a further deterioration in global energy security.
Image credit : IEA Oil Market Report
The International Energy Agency (IEA) said that its member countries had so far released 290 million barrels of oil available to the market.
IEA Executive Director, Dr Fatih Birol confirmed,in a statement posted on the website, Monday.
” Since the announcement on 11 March of the IEA collective action to make 400 million barrels of oil available to the market, around 290 million barrels have been released by IEA Member countries, with more continuing to flow to the market.”
Birol said that IEA countries still hold a substantial volume of emergency stocks in reserve, including over 1 billion barrels of government-controlled stocks.
He emphasised that, for the moment, crude oil and gas markets have continued to benefit from several cushioning factors.
These include significant supplies from Gulf producers – notably through major efforts by Saudi Arabia and the United Arab Emirates – that have continued to reach global markets via various routes. In addition, oil producers in other regions – notably the United States, Brazil, Venezuela and Kazakhstan – have increased exports, helping offset some of the supply losses.
On the demand side, China has played an important role in stabilising markets by reducing its crude oil imports by nearly 50% compared with pre-war levels. is closely monitoring the situation in oil markets following recent developments in the conflict in the Middle East – with the escalation in hostilities affecting the Strait of Hormuz and energy infrastructure in the region increasing security of supply concerns and casting greater uncertainty over the market outlook.
Threats to the Bab el-Mandeb Strait, an increasingly important alternative shipping route for bypassing Hormuz, are adding to those concerns.
Dr Birol emphasised that there is no room for complacency on oil security amid the escalation in hostilities and drawing down of available commercial inventories.
Refinery activity and product supplies have not picked up as much as crude deliveries, meaning that markets for refined oil products, including diesel and gasoline, are considerably tighter than those for crude.
Ultimately, a full and unconditional reopening of the Strait of Hormuz remains essential to avoid a further deterioration in global energy security.
For natural gas, a large majority of the liquefied natural gas (LNG) supply lost due to the Hormuz disruptions has been offset by LNG flows from other markets, led by the United States.
But further delays in resuming Gulf exports risk keeping global LNG markets tighter for longer, Dr Birol warned.
Business
Nigerian Exchange Emerges Top In Africa By Dollar Values
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
The Nigerian equities market has emerged Africa’s strongest performer in U.S. dollar terms with a 68.2 percent Year- till-Date (YtD) return in the first seven months of 2026.
The bourse performance between January and July 24, 2026 outpaced other continental stock markets helped by investors confidence on the back of reforms by the Nigerian government.
The strong performance in dollar terms highlights the impact of exchange rate dynamics and renewed foreign portfolio participation.
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
Source: ThisDay
Business
Phillips Consulting Report Ranks Enugu Nigeria’s Fastest Improving State
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
• Governor Peter Mbah
Enugu State has been ranked as Nigeria’s fastest-improving state in the 2026 Phillips Consulting State Performance Momentum Index, outperforming 32 other states in the latest assessment of governance and development across the country.
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
According to Phillips Consulting, the Momentum Index measures the rate at which states improved relative to the national average during the review period. Positive scores indicate above-average progress, while negative scores reflect slower-than-average improvement.
The report said Enugu’s emergence as the national leader reflected deliberate governance, strong fiscal discipline, and sustained implementation of reforms, while the South-east recorded the strongest overall regional performance among Nigeria’s six geopolitical zones
IEA Cushions Global Oil Supply By 290 Million Barrels March -July
Ex-Int’l Football Player Bag 24 Years Jail Term for Cocaine Importation
JUST IN: Suspect confesses to stealing Super Falcons’ money at Morocco hotel
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Business15 hours agoNaira Exchange Rates To Foreign Currencies Monday, July 27
-
Business14 hours agoPhillips Consulting Report Ranks Enugu Nigeria’s Fastest Improving State
-
Politics13 hours agoWhy I committed to one term presidency – Peter Obi
-
Business15 hours agoRural Electrification Agency targets 3.7GW solar manufacturing to close Nigeria’s power gap
-
Business15 hours agoIMF Warns of AI Financial Shocks Across Institutions, Markets
-
Sports14 hours agoSaudi’s Club Al-Ittihad Table €10.5m Bid For Super Eagles Captain Ndidi
-
News2 days agoZamfara LG Chairman Abduction: Security operatives intensify rescue efforts
-
Business13 hours agoNigerian Exchange Emerges Top In Africa By Dollar Values