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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.

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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.

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Marketers, Retailers fight dirty as Fuel price nears N1,000 per litre in Nigeria

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Petroleum product marketers and retailers are trading blame as the premium motor spirit pump price nears N1,000 per litre in Nigeria.

On Monday, it was reported that the Nigerian National Petroleum Company Limited retail outlets across the country increased fuel prices.

In Abuja, Nasarawa, and Kogi states, the NNPCL petrol pump price jumped by N65 per litre to N955 per litre on Monday from N890 dispensed at the weekend.

IPMAN, PETROAN give reasons for fuel price increase:

The latest fuel price hike in Nigeria has been blamed on several reasons, including the fall in global crude oil price, the exchange rate, the Dangote Refinery, and the Depot Owners petrol ex-depot price increase.

While the Independent Petroleum Marketers of Nigeria blamed the exchange rate for the latest fuel price hike, the Petroleum Products Retail Outlets Owners Association of Nigeria blamed Dangote Refinery’s pricing system.

The spokesman of IPMAN and the National President of PETROAN, Chinedu Ukadike and Billy Gillis-Harry, respectively, made these perspectives known in separate interviews on Monday.

Ukadike partly attributed the recent fuel price hike to forces of demand and supply in a deregulated downstream oil industry.

He noted that the latest price adjustment is not unconnected to price reviews at petrol depots and the Dangote Refinery.

“Fuel prices went up due to forces of demand and supply.

Supplying Depots and Dangote Refinery have increased their ex-depot petrol prices.

“The cost of the Dollar is the reason for the price hike for depot owners.

“For Dangote Refinery, I can’t say categorically, but it may not be unconnected to the price of crude oil; you know the plant imports the bulk of its crude oil.

“As of Friday, Dangote Refinery is N858 per litre, NIPCO (N870), Aiteo (855), and Ranoil (N865),” he said.

On his part, Gillis-Harry blamed the Dangote Refinery pricing mechanism for the latest fuel price hike.

“We should be looking at proper fuel pricing because what the Dangote Refinery is doing is not proper pricing,” he said.

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Expectations High For Nigeria’s First Policy Ministerial Quarterly Briefing

In May 2025, President Bola Ahmed Tinubu announced the ‘Nigeria First’ policy, a bold assertion of economic sovereignty to reshape Nigeria’s financial priorities.

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*Dr Jumoke Oduwole, the Minister of Industry, Trade, and Investment

The first three months of the Federal Government’s “Nigeria First Policy” directive ended with stakeholders expecting Dr Jumoke Oduwole, the Minister of Industry, Trade, and Investment, to update the business community, especially Nigerian manufacturers on how well the Ministries, Departments, and Agencies (MDAs) have complied with the Patronage of quality made in Nigeria products.

In May 2025, President Bola Ahmed Tinubu announced the ‘Nigeria First’ policy, a bold assertion of economic sovereignty to reshape Nigeria’s financial priorities.

This policy emphasises the promotion of domestic goods and services, particularly within government procurement and public sector activities.Its core objectives are to strengthen Nigeria’s local industries, reduce import dependence, and accelerate industrialisation through import substitution.

Following the enthusiasm surrounding the policy, the Minister stated during an appearance on Channels TV that her ministry would conduct quarterly performance evaluations of all MDAs based on their adherence to the Nigeria First Policy, emphasising the importance of buying made-in-Nigeria goods and services.

She noted that compliance with the policy will now be integrated into performance metrics for the President’s Central Coordinating Delivery Unit.

Oduwole asserted, “This compliance will be continuously monitored. As a major player in the economy, the government must lead by example by boosting local production and decreasing reliance on imports.

“She outlined three main areas where the policy will be implemented: focusing on local procurement, ensuring that all local options are considered before exploring foreign alternatives, and improving regulatory and bureaucratic processes to support local enterprises.

The Minister expressed that her ministry’s performance aligns with the President’s directives, with the overarching goal of fostering both domestic and foreign investment to enhance productivity, trade, and export growth.

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CPPE Urges Sustained Support for High-Performing Sectors and Targeted Assistance for Sectors in Recession

The sectors currently in recession include air transport, textiles, and coal mining.

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•Dr Jumoke Oduwole, Minister of Industry Trade and Investment

The Centre for the Promotion of Private Enterprise (CPPE) has called for ongoing lending support for high-performing sectors of the economy and targeted intervention for sectors currently in recession.

This appeal follows the recently rebased Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS), now based on a new reference year 2019.

The latest GDP data for Quarter 1 of 2025 reveals the following:- 37 sectors recorded growth, though many experienced a slowdown.- 9 sectors contracted, and 3 sectors are in recession.

The top-performing sectors include:- Financial Services: 15.3%- Oil Refining: 11.51%- Transportation: 14.08%- Information and Communication Technology (ICT): 7.4%- Metal Ores: 25%Conversely, the sectors that contracted are:- Livestock: -16.7%- Fishing: -0.21%- Textiles: -1.63%- Coal Mining: -22.3%- Quarry & Minerals: -21.55%- Plastics and Rubber: -3.2%- Iron & Steel: -0.35%- Air Transport: -0.81%.

The sectors currently in recession include air transport, textiles, and coal mining.

Dr. Muda Yusuf, director and CEO of CPPE, emphasised the importance of enhancing productivity in critical areas such as agriculture, manufacturing, and trade.

He stated, “These sectors are essential for economic inclusion, job creation, self-reliance, economic security, and diversification.

However, their growth rates are currently below expectations: agriculture grew by only 0.7%, and manufacturing by 1.7% in Q1 2025.

These sectors require targeted interventions to unlock their full potential and drive sustainable development.”

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