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 Urges Public, Businesses Not To Reject N100 Bank Note
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
The Central Bank of Nigeria (CBN) has stated that the Standard N100 note is still a legal tender and must be accepted for all transactions.
The apex bank made the appeal in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, clarifying that it became necessary, following reports that some members of the public were rejecting the note.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” she said.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,890
EURO (EUR) Buy ₦1, 575 Sell ₦1,595
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,379.07
GREAT BRITISH POUND (GBP) ₦1,840.64
EURO (EUR) ₦1,572.00
SWISS FRANC (CHF) ₦1,704.45
JAPANESE YEN (JPN) ₦8. 48
CHINESE YUAN (CNY) ₦202.76
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 53
SAUDI RIYAL (SAR) ₦367.24
SOUTH AFRICAN RAND (ZAR) ₦84. 08
The Nigerian naira continued its recent slide against the US dollar, hitting N1,405 per dollar in the parallel (black) market amid ongoing demand pressures and supply constraints in the foreign exchange market.
According to traders and market sources, the local currency weakened from around N1,400–N1,410 levels in recent sessions, reflecting persistent challenges in the forex ecosystem. In contrast, the official Nigerian Foreign Exchange Market (NFEM) rate, managed by the Central Bank of Nigeria (CBN), stood firmer at approximately N1,368–N1,370 per dollar.
This development widens the gap between the official and parallel markets, raising concerns among analysts about liquidity, speculative activities, and the impact on importers and businesses reliant on dollar transactions.
The depreciation comes as Nigeria grapples with balancing foreign exchange inflows, including remittances and oil revenues, against high demand for imports, debt servicing, and other obligations. Market watchers attribute the pressure partly to seasonal factors and limited dollar availability at official windows, pushing more transactions toward the parallel market.
The CBN has been intervening through various measures to stabilize the naira, including boosting liquidity and tightening monetary policy. However, the parallel market remains sensitive to real-time supply and demand dynamics.
Economists warn that sustained volatility could fuel inflation and affect consumer prices, particularly for imported goods. Stakeholders are calling for stronger policy coordination to narrow the official-parallel rate disparity and restore greater confidence in the forex regime.
Further updates will depend on upcoming CBN interventions and inflows in the days ahead.
Atiku warns Presidency: Nothing must happen to Obi, El-Rufai
ADC Releases Lawyers Engagement Advisory To State Chapters
CBN Urges Public, Businesses Not To Reject N100 Bank Note
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
-
Politics3 days agoJonathan denies ₦500bn offer to challenge Peter Obi
-
Sports3 days agoUEFA tackles FIFA over Balogun’s suspension reversal
-
News3 days agoFRSC confirms seven dead in Kogi auto crash
-
Business3 days agoEmmanuel Nnorom takes over as UBA Chairman
-
Sports3 days agoGov Sule to sign contracts for five mini-sports centres today
-
Business3 days agoDangote Cement targets 20% emissions cut by 2030
-
Business2 days agoBACITI graduates pioneer set of 40 Senior Customs Officers
-
News3 days agoNGE to host Lateef Jakande 2026 Memorial Lecture: “The Media, INEC, Voters and Path to Credible Elections.”