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
Enugu Air, airport concession to support state’s $30bn economy goal –Commissioner
“We looked at Enugu as an economic hub where tourism, hospitality, investment, and aviation can work together to drive growth.”
The Enugu State government said its new airline, Enugu Air, and the concession of the Akanu Ibiam International Airport, will support its plan of growing the state’s economy from $4.4 billion to $30 billion by 2031.
In a statement, the Secretary to the State Government, Chidiebere Onyia, outlined how the state government plans to use aviation, tourism, and agriculture to drive economic growth.
He said that the airport concession is part of a broader strategy by Governor Peter Mbah’s administration to re-position Enugu as a major economic hub in the South East.
“We looked at Enugu as an economic hub where tourism, hospitality, investment, and aviation can work together to drive growth,” he said.
Mr Onyia said that the state expects an increase in visitor traffic in the coming years and believes air transport will play an important role in supporting that growth.
He further explained that the government’s projections are linked to plans to attract tourists, investors and businesses to the state
Business
Naira Exchange Rates Wednesday June 17
Black Market Rates
US DOLLAR (USD) Buy ₦1,395 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,900
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,357. 18
GREAT BRITISH POUND (GBP) ₦1,820.39
EURO (EUR) ₦1,573. 79
SWISS FRANC (CHF) ₦1,708. 87
JAPANESE YEN (JPN) ₦8.46
CHINESE YUAN (CNY) ₦200. 86
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,853.88
SAUDI RIYAL (SAR) ₦361.64
SOUTH AFRICAN RAND (ZAR) ₦83.67
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,395 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,900
EURO (EUR) Buy ₦1,585 Sell ₦1, 610
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Business
NAICOM Hands Over African Alliance Insurance to New Board, Management team
The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency.
The National Insurance Commission (NAICOM), has handed over the operations of African Alliance Insurance plc to a new Board of Directors and a new management team.
The new board is chaired by Rear Admiral Anthony Odogba Isa while the management team is led by Mr. Abayomi Olakunle Ogunkeye as the Managing Director.
The new board was nominated by the company’s shareholders, following the successful conclusion of a regulatory intervention commenced by NAICOM in the company in October 2024.
The handover marks a significant milestone in restoring the company’s financial stability, safeguarding the interests of policyholders and annuitants, and repositioning the organisation for sustainable growth.
NAICOM had in October 2024, intervened in African Alliance Insurance after it faced severe liquidity challenges, a backlog of unsettled claims particularly annuity obligations regulatory breaches, and reputational damage that threatened its continued existence and undermined policyholders confidence.
To address these challenges, NAICOM appointed an Interim Management Board (IMB) and an interim management team, with a clear mandate to stabilise the company, unlock liquidity, settle outstanding liabilities, conduct forensic and actuarial reviews, and restore stakeholder confidence.
Speaking during the handover ceremony, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, highlighted the transformative impact of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He noted that the legislation strengthens regulatory oversight, enhances public confidence, and supports deeper insurance penetration in Nigeria.
According to him, a major milestone under the Act is the establishment of the Insurance Policyholders Protection Fund (IPPF) a landmark mechanism designed to provide financial relief to policyholders in the event of insurer distress, insolvency, or liquidation.
The Fund represents a significant advance in consumer protection and aligns Nigeria’s regulatory framework with global best practices.
The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency.
He emphasised the importance of sustaining policyholder confidence through prompt claims settlement, sound solvency management, and prudent business practices.
He further directed the board to strengthen corporate governance structures, restructure portfolios, update and reconcile policyholder records as well as reinforce transparency and accountability.
Source : ThisDay
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