Glo Appoints CEO, Establishes Board Of Directors

Nigerian telecommunications giant, Globacom, is set to appoint its first-ever Chief Executive Officer (CEO) and establish a formal board of directors.

This landmark decision aligns with the Nigerian Communications Commission’s (NCC) ongoing push for stronger corporate governance across the telecom sector.

Globacom, which has now notified the NCC, is expected to make a formal announcement shortly. It was reported that Mr. Ahmad Farroukh, a seasoned telecom executive and former CEO of MTN Nigeria, will step into the CEO role, bringing with him decades of industry expertise.

This structural shift within Globacom follows mounting regulatory pressures and a comprehensive review of the telco’s corporate governance practices. According to an NCC document, Globacom, as one of Nigeria’s largest telecommunications providers, has previously faced regulatory challenges, particularly regarding compliance and governance standards.

“These issues have occasionally required political interventions to address shortfalls in meeting regulatory standards and have led to disputes with other operators. However, with the regulator’s firm commitment to transparency and accountability, we are now witnessing a positive shift in Globacom’s approach,” stated the NCC document.

In addition to appointing a CEO and board, Globacom has reportedly implemented other measures to strengthen compliance and operational efficiency, including settling outstanding regulatory debts and enhancing responsiveness to NCC directives.

The recent restructuring also follows a steep decline in Globacom’s subscriber numbers, which dropped by 69.2 percent within six months, from 62.19 million in March to 19.15 million in September. This decline was uncovered during an industry-wide audit of subscriber data led by the NCC. The audit revealed that one mobile operator had overstated approximately 40 million inactive subscribers as active, a discrepancy that skewed market statistics and contradicted the NCC’s active subscriber guidelines. The audit led to a recalibration of Globacom’s subscriber data to accurately reflect its active user base, highlighting the NCC’s emphasis on transparency in reporting industry figures.

Industry observers see these changes as a strategic response to evolving market demands and regulatory standards, potentially positioning Globacom for greater stability and growth in Nigeria’s highly competitive telecom landscape.