While Globacom has not yet made an official announcement, the Nigerian Communications Commission (NCC) has been duly informed, as confirmed by reliable sources. The company has taken the necessary steps to establish a new board and secure the requisite approvals from the regulatory body.
Globacom has not responded to several requests for comments at this time.
Farroukh's extensive career in telecommunications began in 1995 when he became the CEO of Investcom Group in Lebanon, which was later acquired by MTN Group. By 1999, he was the managing director of MTN Ghana and served as the regional director for West Africa under Investcom, an MTN subsidiary.
He held the position of CEO at MTN Nigeria from 2006 to 2010 and was appointed CEO of MTN South Africa in 2014. In 2015, he took on the role of CEO at Mobily, the second-largest telecom operator in Saudi Arabia, serving until 2017. He subsequently became the Group CEO of Smile Communications Nigeria Limited before his appointment at Globacom.
Farroukh holds a Master’s degree in Business Administration and Accounting from the Lebanese American University and is a Certified Public Accountant (CPA) in New York, USA.
The recent appointment of Farroukh as the new CEO of Globacom presents significant challenges, particularly in light of the comprehensive industry audit conducted by the NCC, which resulted in the loss of 41 million subscribers. This decline has reduced Globacom's subscriber base to 19.1 million, representing a mere 12.39% share of Nigeria's telecommunications market. An official announcement regarding Farroukh's appointment is expected in the coming days.