The company stated that this leadership transition is intended to enhance corporate governance and operational efficiency, in line with the Nigerian Communications Commission’s (NCC) recent initiatives aimed at elevating governance standards within the telecommunications sector.
With a wealth of experience in African telecommunications, Farroukh is well-positioned to steer the company through an expected restructuring process.
Bringing over 20 years of industry experience to his new role, Farroukh began his career in 1995 as the CEO of Investcom Group, a telecom company based in Lebanon that was subsequently acquired by MTN Group.
His career includes several high-profile executive positions, such as managing director at MTN Ghana, regional director for West Africa at Investcom, and CEO of MTN Nigeria from 2006 to 2010. In 2014, he took on the role of CEO at MTN South Africa and later led Mobily, Saudi Arabia's second-largest telecom provider, until 2017. Most recently, he served as Group CEO of Smile Communications Nigeria Limited in 2019.
Farroukh holds a master’s degree in Business Administration and Accounting from the Lebanese American University and is a Certified Public Accountant (CPA) licensed in New York.
In a statement, Globacom emphasized that Farroukh’s appointment is timely, as the company is currently addressing challenges related to its subscriber base.
A recent regulatory audit conducted by the NCC revealed discrepancies in subscriber counts, resulting in a significant decline of 69.2 percent in Globacom’s subscriber numbers, dropping from 62.19 million in March to 19.15 million in September.
This situation highlights the urgent need for strategic reforms to rebuild trust and stimulate growth in a competitive telecommunications environment.
Farroukh’s responsibilities will encompass not only revitalizing Globacom’s subscriber growth but also navigating the company through this critical period.
The establishment of a board by the company demonstrates a stronger dedication to promoting effective governance practices, a crucial element highlighted by the NCC.