The Nigerian Communications Commission (NCC) gave Globacom a firm 24-month deadline to appoint a distinct Chief Executive Officer (CEO) separate from its Board Chairman. As of August 2025, Globacom stands as the only major telecom operator in Nigeria combining both leadership roles under founder Mike Adenuga. The NCC now mandates separation to promote better governance and reduce conflicts of interest.
Why the NCC Demands Governance Reform
The NCC introduced new corporate governance guidelines aimed at aligning Nigeria’s telecom sector with global best practices standards long adopted by the banking industry. Regulators intend to strengthen transparency, accountability, and operational independence across operators.
These guidelines require:
- A board with at least five members, including:
- A non-executive chairman
- A separate MD/CEO
- A majority of non-executive directors (NEDs)
- At least one-third independent directors (INEDs)
- Two NEDs, one of whom must have expertise in ICT or cybersecurity
- The chairman must not perform executive functions or act as CEO
Globacom, in contrast, continues to have founder Mike Adenuga in both roles since the company’s inception, placing it out of step with these standards.
What Happens If Globacom Fails to Comply?
If Globacom ignores the requirement to split leadership roles by August 2027, the NCC could take escalating regulatory actions. Possible sanctions include:
Fines
Suspension or outright revocation of its operating licence.
Forced management changes or directives on governance structures
Governance Challenges Highlighted in 2024
Globacom briefly appointed Ahmad Farroukh as CEO in late 2024 but he resigned after just one month amid reports of internal conflict and governance issues tied to centralized decision-making. That episode underscored the structural limitations that motivated the NCC’s reforms.
What This Means for Globacom and the Industry
Compliance aligns Nigeria’s largest locally-owned operator with global governance norms, raising investor confidence and sector resilience.
Regulators push for clear separation of leadership roles to prevent unchecked executive power.
Globacom faces a critical test in transforming its leadership structure, a move that could significantly alter its internal dynamics.
