Ncell CEO Michael Foley resigns amid regulatory concerns

Michael Foley has resigned as the Chief Executive Officer of Ncell after approximately 10 months in the role. The company has appointed Dilli Ram Shrestha, formerly the Chief Corporate and Regulatory Affairs Officer, as interim CEO.

Foley’s departure follows reports of regulatory hurdles and an unfavorable environment for foreign direct investment in Nepal’s telecommunications sector. His tenure included plans for a $250 million investment aimed at 5G deployment, home fiber internet, and data centers, though these plans were contingent on government support.

The resignation coincides with a directive from the Nepal Telecommunications Authority (NTA) that prohibits Ncell from selling, transferring, or mortgaging company assets, such as land and equipment, without prior authorization. With Ncell’s operating license set to expire in three years, stakeholders have expressed concerns regarding the company’s ability to secure future capital and maintain service quality.