Dangote Sugar Refinery Plc has announced the appointment of Mr. Arnold Ekpe as the new Chairman of its Board, effective June 16, 2025. The announcement follows the retirement of long-standing chairman Alhaji Aliko Dangote, bringing nearly two decades of leadership to a close.
Mr. Ekpe’s selection comes after a careful succession process, with the Board highlighting his extensive background in engineering, banking, and corporate governance. He has served as an Independent Non-Executive Director at the company since 2024.
A respected figure in African finance, Mr. Ekpe brings over 30 years of experience across multiple sectors. Born in Nigeria in August 1953, he began his academic journey at King’s College Lagos before earning a First-Class degree in Engineering from the University of Manchester, followed by an MBA from Manchester Business School. His professional career spans roles at Schlumberger SA, Alcan Aluminium, and several major banks, including Citibank Nigeria and Ecobank Transnational Incorporated, where he served as Group CEO until 2012.
His leadership comes at a pivotal time for Dangote Sugar. The company recently posted a substantial revenue of ₦213.93 billion for Q1 2025—an increase of 74.3% compared to the same period last year. However, soaring raw material costs continue to strain profits, with 95.7% of revenue consumed by the cost of sales. Despite these challenges, the firm managed to reduce its pre-tax loss to ₦22.63 billion, a major improvement over the ₦106.86 billion loss reported in Q1 2024.
Still, the company faces significant financial headwinds. Its total liabilities now account for over 81% of its ₦1.045 trillion asset base, with borrowings rising by over 50% year-on-year to ₦727.29 billion.
On a positive note, macroeconomic conditions in Nigeria have shown signs of stabilization. Foreign exchange volatility has decreased significantly in early 2025, leading to a dramatic 98% drop in net FX losses across the consumer goods sector. This provides a more favorable environment for operational recovery and financial restructuring.
As Mr. Ekpe steps into this role, expectations are high that his wealth of experience will steer Dangote Sugar into a new era of resilience and growth. The Board expressed full confidence in his ability to guide the company through both current challenges and future opportunities.
