…. Announces Arnold Ekpe, new Chairman of Dangote Sugar
Dangote Sugar Refinery Plc (DSR) has announced that its Chairman, Alhaji Aliko Dangote, will retire from the Board effective June 16.
The announcement, made through a corporate disclosure to the Nigerian Exchange Ltd., stated that the decision aligns with principles of good corporate governance and succession planning.
It reads, “Alhaji Aliko Dangote is one of the founding Directors of the Company, and has served with exceptional leadership, integrity, and vision since 2005.
“Under his leadership, Dangote Sugar Refinery transformed, navigated significant industry developments, delivered consistent shareholders value, and maintained a strong focus on good governance.
“His long-term growth is evident by its extensive Backward Integration Projects in Adamawa, Taraba and Nasarawa states.
“He also played an instrumental role in shaping the company’s strategy and culture thereby building a robust foundation for growth and sustenance.”
To ensure a seamless transition, the board also announced the appointment of Mr Arnold Ekpe, currently an independent non-executive director, as the incoming Chairman effective June 16.
Ekpe is to bring with him a wealth of experience, having held senior leadership roles in the banking sector and other key industries.
“His strategic acumen, deep understanding of corporate governance, and commitment to stakeholder value make him well-positioned to lead the board as we continue to build on our strong foundations and pursue sustainable growth,” it added.
The Board expressed confidence in Mr. Ekpe’s ability to lead the company into its next phase of growth, citing his extensive experience in both engineering and finance.
Mr. Arnold Ekpe is a seasoned finance professional with over 30 years of experience in the banking and corporate sectors, including leadership roles across several prominent institutions.
Born in August 1953 in Nigeria, Mr. Ekpe attended King’s College, Lagos, graduating in 1972 before traveling abroad for his tertiary education.
He studied at the University of Manchester, where he earned a First Class Honours degree in Engineering (1973–1976) as a Shell Scholar. He later obtained an MBA from Manchester Business School (1977–1979).
Mr. Ekpe began his career in 1977 with Schlumberger SA as a Wireline Logging Engineer. In 1979, he joined Alcan Aluminium Nigeria as Executive Assistant to the CEO, with responsibilities in purchasing and labour relations.
He entered the banking industry in the early 1980s, beginning at International Merchant Bank (an affiliate of First Chicago) as Head of Strategy. He went on to serve as Operations Manager and later General Manager of IMB Securities, the bank’s investment banking and stockbroking arm, from 1980 to 1986.
From 1986 to 1987, he was General Manager and Head of Corporate Finance at City Securities Limited, a subsidiary of First City Monument Bank. He subsequently served as General Manager of Nigeria International Bank (Citibank Nigeria) from 1987 to 1990.
Mr. Ekpe later became Group CEO of Ecobank Transnational Incorporated, a role he held until his retirement in 2012.
He has served as an Independent Non‑Executive Director at Dangote Sugar Refinery since 2024, following his appointment by the company’s Board.
Dangote Sugar Refinery Plc published its unaudited financial results for the first quarter of 2025, reporting a record revenue of N213.93 billion, representing a 74.31 per cent year-on-year increase.
However, despite this top-line growth, profitability remained under pressure due to elevated raw material costs.
In Q1 2025, the cost of sales absorbed 95.67 per cent of revenue, leaving limited room to cover operating, interest, and other expenses.
Consequently, the company recorded a pre-tax loss of N22.63 billion. While still negative, this marks a significant 78.82 per cent reduction in losses compared to the N106.86 billion loss reported in Q1 2024, supported by lower net finance costs.
On the balance sheet, Dangote Sugar’s total assets stood at N1.045 trillion at the end of Q1 2025, remaining largely flat compared to December 2024, with just a 0.52 per cent decline.
However, the company’s balance sheet remains heavily leveraged, with liabilities accounting for over 81 per cent of total assets.
A significant portion of this is due to borrowings, which rose to N727.29 billion from N481.78 billion in Q1 2024 — a 50.98 per cent year-on-year increase.
However, on the brighter side, the macroeconomic challenges affecting consumer goods companies have so far eased in 2025.