In a corporate filing on 11th June 2025, Dangote Sugar Refinery Plc announced the appointment of Mr. Arnold Ekpe as the new Chairman of its Board, effective 16th June 2025.
Mr. Ekpe’s appointment follows the retirement of Alhaji Aliko Dangote (GCON) as Chairman on the same date, marking the end of nearly two decades of distinguished service.
Commenting on the transition, the Board stated that Mr. Ekpe’s appointment came after a thorough selection process, ensuring that a qualified leader continues from where billionaire Aliko Dangote left off.
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.
Here is a closer look at Mr. Arnold Ekpe’s profile.
Mr. Arnold Ekpe
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.
Challenges to be tackled:
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% 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% 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% 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% decline.
- However, the company’s balance sheet remains heavily leveraged, with liabilities accounting for over 81% 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% year-on-year increase.
However, on the brighter side, the macroeconomic challenges affecting consumer goods companies have so far eased in 2025.
On the brighter side:
With macroeconomic pressures—particularly foreign exchange (FX) volatility—easing in the first half of 2025, consumer goods companies in Nigeria are finally experiencing some relief in operations.
A recent report by Nairametrics reveals a sharp drop in net FX losses among leading Nigerian firms, plunging by an impressive 98% year-on-year—from N1.17 trillion in Q1 2024 to just N22.2 billion in Q1 2025.
- The analysis covered 10 companies, including six in the consumer goods sector, where players like Dangote Sugar operate.
With FX-related finance costs now significantly lower, further efforts to reduce the cost of sales are likely to have a more meaningful impact on profitability.
Adding to favorable developments, another Nairametrics report highlights that falling global sugar prices are helping some Nigerian businesses improve their margins.
- Recent data show a substantial decline in sugar prices, driven by favorable weather conditions in Brazil—a key global exporter.
This trend bodes well for Nigerian companies, especially since around 96% of the country’s raw sugar imports come from Brazil.
These imports are processed locally in the nation’s three major sugar refineries, operated by BUA, Golden Penny, and Dangote.
Mr Arnold Ekpe was MD/CEO of UBA at some point. I am not sure of the year now. I was in UBA at the time. I think it was prior to the merger of UBA and Standard Trust Bank.