Arnold Ekpe: All to know about Dangote Sugar’s new chairman

Arnold Onyekwere Ekpe, the renowned Nigerian banker whose career in international finance spans over four decades, has been appointed the new Chairman designate of Dangote Sugar Refinery Plc, marking a pivotal moment in the company’s leadership.

A former Group CEO of Ecobank, Ekpe brings a wealth of experience in pan-African banking and corporate governance, promising to guide the sugar producer through its next phase of growth and consolidation.

Born in 1953, Ekpe laid the groundwork for his distinguished career with top-tier education: a First-Class Bachelor’s in Mechanical Engineering and an MBA, both from the University of Manchester. His early work included roles in engineering and commodities before he pivoted to finance in 1980, taking strategic positions at International Merchant Bank, First City Monument Bank, and Citibank Nigeria. By 2005, he had returned to lead Ecobank Group—Africa’s first cross-border bank—building its presence across dozens of countries before retiring in 2012.

Ekpe’s appointment as Independent Non‑Executive Director of Dangote Sugar was confirmed in late October 2024 and recently elevated as Chairman designate by the board of Dangote Industries. The move reunites him with Pan‑African champion and industrialist Aliko Dangote, who has invested heavily—more than $700 million—to help Dangote Sugar end raw sugar imports, expand its backward‑integration farming strategy, and boost processing infrastructure across Nigeria.

Dangote Sugar, Nigeria’s leading sugar producer with over 50 % market share in retail refined sugar, reported a net loss of $16.1 million in 2024 due to escalating finance costs, despite strong revenue growth. Stakeholders are looking to Ekpe’s appointment as a catalyst for financial stability, cost control, and strategic oversight.

As chairman, Ekpe is expected to champion tighter fiscal discipline and corporate governance while supporting Dangote’s ambitious expansion plans—targeting 1.5 million tonnes of sugar production annually, and expanding refinery capacity through new plantations in Nasarawa, Adamawa, Taraba, and Numan . His track record in scaling operations and navigating complex cross-border markets will also be an asset as the company moves toward exporting refined sugar and fostering out-grower schemes to strengthen local supply chains.

Colleagues and industry observers have praised the appointment, noting that Ekpe’s strategic acumen and ethical governance are precisely what Dangote Sugar needs at a crossroads. He will support the executive team led by CEO Ravindra Singhvi and oversee a board featuring both executive and independent voices—positioning the company to handle rising finance costs and currency volatility.