Dangote Sugar’s new chair Arnold Ekpe seen upending firm’s losses
Arnold Ekpe, the new board chairman of Dangote Sugar Refinery Plc, is poised to use his decade-long experience in the banking and finance sector to turn the tide around for the company that has suffered FX-induced losses in recent times.
His appointment, announced on the 11th June 2025, Ekpe became the new chairman of the company’s Board effective on 16th June 2025, replacing Aliko Dangote after twenty years of steering the affairs of the sugar maker.
Ekpe was appointed after a rigorous selection process, ensuring that a qualified leader continues the foundation of growth and sustenance Dangote has built.
The Board also expressed confidence in Ekpe’s ability to lead the company, citing his “strategic acumen, deep understanding of corporate governance, and commitment to stakeholder value.”
Read also: Aliko Dangote retires as chairman of Dangote Sugar Refinery
The man Arnold Ekpe
Ekpe was born in August 2025 and attended King’s College, Lagos, graduating in 1972. He attended the University of Manchester (1973-1976) where he earned a first-class BSc in Mechanical Engineering as a Shell Scholar. He completed an MBA at Manchester Business School (1977-1979).
Ekpe’s career began in 1977 when he worked as a Wireline Logging Engineer with Schlumberger. He joined Alcan Aluminium Nigeria in 1979 as Executive Assistant to the CEO, with responsibilities in purchasing and labor relations.
His career in the Banking Industry began in 1980 when he worked at International Merchant Bank (an affiliate of First Chicago) as head of strategy. He then served as the operations manager and general manager of IMB Securities, the bank’s investment banking and stockbroking arm (1980-1986).
He was the general manager and head of Corporate Finance at City Securities Limited from 1986 to 1987. He moved on to Nigeria Internal Bank (Citibank Nigeria) where he was the General Manager from 1987 to 1990.
He became the Group CEO of Ecobank Transnational Incorporated (1996-2001 and 2015-2012) where he transformed Ecobank into a pan-African powerhouse operating in 36 countries with assets growing from $2B to $20B.
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 may see a rebound in 2025
Ekpe has over 30 years of experience in the banking and finance sectors, with leadership roles across several prominent institutions which he’s expected to bring to bear in his new role.
His wealth of experience and skills will come in handy, especially as profitability has remained under pressure due to elevated raw materials.
Read also; Dangote Sugar appoints Yemisi Ayeni as independent director
The company recorded a pre-tax loss of N22.63 billion, a significant 78.82 percent in losses compared to the N106.86 billion loss supported by lower net finance costs, as reported in Q1 2024.
The company’s borrowing also ballooned with total debt reaching N616 billion by September 2024, up 51 percent year‑on‑year, a sharp rise in high-interest commercial paper borrowings.
Dangote’s Sugar assets stood at N1.045 trillion at the end of Q1 2025, which is flat in comparison to December 2024, with just a 0.52 percent decline. The company’s balance sheet is also heavily leveraged and liabilities account for over 81 percent of total assets.
Despite all these challenges, the coast is getting clearer as macroeconomic pressures are finally easing. There has also been a sharp drop in FX losses among leading Nigerian firms –Dangote Sugar Plc included– with an impressive 98 percent year-on-year plunge going from N1.17 trillion in Q1 2024 to N22.2 billion in Q1 2025.
Falling global prices, especially in Brazil where more than 90 percent of Nigeria’s raw sugar imports are obtained, also bode well for Dangote Sugar since it’s one of the three main refineries in Nigeria.
