By Susan Olalere 
Dangote Sugar Refinery Plc has entered a new chapter in its corporate journey, marked by the appointment of seasoned finance and banking expert Mr. Arnold Ekpe as Chairman of the Board, effective June 16, 2025. This announcement follows the retirement of Alhaji Aliko Dangote (GCON), who stepped down after nearly two decades of service at the helm of the board.
The leadership transition was confirmed in a corporate filing dated June 11, with the Board describing Mr. Ekpe’s appointment as the outcome of a rigorous selection process aimed at ensuring continuity and competence at the highest level of governance.
With this move, Dangote Sugar signals not just the end of an era, but the beginning of a new strategic phase led by a tested hand in corporate transformation.
Profile of the New Chairman
Mr. Arnold Ekpe brings a track record that blends engineering insight with deep financial expertise. Born in August 1953, he is a product of King’s College, Lagos, and went on to earn a First Class Honours degree in Engineering from the University of Manchester, supported by a Shell scholarship. He also holds an MBA from Manchester Business School.
Ekpe began his career at Schlumberger SA before transitioning into banking. His résumé spans several of Nigeria’s top financial institutions — from International Merchant Bank to Citibank Nigeria, and eventually to becoming Group CEO of Ecobank Transnational Incorporated, a position he held until 2012. More recently, he joined the Dangote Sugar board in 2024 as an Independent Non-Executive Director.
His appointment as Chairman marks a deliberate shift toward finance-driven leadership in a company navigating rising costs, industry volatility, and macroeconomic readjustments.
Navigating Challenges Amid Strong Revenue
While leadership shifts dominate the headlines, Dangote Sugar’s Q1 2025 financials reveal both promise and pressure. The company posted revenue of N213.93 billion, reflecting a robust 74.31% year-on-year increase. However, despite this top-line growth, profitability remains under strain.
The cost of sales absorbed 95.67% of revenue, significantly squeezing margins. The company reported a pre-tax loss of N22.63 billion — although this marks a considerable improvement from the N106.86 billion loss in Q1 2024. The reduction in net finance costs played a key role in this improvement.
On the balance sheet, total assets were recorded at N1.045 trillion, with liabilities accounting for over 81% of total assets. Of particular concern is the surge in borrowings, which rose to N727.29 billion, up nearly 51% from Q1 2024.
Macroeconomic Conditions Offer a Silver Lining
Despite the internal cost challenges, macroeconomic indicators in 2025 are providing relief. In addition, global sugar prices are on the decline, thanks to favorable weather in Brazil — Nigeria’s primary raw sugar source, accounting for 96% of total imports. This price drop could improve margins for Nigerian sugar refiners, including BUA, Golden Penny, and Dangote Sugar, which operate the nation’s three major refineries.
With raw material cost volatility subsiding and a new chairman at the helm, Dangote Sugar has a timely opportunity to consolidate gains, reduce debt exposure, and refocus its strategic outlook in a gradually stabilizing business environment.
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