Meet Arnold Ekpe, Who Takes Over at Dangote Sugar as Dangote Retires

A quiet but significant leadership shift is happening at Dangote Sugar Refinery Plc. On June 16, 2025, Arnold Ekpe will officially step into the role of Chairman of the company’s Board, succeeding Aliko Dangote, who is retiring after nearly two decades at the helm.

The announcement came via a corporate filing on June 11, bringing an end to Dangote’s long-standing leadership of the sugar business he helped build into one of Nigeria’s leading consumer goods companies. 

The Board, in its statement, described the transition as a carefully considered decision, following a “thorough selection process” aimed at ensuring continuity and competent leadership.

Who is Arnold Ekpe?

If the name sounds familiar, it’s because Mr. Ekpe is no stranger to Nigeria’s corporate and financial sectors. Born in August 1953, he’s a seasoned executive with a background that combines engineering precision with deep financial expertise.

He began his academic journey at King’s College Lagos before heading to the University of Manchester, where he graduated with First Class Honours in Engineering as a Shell Scholar. 

He later earned an MBA from Manchester Business School. Mr. Ekpe’s career spans multiple sectors and continents. Starting out with Schlumberger as a wireline logging engineer, he moved into corporate roles with Alcan Aluminium Nigeria before transitioning into banking in the early 1980s. 

He held top positions at institutions such as International Merchant Bank, Citibank Nigeria, and First City Monument Bank.

However, he’s perhaps best known for his time as Group CEO of Ecobank Transnational Incorporated, a position he held until his retirement in 2012. More recently, he joined the Board of Dangote Sugar in 2024 as an independent non-executive director.

Now, he’s stepping up to lead the company at a crucial moment.

What Lies Ahead

Mr. Ekpe is taking over just as Dangote Sugar finds itself at a crossroads. On one hand, the company posted record revenue of ₦213.93 billion in Q1 2025, a 74% jump from the same period last year. On the other hand, profitability remains a challenge.

A spike in raw material costs has eaten into margins. In Q1 alone, the cost of sales swallowed nearly 96% of revenue, leaving the company with a pre-tax loss of ₦22.63 billion. While that’s a significant improvement from the ₦106.86 billion loss in Q1 2024, the road to profitability still demands careful navigation.

The company also faces a heavy debt load. As of March 2025, liabilities made up over 81% of Dangote Sugar’s total assets. Borrowings alone climbed by more than 50% year-on-year, reaching ₦727.29 billion.

Glimmers of Hope

Still, there are reasons for optimism. Macroeconomic pressures that battered Nigerian businesses in 2024 are beginning to ease. Foreign exchange losses, once a major pain point—have dropped drastically. 

A recent report noted a 98% plunge in net FX losses across top Nigerian firms. In addition, falling global sugar prices, especially due to favorable weather conditions in Brazil (Nigeria’s top sugar import source), are helping to ease input costs. 

could offer Dangote Sugar a lifeline, assuming it can tighten internal efficiencies and take advantage of these external tailwinds.