In a major shift within one of Nigeria’s corporate titans, Aliko Dangote, father of Africa’s largest conglomerate, will officially step down as Chairman of Dangote Sugar Refinery Plc on June 16, 2025, ending a remarkable two-decade tenure. Effective the same date, Arnold Ekpe, a seasoned banker and independent non-executive director, will take the helm.
Dangote’s departure, announced quietly yet significantly via a corporate statement signed by company secretary Temitope Hassan, marks the close of a transformative chapter. Since 2005, Dangote’s vision turned a small refinery into a regional powerhouse, spearheading Backward Integration Projects in Adamawa, Taraba, and Nasarawa States to reduce Nigeria’s sugar import dependence and fortify local agricultural capacity.
The board’s selection of Arnold Ekpe followed a deliberate and strategic process. Ekpe, who officially assumes the chairmanship on June 16, is no stranger to African business acclaim. The University of Manchester–trained mechanical engineer and Ecobank alumnus brings a stellar blend of financial discipline and leadership. His career includes key roles at Schlumberger, Alcan Aluminium, and International Merchant Bank, but it was at Ecobank—where he served as Group CEO—that Ekpe cemented his reputation, guiding the bank through crisis and cross-border expansion
Now, presiding over Dangote Sugar, Ekpe faces a different but equally complex landscape: stabilizing a company contending with tight margins, rising input costs, and significant debt obligations—while continuing the legacy of growth and innovation Dangote established .
Ekpe’s appointment infuses fresh optimism. Known for his calm demeanor and analytical approach, he’s expected to reinforce corporate governance and deepen operational efficiency. Dangote Sugar’s aggressive expansion in Ghana, where the company recently unveiled a refinery capable of crushing 12,000 tonnes of cane daily under the “One District, One Factory” initiative, signals a broader pan-African ambition that Ekpe must nurture.
This leadership handover also underscores robust succession planning at Dangote Group. While Dangote relinquishes the sugar arm, he remains deeply engaged in the conglomerate’s more capital-intensive sectors: cement, petrochemicals, and oil refining. Ekpe’s smooth boarding mirrors this, allowing Dangote to focus on Africa-wide industrial expansion while ensuring the sugar vendor maintains its domestic stronghold and Farm-to-Factory integration model.
Who Is Arnold Ekpe?
Arnold Ekpe, born in August 1953 in Nigeria, is a distinguished professional whose career spans engineering, banking, and corporate governance, making him a fitting choice to lead Dangote Sugar Refinery Plc. A product of King’s College, Lagos, where he graduated in 1972, Ekpe’s academic foundation is rooted in excellence.
He earned a First-Class Honours degree in Mechanical Engineering from the University of Manchester (1973–1976) as a Shell Scholar, followed by an MBA from Manchester Business School in 1979. This blend of technical and business acumen has defined his versatile career, enabling him to navigate complex industries with precision and foresight.
Ekpe’s professional journey began in the late 1970s, but it was his entry into the banking sector in the early 1980s that established him as a transformative figure in African finance. Known for his strategic vision and leadership, Ekpe has held senior roles across major institutions, most notably as the Group CEO of Ecobank Transnational Incorporated, a pan-African banking giant. His appointment as Chairman of Dangote Sugar, effective June 16, 2025, reflects his reputation as a trusted leader capable of driving growth and sustainability in one of Nigeria’s most prominent companies.
Early Career and Rise in Banking
Ekpe’s career began outside the banking sector, showcasing his adaptability and diverse skill set. From 1977 to 1979, he worked as a Wireline Logging Engineer at Schlumberger SA, a global leader in oilfield services, where he honed his technical expertise. He then transitioned to Alcan Aluminium Nigeria, serving as Executive Assistant to the CEO in charge of purchasing and labor relations from 1979 to 1980. These early roles laid the groundwork for his ability to manage complex operations and stakeholder relationships, skills that would prove invaluable in his later career.
In the early 1980s, Ekpe entered the banking industry, joining International Merchant Bank (IMB), an affiliate of First Chicago, as Head of Strategy. From 1980 to 1986, he progressed to Operations Manager and later General Manager of IMB Securities, the stockbroking and investment banking arm of IMB. These roles established him as a strategic thinker capable of driving organizational growth. His early banking experience set the stage for his transformative tenure at Ecobank, where he would leave an indelible mark on African finance.
Transformative Leadership at Ecobank
Arnold Ekpe’s most notable achievement is his leadership as Group CEO of Ecobank Transnational Incorporated, a role he held in two stints until his retirement in 2012. Under his stewardship, Ecobank expanded from a presence in 5 countries to 36, becoming one of Africa’s most influential banking institutions. Ekpe’s strategic vision drove a geometric increase in the bank’s balance sheet and facilitated 15 mergers and acquisitions across Africa and the United Kingdom, cementing Ecobank’s pan-African footprint. His ability to navigate diverse markets and regulatory environments earned him widespread recognition as a pioneer in African banking.
Ekpe’s leadership at Ecobank was marked by a commitment to innovation and financial inclusion. He championed initiatives that leveraged mobile digital technology to expand banking services across Africa, particularly for underserved populations. His focus on sustainable economic growth and regional integration aligned with broader goals of empowering African entrepreneurs and businesses. Posts on X following his appointment as Dangote Sugar’s Chairman highlight his reputation, with users like @ElitesAfrica noting his “extensive experience in finance and corporate governance” as a key asset for the company.
Transition to Corporate Governance and Advisory Roles
After retiring from Ecobank in 2012, Ekpe remained active in supporting African economic development through advisory and boardroom roles. He has served as Chairman of the Baobab Microfinance Group, which operates in multiple countries including France, Burkina Faso, Côte d’Ivoire, and Nigeria, and as Chairman of the Business Council for Africa in the UK. These roles reflect his dedication to fostering entrepreneurship and sustainable growth across the continent. Ekpe is also a keen investor in ventures with a pan-African focus, particularly those leveraging digital technology, further showcasing his forward-thinking approach.
In October 2024, Ekpe joined the Board of Dangote Sugar Refinery Plc as an Independent Non-Executive Director, a move that signaled the company’s intent to strengthen its governance and strategic oversight. His appointment was ratified at the company’s Annual General Meeting, and his brief tenure as a director provided him with insights into Dangote Sugar’s operations, making him a natural choice for Chairman. The Board’s confidence in Ekpe, as expressed in statements reported by Nairametrics and Daily Trust, underscores his “strategic acumen” and “deep understanding of corporate governance.
Ekpe’s Broader Impact on African Business
Beyond Dangote Sugar, Ekpe’s appointment reflects a broader trend of professionalizing corporate governance in African businesses. His roles on advisory councils and boards, such as the Business Council for Africa, demonstrate his commitment to regional economic integration and entrepreneurship. At the General Assembly of Business Africa in Geneva on June 10, 2025, Nigerian representative Mr. Oyerinde emphasized the importance of policies that foster innovation and investment, a vision that aligns with Ekpe’s track record. Ekpe’s leadership at Dangote Sugar could set a precedent for how African companies transition from founder-led models to professional management, ensuring long-term sustainability.
Ekpe’s advocacy for aspiring African entrepreneurs, as noted in his role with Baobab Microfinance Group, suggests he may prioritize initiatives that empower local communities. For Dangote Sugar, this could translate into expanding its out-grower scheme, which supports local farmers and strengthens the supply chain. His experience in digital transformation could also introduce data-driven strategies to optimize production and distribution, enhancing the company’s competitiveness in a globalized market..
Analysts view Ekpe as the ideal steward. His expansive experience navigating cross-border banking, regulation, and compliance aligns well with the challenges at Dangote Sugar—particularly the company’s debt ratio (over 80% of assets) and the need to elevate profitability beyond the recent pre-tax loss of ₦22.6 billion, a substantial improvement from the ₦106 billion figure posted in Q1 2024.
Within the boardroom, Ekpe promises several focal points: optimizing raw material sourcing, enhancing cost controls, and leveraging the current stabilization in global sugar prices due to favorable harvests abroad . His stewardship arrives at a time Nigeria’s business environment demands resilience and strategic foresight.
While corporate change rarely sparks public fanfare, this handover stands as a testament to serious governance within the Dangote Group. As Ekpe prepares to engage shareholders, workers, and local farmers, the challenge will be to retain Dangote’s legacy while forging a path toward profitability that reflects his reputation for solutions-oriented leadership. This is not just a change in leadership—it is a new chapter in a story of industrial growth and market leadership.
Public and Industry Reactions
The announcement of Ekpe’s appointment has generated significant buzz, particularly on platforms like X. Posts from accounts like @Insidearewa and @yabaleftonline on June 12, 2025, celebrated the transition, noting Ekpe’s “extensive boardroom and leadership experience” and expressing optimism about his ability to build on Dangote’s legacy. Industry analysts, as cited in sources like The Guardian and Business Post Nigeria, view Ekpe’s appointment as a strategic move to maintain Dangote Sugar’s market dominance while addressing financial challenges. The Board’s emphasis on a “rigorous selection and transition process” underscores the deliberate effort to ensure continuity and growth.
The retirement of Aliko Dangote, a towering figure in African business, has also drawn attention to Ekpe’s role. Statements from the company, reported across sources like Nairametrics and Daily Trust, praise Dangote’s contributions, including his leadership in Backward Integration Projects and corporate governance reforms. Ekpe’s ability to step into such a high-profile role reflects the confidence placed in his expertise and vision. The simultaneous retirement of other board members, Maryam Bashir and Konyinsola Ajayi, effective June 16, 2025, further highlights the company’s commitment to refreshing its leadership to meet future challenges.
Hmmm Dangote really needs to rest. He has tried
Nice article