Former Ecobank group CEO, Arnold Ekpe, makes a notable comeback to the economic scene. He takes over as chairman of the board of Dangote Sugar Refinery Plc, succeeding conglomerate founder Aliko Dangote, who is stepping down after nearly two decades at the helm of the company.
The announcement was made on June 11, 2025 through an official company communication. Mr. Ekpe’s assumption of office is effective from June 16, 2025. His selection follows a rigorous selection process aimed at ensuring strategic continuity at the helm of this Nigerian agro-industry flagship.
With an engineering background and an MBA from Manchester Business School, Arnold Ekpe has an exceptional career path, combining engineering, finance, and banking leadership. From Schlumberger to Citibank, through IMB and FCMB, he climbed the ranks before serving as CEO of Ecobank Transnational Incorporated until 2012. He had already joined the Dangote Sugar board as an independent director in 2024.
His arrival comes at a delicate time. Dangote Sugar posted a record revenue of 213.93 billion nairas in the first quarter of 2025, up 74.31% year-on-year. But this performance hides a darker reality: profitability remains low, crushed by procurement costs that have consumed 95.67% of revenues.
As a result, there is a pre-tax deficit of 22.63 billion nairas, although significantly improved from the 106.86 billion lost in the first quarter of 2024, but still concerning. Debt remains very high, with loans increasing by nearly 51% in a year, reaching 727.29 billion nairas, more than 81% of the total balance sheet.
Despite these challenges, several positive signals suggest a possible turnaround. The decrease in naira volatility in the first half of 2025 has reduced foreign exchange losses for large Nigerian companies by 98%, according to an analysis by Nairametrics. Dangote Sugar is expected to benefit from this.
Another positive factor is the decline in global sugar prices, supported by favorable weather conditions in Brazil, Nigeria’s main supplier. This is a boon for local refineries – including Dangote’s – which process Brazilian imports accounting for 96% of the country’s needs.
With this appointment, Arnold Ekpe is not only returning to the Nigerian economic landscape. He inherits a group undergoing significant strategic decisions between growth, profitability, and deleveraging. Will the former banker be able to turn the cyclical rebound into sustainable recovery?
