Aliko Dangote, Africa’s richest man, will step down as Chairman of the board of directors of Dangote Sugar Refinery Plc on June 16, 2025. As a founding director since 2005, Dangote has guided the business for 20 years, supervising its strategic change and steady generation of shareholder value.
Throughout his tenure, Dangote Sugar expanded its operations, managed significant changes in the industry, and continued to place a high priority on long-term development and governance. Large-scale Backwards Integration Projects—initiatives to lessen reliance on imported raw materials—were implemented in Adamawa, Taraba, and Nasarawa States, thanks in large part to his leadership.
With effect from June 16, 2025, the Board has named Arnold Ekpe, an Independent Non-Executive Director, as the new Chairman to replace Dangote. Ekpe provides a wealth of leadership expertise from the financial services and banking industries. It is anticipated that his extensive knowledge in stakeholder management and corporate governance will direct the business through its upcoming expansion.
According to Dangote Sugar Refinery who spoke on the new Chairman’s onboarding: “We welcome Mr. Ekpe to his new role and look forward to the next chapter in our Company’s journey under his leadership.
“We also express our deep appreciation to Alhaji Aliko Dangote for his years of exemplary service and unwavering commitment to excellence,” the company added.
The company announced record sales of ₦213.93 billion (US$138.45M) in the first quarter of 2025, a 74.31% year-over-year growth, just before the leadership transition. High procurement expenses, which account for 95.67% of revenues and cause a pre-tax loss of ₦22.63 billion (US$14.6M), nevertheless, continue to put pressure on the company’s profitability.
However, financial difficulties still exist even if this is a significant improvement over the ₦106.86 billion (US$69.16M) loss reported in Q1 2024. With total loans increasing by over 51% year over year to ₦727.29 billion (US$470.75M), debt levels are still high. This amount currently makes up more than 81% of the company’s whole balance sheet, underscoring the pressing need for cost-cutting and financial restructuring measures.
