Biography of Arnold Ekpe, the 72-year-old who took over from Aliko Dangote as Chairman of DSR
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
After serving for twenty years on the board of Dangote Sugar Refinery, Africa’s richest man, Aliko Dangote, retired.
In his stead, the board has appointed Arnold Ekpe, a seasoned banker, to lead the company in the next phase of its growth journey.
According to the notice filed on the Nigerian Exchange (NGX), the change of leadership is effective from Monday, 16 June 2025.
Source: UGC
This means that this would be Aliko Dangote’s last weekend as Board Chairman at Dangote Sugar.
Apart from being a former Group CEO of Ecobank Transnational Incorporated, there is a lot more to know about the 72-year-old who has succeeded Dangote as Chairman.
Now described as one of Nigeria’s influential bankers, Arnold Onyekwere Ekpe was born in August 1953 in Nigeria. He had his early education in Nigeria, graduating from King’s College, Lagos in 1972.
He proceeded to do his first degree on a Shell Scholarship and bagged a First Class in Mechanical Engineering at the University of Manchester between 1973 and 1976, probably hoping to become a Robert W. Stempel or a John B. Goodenough and design some engines.
This was not to be as he soon changed direction, eventually bagging a Masters in Business Administration (MBA) from the Manchester Business School in 1979.
Having trained as an engineer, it made sense that Ekpe started out his career as a wireline logging engineer at Schlumberger SA in 1977 as a fresh graduate.
Upon completing his MBA in 1979, he switched things up and moved on to Alcan Aluminium Nigeria as the Executive Assistant to the CEO in charge of purchasing and Labour Relations.
This role officially marked the end of his engineering career as he never went back to take any job as an engineer.
He stayed at Schlumberger till 1980 before moving on to banking, a highly rated job at the time. He joined the International Merchant Bank (affiliate of First Chicago) in 1980 as Head of Strategy and then moved on to Operations Manager.
He grew to become the General Manager of IMB Securities, the stockbroking and investment banking arm of the bank.
When he moved on in 1986, he became the Head of Corporate Finance and General Manager of City Securities Limited, First City Monument Bank.
After just a year, he moved again to become General Manager, Nigeria International Bank (Citibank Nigeria), and stayed there till 1990.
He proceeded with his banking career, holding senior roles at different banks, and by 1996, he had become Group CEO of Ecobank Transnational Incorporated (ETI).
He held the position of CEO for two non-consecutive tenures, eventually retiring from the banking sector in 2012.
One achievement that is still credited to him is that his two tenures saw the bank expand its footprint across Africa, gaining presence in over 30 countries by the end of Ekpe’s second term.
After retiring from Ecobank at almost 60 years, Ekpe went on to serve on other boards in advisory roles.
He has served with several institutions, including Atlas Mara, Afreximbank, Arise BV, Crown Agents Bank, Ltd, CAB Tech Holdco Ltd, and eventually joined the board of Dangote Sugar Refinery as an Independent Non-Executive Director in 2024.
According to Marketscreener, he still sits on other boards like the Nigeria Sovereign Investment Authority (NSIA) as Director, Cellular Systems International (Senegal) as Chairman, Africa Strategic Impact Fund as Chairman, Baobab SAS as Chairman, Equator Capital Partners LLC as Private Equity Investor, and Société d'Investissement à Capital Variable.
Already in his 70s, Arnold Ekpe does not appear to be slowing down, especially given his latest appointment as Chairman of Dangote Sugar Refinery.
The septuagenarian has earned many awards, including the Lifetime Achievement Award and the African Bankers Award, both in 2011, when he was in charge of Ecobank.
He also got the African Business Leader of the Year (2008) and the Distinguished Alumni Award from Manchester University in 2019.
Judging from his several quotes in the news media, Arnold Ekpe is growth-oriented and will not be one to walk when others are running.
He once said:
“Africa needs to move a little bit faster… the rest of the world will not wait for Africa”
He is also an advocate of making upfront investments for future gains, like he did during his tenure at Ecobank. Even in his retirement years, he actively encourages investment in Africa.
Source: UGC
One of the biggest tasks before Ekpe is to guide the company in the launch of a massive sugar refinery in Ghana.
The new project is projected to help cut Ghana’s sugar import bill, estimated at $162 billion annually.
Dangote said the project would feature a daily sugarcane crushing capacity of 12,000 tons, irrigation infrastructure of 25,000 hectares of farmland.
Legit.ng reported that Dangote Sugar Refinery thrilled shareholders with its 2024 financials, showing strong performance and increased shareholder value.
Compared to the N441.5 billion in the 2023 financial year, the company reported a turnover of N665.6 billion for 2024, showing a 51% growth.
The company has also shared growth plans for the 2025 financial year, and this includes plans to create 75,000 jobs.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
