Dangote Industries has appointed MTN Group chief executive officer Ralph Mupita to the board of Dangote Fertiliser Ltd as the company positions itself for expansion and a planned listing in Nigeria. The appointment was confirmed by Dangote Fertiliser Managing Director Vishwajit Sinha in an email response. The move comes as the fertiliser arm of Aliko Dangote’s conglomerate prepares for an initial public offering on the Nigerian Exchange later this year.
Mupita brings significant capital market experience to the board, having led the 2019 listing of MTN’s Nigerian unit. Since that listing, the company’s revenue has more than quadrupled, and with a market valuation of about $8.6 billion, it is now the exchange’s largest listed firm after BUA Foods. Africa’s rapidly growing population, alongside rising food demand, urbanisation and expanding regional trade, is expected to drive strong growth in agriculture, which could exceed $1 trillion by 2030, according to projections by the African Development Bank. This outlook presents major opportunities for fertiliser producers, despite ongoing challenges faced by farmers, including limited access to finance, infrastructure and markets.
Dangote Fertiliser currently produces around three million tonnes of granulated urea each year and aims to become the world’s largest producer by 2028, according to earlier statements by Dangote. Achieving this target will require expanding the company’s $2.5 billion fertiliser complex in Lagos, as well as the construction of a new facility in Ethiopia, expected to begin this year.Mupita has led Africa’s largest telecommunications group for over five years, having joined MTN in 2017 as chief financial officer. Before his tenure at MTN, he held senior roles at South Africa’s Old Mutual Group and originally trained as an engineer. Dangote has also indicated plans to list its refinery business this year. The proposed public offerings are aimed at raising capital and broadening ownership by attracting institutional investors.
Source: https://businessday.ng/
