Dangote Industries has welcomed Ralph Mupita, the Chief Executive Officer of MTN Group, to the board of its fertiliser division. This strategic appointment coincides with the company's plans for operational expansion and its forthcoming debut on the Nigerian Stock Exchange.
Mupita's inclusion comes as Dangote Fertiliser aims for an Initial Public Offering (IPO) on the exchange within the current year. His prior experience, notably leading the successful listing of MTN's Nigerian unit in 2019, is expected to be invaluable.
Dangote Fertiliser currently produces approximately 3 million tons of granulated urea annually. The company intends to increase its complex capacity in Lagos and establish a new facility in Ethiopia this year, with the ambition of becoming the world's largest producer by 2028.
Vishwaji Sinha, Managing Director of Dangote Fertiliser Ltd., confirmed Mupita's appointment in a written response to inquiries, according to reports.
This significant addition to Aliko Dangote's business empire occurs as Dangote Fertiliser finalises plans for its IPO on the Nigerian Stock Exchange this year. Mupita played a crucial role in the 2019 listing of MTN's Nigerian operations, a business that has seen its revenue more than quadruple since then. Currently valued at $8.6 billion, it stands as the largest company on the stock exchange, surpassed only by BUA Foods Ltd.
Africa's rapidly growing population, coupled with increasing food demand, urbanisation, and expanding regional trade, is projected to boost the agricultural sector to over $1 trillion by 2030, according to the African Development Bank. This presents a substantial market opportunity for fertiliser companies across the continent, despite ongoing challenges for many farmers regarding access to finance, infrastructure, and markets.
Dangote Fertiliser, which manufactures about 3 million tons of granulated urea each year, has set a target to be the global leader in production by 2028. To achieve this goal, the company plans to expand its $2.5 billion facility in Lagos and commence construction of a new plant in Ethiopia this year.
Mupita has led Africa's leading wireless carrier for over five years, having joined the group in 2017 as chief financial officer. Prior to this, he held prominent roles within the South African financial services group Old Mutual Ltd. and initially trained as an engineer.
Dangote has also indicated plans to list its refinery business on the stock exchange this year. These IPOs are intended to secure capital and offer shares to institutional investors.
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