Dangote Industries Limited, the Nigerian multinational industrial conglomerate founded by Africa’s richest businessman, Aliko Dangote, has appointed Ralph Mupita, the Chief Executive Officer of MTN Group, to the board of its subsidiary, Dangote Fertiliser Limited.
The move is viewed as a strategic step to strengthen corporate governance ahead of the fertilizer company’s planned Initial Public Offering (IPO) on the Nigerian Exchange (NGX).
Okay News reports that the appointment was confirmed by the Managing Director of Dangote Fertiliser, Vishwajit Sinha. The company currently produces approximately three million metric tonnes of granulated urea annually from its $2.5 billion production complex in Lagos, Nigeria’s commercial capital, and aims to become the world’s largest fertilizer producer by 2028.
Capital Markets Expertise For Planned IPO
Ralph Mupita’s appointment brings significant capital markets and corporate governance expertise to the board as the company prepares to open its ownership to public investors. He is widely credited with spearheading the landmark listing of MTN Nigeria on the NGX in 2019. Since that listing, MTN Nigeria’s revenues have more than quadrupled, and it has grown into one of the exchange’s most valuable stocks, currently ranked second with an estimated market capitalisation of about $8.6 billion.
Mupita has led MTN Group, Africa’s largest telecommunications operator by subscriber base, for over five years. His background includes senior leadership roles at the South Africa-based financial services group, Old Mutual, and he is an engineer by training, which aligns with the technical scale of Dangote’s industrial operations.
Expansion And Broader Listing Strategy
This board appointment is part of a broader corporate strategy for the Dangote Group. Dangote Fertiliser has disclosed plans to expand its Lagos facility and commence construction of a new fertilizer plant in Ethiopia this year. Furthermore, the conglomerate is also preparing to list its refinery business, according to earlier statements by Aliko Dangote.
The planned IPOs are expected to help the group raise fresh capital, deepen transparency, and broaden ownership to include domestic and international institutional investors. The move aligns with rising demand for agricultural inputs across Africa, a continent with the fastest-growing population globally. The African Development Bank (AfDB) estimates the agricultural sector could grow into a more than $1 trillion market by 2030.
