A Zimbabwean business executive has been appointed to the board of Dangote Fertiliser Ltd, a key subsidiary of Dangote Industries, as the company positions itself for expansion and a planned stock market listing in Nigeria.
Dangote Fertiliser Managing Director, Mr Vishwajit Sinha, confirmed the appointment of MTN Group Chief Executive Officer Mr Ralph Mupita in an email response to Bloomberg, signalling a high-profile addition to the board as the fertiliser business prepares for its next phase of growth.
The high-profile hire to Aliko Dangote’s stable comes as Dangote Fertiliser plans an initial public offering on the Nigerian Stock Exchange this year. Mupita spearheaded the listing of MTN’s unit in the West African nation in 2019, a business whose revenue has more than quadrupled since. With a market value of $8.6 billion, it’s the bourse’s biggest company after BUA Foods Ltd.
Africa is home to the fastest-growing population worldwide. Rising food demand, urbanization and expanding regional trade could see agriculture grow to beyond $1 trillion by 2030, according to the African Development Bank. This creates a huge market for fertilizer firms on the continent, although the majority of farmers still struggle with limited access to finance, infrastructure and markets.
Dangote Fertiliser produces about 3 million tons of granulated urea annually and plans to be the largest maker globally by 2028, said Dangote previously. To do this, it needs to expand its $2.5 billion complex in Lagos, and will start building a facility in Ethiopia this year.
Mupita has headed Africa’s largest wireless carrier for more than five years after joining the group in 2017 as chief financial officer. Before that, he held senior positions at South African financial services group Old Mutual Ltd. and initially trained as an engineer.
Dangote also plans to list its refinery business this year, the group’s founder said previously. The IPOs are intended to raise cash and open shares to institutional investors.
Bloomberg
