Dangote Industries has strengthened the leadership of its fertiliser business with the appointment of MTN Group Chief Executive Officer Ralph Mupita to the board, as the company advances plans to list the unit on the Nigerian Exchange.
Development was confirmed by Managing Director Vishwajit Sinha of Dangote Fertiliser, who signaled a strategic move as the group gets the company ready for public ownership and further growth.
The News Chronicle gathered that Mupita’s appointment is strongly related to Dangote Fertiliser’s planned first public offering, set for later this year. Leading MTN Nigeria’s triumphant listing in 2019, the telecom executive helped to turn the corporation into one of the country’s most valuable publicly traded businesses.
With plans to be among the top fertilizer manufacturers worldwide, Dangote Fertiliser now generates almost three million tonnes of urea annually and is aiming to substantially boost its capacity. With plans to start construction of a new plant in Ethiopia, the firm is also getting ready to extend its reach beyond Nigeria.
Rising food demand and Africa’s fast expanding population keep interest in agricultural inputs burning, therefore presenting long-term prospects for fertiliser manufacturers throughout the continent.
Dangote Group has also indicated that its refinery business could be listed, with the planned offerings aimed at raising capital and widening institutional investor participation.
