Dangote Industries has appointed MTN Group Chief Executive Officer Ralph Mupita to the board of its fertiliser business, as the company prepares to expand operations and move toward a public listing in Nigeria.
The move comes as Dangote Fertiliser positions itself for public markets, where governance, transparency, and investor engagement carry greater weight than in privately held businesses.
Mupita brings deep experience in leading listed companies in Nigeria. Notably, he oversaw the landmark 2019 listing of MTN Nigeria, one of the country’s most significant equity offerings in recent years.
Since then, MTN Nigeria has grown into one of the Nigerian Exchange’s most valuable companies, with a market capitalisation of about $8.6 billion, second only to BUA Foods.
Before becoming Group CEO of MTN Group in 2020, Mupita served as chief financial officer. Earlier in his career, he held senior roles at Old Mutual and trained originally as an engineer.
DON’T MISS THIS: Zimbabwe’s Road Infrastructure Under Renewed Scrutiny
Dangote Fertiliser produces about three million tonnes of urea annually, making it one of Africa’s largest fertiliser producers. The business operates a $2.5 billion production complex in Lagos, supplying both domestic and regional markets.
According to people familiar with the matter, the company plans to list on the Nigerian Exchange later this year.
Aliko Dangote has said the company aims to become the world’s largest producer of granulated urea by 2028. Achieving that goal will require additional capital investment.
To support growth, Dangote Fertiliser plans to begin construction of a new production facility in Ethiopia later this year, extending its footprint beyond Nigeria.
Africa’s fertiliser market is expected to expand as population growth, urbanisation, and regional trade increase demand for food. The African Development Bank estimates that agriculture could grow to $1 trillion by 2030.
However, fertiliser use across the continent remains low compared with global averages. Limited access to finance, infrastructure constraints, and fragmented markets continue to slow adoption.
Against this backdrop, Dangote Fertiliser has positioned itself as a regional supplier capable of serving large-scale agricultural producers and national food security programmes.
Wider Listing Strategy at Dangote Industries
The planned fertiliser listing forms part of a broader shift within Dangote Industries. The group has also signalled intentions to list its oil refinery business, which began production last year and aims to reduce Nigeria’s reliance on imported fuel.
Historically, Dangote’s empire relied heavily on private capital. Moving toward public listings marks a strategic change.
For Nigeria’s capital markets, the Dangote Fertiliser IPO would rank among the largest new listings in recent years. Analysts expect strong interest from domestic pension funds and international investors.
