Main reason Dangote Sugar Refinery CEO may step down soon

Group Managing Director (GMD) of Dangote Sugar Refinery, Abdullahi Sule, may resign his appointment soon. Sule has obtained the gubernatorial ticket of the ruling All Progressives Congress (APC) for Nasarawa State.  Incumbent Governor Tanko Al Makura, will be rounding off his second term next year.

The GMD joins the likes of ex CBN Deputy Governor Bayo Adelabu and co-founder of the Sahara Group Tonye Cole who have left the boardroom for partisan politics. Dangote Sugar Refinery is currently trading at N14.20 in today’s session on the Nigerian Stock Exchange (NSE).

Results for the half year ended June 2018, show revenue fell from N118.6 billion in 2017 to N84 billion in 2018. Profit before tax fell from N25.2 billion in 2017 to N19.9 billion in 2018. Profit after tax also fell from N17.1 billion in 2017 to N12.1 billion in 2018.

Abdullahi Sule has over 30 years experience in the oil and gas sector, steel production, machine shop and sugar industry in Nigeria and America. He holds a BSc in Mechanical Engineering and a Masters Degree in Industrial Technology from Indiana State University.

He was the Managing Director/Chief Executive Officer of African Petroleum Plc (now Forte Oil Plc) and Sadiq Petroleum. Sule joined Dangote Sugar refinery as Managing Director in 2007, then left to Fairport Process Equipment in the  United Kingdom. He then rejoined in December 2011.

 

Source: Nairametrics

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