In a major leadership transition, Dangote Sugar Refinery Plc (DSR) has announced the retirement of  Aliko Dangote, its founder and chairman, from the Board, effective June 16, 2025.

Aliko Dangote

The announcement was made in a regulatory filing with the Nigerian Exchange Ltd on June 11, highlighting the company’s commitment to sound corporate governance and structured succession planning.

In a statement signed by Mrs. Temitope Hassan (FCIS), company secretary and legal adviser, the Board praised Dangote’s extraordinary leadership and lasting contributions to the company.

“Alhaji Aliko Dangote is one of the founding Directors of the Company and has served with exceptional leadership, integrity, and vision since 2005,” the statement read.

“Under his stewardship, Dangote Sugar Refinery transformed significantly, navigated industry changes, consistently delivered value to shareholders, and upheld strong governance principles.”

Widely regarded as Africa’s most influential industrialist, Dangote led DSR’s evolution into a dominant player in Nigeria’s sugar value chain.

His strategic initiatives, particularly the Backward Integration Projects (BIPs) across Adamawa, Taraba, and Nasarawa States, advanced the company’s self-sufficiency goals and aligned with the federal government’s national sugar master plan.

While stepping down from DSR, Dangote will continue as President of Dangote Industries Limited.

His legacy at DSR is marked by industrial innovation, strategic foresight, and sustained operational excellence.

To ensure a seamless transition, the Board has appointed Mr. Arnold Ekpe, a seasoned independent non-executive director, as the new chairman, effective June 16.

Ekpe is renowned for his tenure as Group CEO of Ecobank Transnational Incorporated, where he championed pan-African financial inclusion and institutional growth.

His extensive experience in banking and corporate governance is expected to strengthen DSR’s next phase of development.

The leadership change signals continuity of vision, with DSR reaffirming its focus on operational efficiency and long-term value creation in a dynamic market.

For shareholders and industry observers, Dangote’s exit from the Board marks the end of a transformational era—one defined by bold ambition and strategic execution—while opening a new chapter under Ekpe’s leadership.

Federal High Court in Lagos has declined Access Bank Plc’s request to freeze the bank accounts of MTN Nigeria Communications Plc over a disputed N180.95 billion debt claim linked to a long-expired infrastructure-sharing deal with now-defunct Multi-Links Telecommunications.

Justice Akintayo Aluko, ruling on an ex parte application filed by Access Bank and three companies in receivership, Multi-Links Telecommunications Limited, Capcom Telecoms Limited, and Cyancom Limited, refused to issue an interim order freezing MTN’s funds.

The judge held that MTN must first be given an opportunity to be heard before any such drastic action is taken.

Access Bank, through its counsel Mr. Kunle Ogunba (SAN), had requested an interim injunction restraining MTN from withdrawing or tampering with funds across all its accounts in Nigeria up to the amount of N180.95 billion.

The bank claimed this figure represents a long-standing debt owed by MTN to Multi-Links.

As part of the orders sought, the applicants also requested that all financial institutions in Nigeria be directed to disclose, under oath, the balances in MTN’s accounts within seven days.

The suit, marked FHC/L/CS/1004/2025, essentially sought to lock down MTN’s funds pending the determination of the main suit.

However, Justice Aluko ruled that, while the plaintiffs presented a seemingly compelling case, MTN must be allowed to respond.

“Due to the peculiar nature of the case and the potential implications of the orders sought, especially in light of MTN’s correspondence marked ‘MTN 17,’ the defendant must be heard before any orders are granted,” the judge said, according to ThisDay Newspaper.

The court ordered MTN to appear and show cause within five days, with the case adjourned to June 23, 2025, for further proceedings.

According to Nairametric, at the heart of the dispute is a fibre-sharing agreement between MTN and Multi-Links dating back over a decade, sources say.

The deal gave both parties “irrefutable rights of use” of each other’s fibre infrastructure for 10 years, expiring in 2024.

However, due to financial and operational setbacks, Multi-Links reportedly underutilised MTN’s infrastructure while MTN made significant use of Multi-Links’ network.

As Multi-Links spiralled into financial distress, the company went into receivership under the control of Diamond Bank. Before it folded, Multi-Links attempted to sell its fibre assets to MTN, but negotiations collapsed over pricing disagreements.

Years later, a company named Hoop Telecoms emerged, claiming to have acquired Multi-Links’ fibre infrastructure. However, Hoop reportedly disclaimed any responsibility for Multi-Links’ past liabilities. Despite this, the company billed MTN nearly N170 billion, retroactively charging for years prior to its supposed acquisition of the assets.

MTN flatly rejected the demand, estimating its actual obligation under the original agreement at just over N1 billion.

The telecoms firm also took the matter to the Nigerian Communications Commission (NCC), which reportedly found that Hoop Telecoms lacked a valid telecom licence and thus had no legal standing to make such claims.

The situation grew more complex after Access Bank acquired Diamond Bank in 2019, thereby assuming control of Multi-Links’ receivership. According to sources familiar with the case, Access Bank aligned itself with Hoop Telecoms’ claims and pushed for a legal settlement, which MTN resisted.

One insider told Nairametrics that several vested interests, including political actors, saw the claim as an opportunity to pressure MTN into a payout.

“There was talk that pushing MTN to pay could benefit everyone involved,” the source said. “But MTN stood its ground and sought legal protection.”

Caught in this web of legal and commercial ambiguity, MTN sought a court’s protection.

But to the company’s surprise, Access Bank approached a court seeking a Mareva injunction, a legal order to freeze MTN’s accounts across Nigerian banks to the tune of N180.95 billion. Such orders are typically issued when a plaintiff fears the defendant may dissipate assets to frustrate judgment enforcement.

Insiders suggest that Access Bank may not have been fully briefed on the intricate history and legal background of the Multi-Links-MTN arrangement and might now be reconsidering its position.

According to one source, MTN and Access Bank have since opened lines of communication to explore an amicable resolution of the matter.

The judge’s refusal to grant the Mareva injunction offers MTN some short-term relief, but the legal battle is far from over.

The company now has until June 23 to respond formally and argue why the court should not freeze its accounts.

MTN declined to comment when contacted, stating that the case is subjudice. Access Bank has yet to respond to Nairametrics’ enquiry as of press time.

While the final outcome remains to be seen, the case raises deeper questions about the enforcement of legacy telecom agreements, the legal risks around receivership claims, and the influence of non-commercial interests in high-stakes disputes.

President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.

His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.

He said the fibre optic layout is part of other projects being embarked on.

“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.

“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.

He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.

In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.

The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.

Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.

It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.