Dankwmbo was born on the 4 April 1962 at Gombe. He graduated from Ahmadu Bello University in 1985 with a degree in Accounting. He obtained a Master of Science degree in Economics from the University of Lagos in 1992 and a PhD in Accounting from Igbinedion University. He began his career with Coopers & Lybrand in 1985, and worked at the Central Bank of Nigeria from 1988 to 1999. He was then appointed Accountant General of Gombe State, holding this position until 2005. He was appointed Accountant – General of the Federation on 20 April 2005. He held this office until he resigned to start his campaign for election as Governor of Gombe State January 2011
In the 26 April 2011 election, Dankwambo won 596,481 votes, ahead of Alhaji Abubakar Aliyu of the Congress for Progressive Change (CPC) with 91,781 votes and Senator Sa'idu Umar Kumo of the All Nigeria People's Party with 84,959 votes.
As a Governor, Dankwambo lost his deputy Mr. David Miyims Albashi,who died on 4 November 2011 in a German hospital of injuries he sustained in a car crash on August 28 on November 4, 2011. On the 17 December 2011 Alhaji Dankwambo appointed Mr. Tha'anda Rubainu as Deputy Governor. After his re-election in 2015, Charles Iliya has been his deputy governor