Omanghana
Dangote Cement Plc has selected the London Stock Exchange (LSE) for its proposed secondary listing, citing faster execution, improved listing regulations and access to a larger pool of international investors.
Mariya Dangote, Executive Director responsible for the Dangote Group’s cement and food businesses, said the company considered Dubai but concluded that completing a listing in the United Arab Emirates would take several years.
Speaking in an interview with Bloomberg TV, she explained that London’s capital-market framework was more compatible with the group’s industrial operations and plans to attract global institutional investment.
“It’s compatible with our business,” she said, adding that the group had explored a secondary listing in Dubai but found that the process would have required considerably more time.
London offers faster access to global capital
Dangote Cement’s decision follows changes to the United Kingdom’s listing regulations, which have made the market more accessible to international companies.
The proposed London debut would allow the cement producer to sell shares more quickly while giving investors in Europe, North America and other regions easier access to the company’s stock.
London’s deep capital markets could also enable major pension funds, asset managers and other institutional investors to trade the shares in widely used international currencies.
Although the Dangote family operates aspects of its private wealth and family-office activities from Dubai, the group considers London a more suitable market for publicly traded industrial assets.
September 2026 listing targeted
Dangote Cement is reportedly aiming to complete the secondary listing as early as September 2026. The company would retain its primary listing on the Nigerian Exchange in Lagos, where it has traded since 2010.
The proposed transaction could involve selling approximately 10% of the company’s shares to outside investors. Dangote Industries would remain the controlling shareholder following the offer.
The plan has been under consideration for several years but was previously delayed by regulatory requirements and the group’s focus on completing its multibillion-dollar petroleum refinery in Lagos.
Dangote Cement, Africa’s largest cement producer, had a market valuation of nearly $13 billion when the London plan was announced in May. Its operations extend across 11 African countries, including Nigeria, Ghana, Senegal, Tanzania, Zambia, Ethiopia, Cameroon and South Africa.
Capital to support expansion across Africa
The proposed listing forms part of Dangote Cement’s strategy to strengthen its financial position and expand production across the continent.
The company plans to increase annual cement output from about 60 million tonnes to 100 million tonnes by 2030. The program is expected to include additional production lines, export-focused facilities and investments in distribution and logistics.
Expanding production would allow the business to meet rising demand created by population growth, urbanization and large infrastructure projects across Africa.
However, the group must navigate fluctuating currencies, high energy costs and expensive borrowing conditions in several of the markets where it operates. Securing foreign capital through London could provide more diversified financing for its expansion program.
Part of a wider public-market strategy
The cement listing could become the first stage of a broader capital-market rollout involving the Dangote Group’s other major industrial businesses.
The conglomerate is also preparing for an eventual public listing of the Dangote Petroleum Refinery, the $20 billion facility constructed in Lagos. The refinery began with a processing capacity of 650,000 barrels per day and is undergoing an ambitious expansion.
Plans have also been discussed for Dangote Fertilizer, another major part of the group’s industrial portfolio.
Establishing an international market valuation for Dangote Cement could help the group demonstrate investor demand and create a model for bringing its refinery and fertilizer operations to public markets.
If completed, the London listing would give international investors direct exposure to one of Africa’s largest manufacturing companies while providing a significant boost to the LSE’s efforts to attract major overseas businesses.
The transaction remains subject to regulatory approval, market conditions and the completion of all listing requirements.
Source: Omanghana
