Will Dangote IPO List on Two Exchanges?

There’s understandable confusion around “Dangote” and dual-listing, because two separate Dangote-linked companies have been discussed in this context, and it’s important not to mix them up.

Dangote Cement, an already-listed, separate company that’s traded on the NGX since 2010, is the one with a concrete, publicly reported dual-listing plan. Founder Aliko Dangote told the Financial Times in May 2026 that Dangote Cement was targeting a secondary listing on the London Stock Exchange, aiming for around September 2026, with about 10% of shares to be sold to outside investors while maintaining its primary NGX listing. He named JPMorgan, Citigroup, and Standard Bank as advisers on that transaction, and Mariya Dangote, a Dangote Cement board member, has said the company considered and moved away from a Dubai secondary listing in favor of London, citing faster execution.

Dangote Petroleum Refinery, the entity actually planning the IPO covered throughout this content series, is a different company. Reporting on its IPO plans has referenced a primary NGX listing, with some sources mentioning the possibility of a listing across several African exchanges beyond just the NGX, though this has not been confirmed with specific named exchanges or terms as of this writing. There is no confirmed, official plan for the refinery itself to list on the London Stock Exchange; that plan, as reported, belongs to Dangote Cement.

Why the distinction matters: if you’re specifically trying to invest in the refinery IPO, a London listing of Dangote Cement doesn’t give you exposure to it, they’re different companies with different shares, financials, and risks. Conversely, if you’re interested in gaining exposure to Dangote Cement via London once (and if) that listing proceeds, that’s a separate process from anything related to the refinery’s NGX offer.

Keep an eye on official statements that clearly name which entity, refinery or cement, a listing announcement refers to, since headlines don’t always make the distinction obvious.

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