Dangote Plans London Listing for $12B Cement Firm This September
TLDR
- Dangote Cement is considering a secondary listing on the London Stock Exchange by September 2026 to access global investors and improve visibility.
- The London listing plan is part of a broader capital markets push by Dangote Industries, including potential listings of its Lagos refinery and fertilizer unit.
- The move could attract global investors to African industrial exposure and improve valuation benchmarks for African companies, though it carries risks related to listing rules and market conditions.
Aliko Dangote is reviving plans to list Dangote Cement in London, as Africa’s largest cement producer seeks access to a wider base of global investors after a rally in its Lagos-listed shares.
Dangote Cement is already listed on the Nigerian Exchange, where its market value has more than doubled over the past year to more than $12 billion. The group is considering a secondary listing on the London Stock Exchange, with September 2026 seen as a possible target, subject to approvals, market conditions and investor demand.
The move would mark the return of a plan first explored more than a decade ago. Dangote has said changes to UK listing rules helped make London more attractive. The company had earlier delayed the plan as it focused on other large projects, including the Lagos refinery.
Dangote Cement operates across 11 African countries and has installed capacity of more than 55 million tons a year. The company reported net profit of about $732 million in 2025 on revenue of about $3.12 billion. First-quarter profit also rose in 2026, helped by stronger exports from Nigeria.
The London plan is part of a larger capital markets push by Dangote Industries. The group is also preparing a listing of its 650,000-barrel-a-day Lagos refinery and has considered a market debut for its fertilizer unit. If completed, the deals would mark one of the largest public-market expansion drives by an African industrial group.
Points clés à retenir
Dangote Cement’s planned London listing would matter beyond one company. It would test whether global investors are ready to buy more African industrial exposure through a major international exchange. Dangote Cement already gives investors access to construction demand, urban growth and infrastructure spending across several African markets. A London listing could improve visibility, widen the shareholder base and create a stronger valuation benchmark for African companies. It could also help Nigeria’s capital markets by showing that a Lagos-listed company can keep its local base while reaching global funds. But the plan still carries risks. The company must meet listing rules, handle foreign investor questions on currency risk, governance, regulation and Nigeria’s macro environment, and show that growth can continue after a strong share-price run. The wider Dangote plan is even larger. A refinery IPO and possible fertilizer listing would bring energy, cement and agriculture-linked assets to public markets. If those deals work, they could reset how African industrial champions raise capital.
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