Africa's richest person, Aliko Dangote, is moving forward with plans for a secondary listing of Dangote Cement Plc on the London Stock Exchange this year. The company, currently listed on the Nigerian Stock Exchange with a market value recently exceeding $12 billion, has been considering this move for years, with the Financial Times initially reporting on the plans. Devakumar Edwin, vice president at Dangote Industries, confirmed the intention via text message in May 2026.
Shareholders of Dangote Cement officially approved the secondary listing on the London Stock Exchange at the company's 17th Annual General Meeting held in Lagos on July 2, 2026. This approval, announced by Company Secretary Edward Imoedemhe, allows the board to undertake capital market transactions, including a potential offer for sale of shares by the majority shareholder. Aliko Dangote has indicated an interest in selling approximately 10% of the company's shares to external investors as part of this dual-listing strategy.
This decision is partly influenced by recent reforms in the UK capital market, including changes to listing requirements, which have made London a more attractive destination for international companies. The move is expected to broaden Dangote Cement's investor base, support its position as a pan-African company, and provide a reliable channel for raising hard currency for expansion and debt servicing. The company's strong financial performance, with a profit before tax of N421.1 billion ($929 million) and revenue of N1.19 trillion ($2.6 billion) in the first quarter of 2026, further supports this strategic initiative. A potential listing is anticipated around September, subject to market conditions and regulatory approvals.
