Dangote Cement Revives London Listing With Plans for 10% Float in September

Dangote Cement Plc will pursue a secondary listing on the London Stock Exchange around September, selling about 10% of shares to overseas investors, Chairman Aliko Dangote told the Financial Times, reviving a 2018 idea shelved amid his refinery buildout.

After a decade of prioritizing the 650,000 bpd Dangote Refinery and navigating stringent UK regulatory hurdles, the industrial giant is moving to capitalize on recent reforms by the Financial Conduct Authority (FCA).

The move marks a watershed moment for the Nigerian capital market, positioning Dangote Cement as a truly global industrial multinational.

The FCA Reform Catalyst

The revival of this 2018 initiative is largely attributed to the UK’s move to modernize its listing rules. The FCA’s new “single segment” category and more flexible rules around dual-class share structures and shareholder approval for significant transactions have lowered the barrier to entry for large-cap firms like DANGCEM.

• Valuation Benchmarking: A London listing allows Dangote Cement to be benchmarked against global peers like LafargeHolcim and Heidelberg Materials, potentially narrowing the valuation gap often associated with emerging market risks.

• Foreign Currency Liquidity: Listing in London provides the group with a reliable channel for raising hard currency (USD/GBP) to fund its Pan-African expansion and debt servicing.

The LSE push is supported by a robust domestic performance. In FY 2025, Dangote Cement crossed the ₦3 trillion revenue milestone, driven by infrastructure demand and price adjustments that countered inflationary pressures.