Aliko Dangote, Africa’s is reviving plans to list Dangote Cement Plc on the London Stock Exchange, signaling a renewed push by Africa’s largest industrial conglomerate to deepen access to international capital markets amid an aggressive expansion drive spanning cement, refining, energy and infrastructure.
The proposed dual listing, which could take place later this year subject to investor demand and market conditions, marks a significant development for the Nigerian industrial giant as it seeks to position itself more prominently within global financial markets while scaling operations across Africa.
The move also comes at a time when London is attempting to restore its competitiveness as a global listing destination following years of declining market activity and increasing competition from stock exchanges in the United States, Europe and Asia.
Speaking in an interview with the Financial Times, Dangote disclosed that the group had revived long-standing ambitions to list its flagship cement subsidiary in the United Kingdom after recent regulatory reforms reduced listing barriers for foreign companies.
“We want to do a dual listing. We have been thinking about it for seven to 10 years,” Dangote said.
“We ended up saying London is good as they have brought down the minimum listing requirements,” he added.
The proposed transaction is expected to involve the sale of 10 percent of Dangote Cement shares to international investors through the London market, a move analysts say could significantly expand the company’s global investor base and improve liquidity for one of Africa’s most valuable listed companies.
With a market capitalisation estimated at nearly $13 billion, Dangote Cement remains the dominant cement producer on the African continent, operating across 14 countries including Nigeria, Ethiopia, Senegal and South Africa.
The company was first listed on the then-Nigerian Stock Exchange in 2010 and has emerged as one of the most actively traded industrial stocks on the Nigerian market. Its share price has appreciated by more than 70 percent this year alone, reflecting strong investor confidence driven by earnings growth and expansion prospects.
According to the Financial Times, advisers appointed for the proposed London listing include JPMorgan Chase, Citigroup and Standard Bank.
Industry analysts say the participation of major global financial institutions indicates the transaction is advancing beyond preliminary discussions after earlier attempts to list in London stalled in 2018.
At the time, Dangote Cement had appointed high-profile international directors including Cherie Blair and former Xstrata chief executive Mick Davis as part of governance restructuring efforts designed to align the company with international market expectations.
However, stringent regulatory requirements and the distraction of constructing the massive $20 billion Dangote Refinery project in Lagos delayed the plan.
The refinery, now operating at 650,000 barrels per day, is the largest in Africa and has become central to Dangote Group’s broader industrial strategy.
Analysts say the renewed listing effort reflects growing confidence within the group following improved operational stability across its businesses and stronger financial performance at Dangote Cement.
The company reported profit before tax of N421.1 billion for the first quarter of 2026, representing a 35 percent increase compared to N311.9 billion recorded during the same period last year.
Revenue rose to N1.19 trillion from N994.6 billion, supported by higher sales volumes, improved pricing and operational efficiencies across key markets.
For the full 2025 financial year, the company posted pre-tax profit of N1.53 trillion, more than doubling the N732.5 billion recorded in 2024.
Analysts attributed the growth to stronger revenue generation, improved export earnings and reduced finance costs following relative exchange rate stability.
The London listing push also aligns with Dangote’s wider industrial expansion agenda, which increasingly extends beyond cement manufacturing into energy, refining and power generation.
The billionaire recently announced plans to increase annual cement production capacity from 60 million tonnes to 100 million tonnes by 2030.
According to him, new production lines are already under development in Nigeria.
He disclosed that work has commenced on a new six million-tonne cement plant, with another six million tonnes expected to follow, largely targeted at export markets.
The expansion is expected to strengthen Nigeria’s position as a regional cement export hub while increasing Dangote Cement’s dominance across West and Central Africa.
Beyond cement, Dangote also recently unveiled plans to enter Nigeria’s electricity generation sector with a proposed 20,000-megawatt power project.
The conglomerate is also pursuing additional expansion within refining operations.
Dangote said plans are underway to increase the capacity of the Lagos refinery from 650,000 barrels per day to 1.4 million barrels per day over time, a scale that could potentially make it one of the world’s largest refining complexes.
The group is simultaneously evaluating the construction of another refinery designed to serve East African markets including Kenya, Uganda and Tanzania.
In parallel, Dangote has also indicated plans to list the refinery business across multiple African stock exchanges as part of efforts to raise additional capital for expansion.
The company has reportedly engaged advisers including Stanbic IBTC Capital, Vetiva Advisory Services and FirstCap Securities Limited to support preparations for the refinery listing.
Market analysts believe the simultaneous pursuit of multiple listings demonstrates a broader attempt by Dangote Group to internationalise its investor profile while unlocking value across its industrial portfolio.
The planned London listing could also deliver a much-needed boost to the UK capital market, which has struggled in recent years to attract major global listings following Brexit-related uncertainty and increased competition from New York and European exchanges.
Recent reforms introduced by the UK’s Financial Conduct Authority were specifically designed to simplify listing requirements and make London more attractive to high-growth international companies.
For Nigeria’s capital market, however, the move may reignite debates around the migration of large African corporates toward foreign exchanges in search of deeper liquidity and deeper institutional investor participation.
Still, analysts note that Dangote Cement’s continued primary listing on the Nigerian Exchange preserves local investor participation while potentially enhancing the company’s global valuation profile.
Dangote, who recently turned 69, described the current period as “the busiest period” of his life, reflecting the scale of expansion activities underway across his industrial empire.
With ambitions spanning cement exports, refining, electricity generation and cross-border listings, the billionaire appears increasingly focused on transforming Dangote Group from a dominant Nigerian conglomerate into a globally recognised industrial powerhouse anchored in Africa.
