Dangote Targets London Listing For $13bn Cement Business

Nigerian billionaire Aliko Dangote is planning a London listing for his cement company as part of efforts to attract global investors and expand the company’s international profile.

Under the proposed plan, Dangote Cement, currently valued at nearly $13 billion on the Nigerian Exchange, would pursue a secondary listing in London while selling about 10 per cent of its shares to outside investors.

“We want to do a dual listing. We’ve been thinking about it for seven to 10 years,” Dangote said, adding that his businesses had entered “the busiest period” of his career.

The planned listing is expected to provide a boost for the London market, which has faced growing competition from the United States and European exchanges in attracting major public offerings.

Dangote said recent reforms by UK regulators, including reduced listing requirements, made London a more attractive option for the company.

“We ended up saying London is good as they have brought down the minimum listing requirements,” he stated.

The cement giant, which operates in 11 African countries, has reportedly appointed financial advisers for the process, including Citigroup, JPMorgan Chase and Standard Bank.

The move revives earlier plans for a London listing that failed to materialise years ago due to regulatory hurdles and the demands of constructing Dangote’s multibillion-dollar refinery project in Nigeria.

Dangote also revealed plans to significantly increase the company’s production capacity from 60 million tonnes annually to 100 million tonnes by 2030.

According to him, new cement plants with a combined capacity of 12 million tonnes are already being developed in Nigeria, with production targeted mainly for export markets.

Beyond cement, Dangote said he is considering selling up to a 15 per cent stake in his oil refinery business through an initial public offering on the Nigerian Exchange later this year.

The refinery, which currently produces about 650,000 barrels per day, has benefited from stronger refining margins and global fuel supply disruptions linked to tensions in the Middle East.

Dangote, who remains Africa’s richest individual, also reflected on his past interest in purchasing Arsenal, saying he eventually chose to focus on completing his industrial projects instead.

“I asked myself, do I want to complete these projects or do I want to go and buy Arsenal?” he said. “I realised that, look, I have missed the boat.”