MARCEL MBAMALU
Aliko Dangote is dusting off a decade-old plan to list his cement business in London, in a move that could give the UK capital markets one of their biggest African listings in years.
According to the Financial Times, the billionaire said that Dangote Cement, valued at nearly $13bn on the Nigerian Exchange, is preparing a secondary listing in London this September. About 10 per cent of the company’s shares would be sold to international investors as part of the process.
“We want to do a dual listing. We’ve been thinking about it for seven to 10 years,” Dangote was quoted as saying, even as he called it “the busiest period” of his career.
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The timing isn’t random. The UK’s Financial Conduct Authority has lowered minimum listing requirements in recent years to make London more competitive against New York and Amsterdam. For Dangote, that shift makes the city viable again.
“We ended up saying London is good as they have brought down the minimum listing requirements,” he said.
Banks including Citigroup, JPMorgan Chase and Standard Bank have been lined up to advise on the deal, according to people familiar with the matter. A final decision will hinge on market conditions and investor appetite.
The plan isn’t new. Dangote Cement first explored a London listing in 2018, appointing independent directors including barrister Cherie Blair and former Xstrata CEO Mick Davis. But stringent UK rules and the demands of building his $20bn Lagos refinery shelved the idea. Now, with the refinery operational at 650,000 barrels per day, the focus has returned to cement.
A Strategic Expansion Play
Dangote Cement is already Africa’s largest building materials producer, operating in 11 countries. Its shares have gained more than 70 per cent this year on the Lagos bourse. The company now aims to scale annual production from 60 million tonnes to 100 million tonnes by 2030.
Work has started on a new 6 million-tonne plant in Nigeria, with another 6 million tonnes planned — all targeted at export markets.
A London listing would be a major win for a UK market struggling to attract blue-chip IPOs. Several high-profile listings expected in 2026, including software group Visma’s potential €19bn float, have been delayed by geopolitical uncertainty and investor caution around AI-exposed companies.
Beyond Cement: Refining and Football
The listing comes as Dangote’s business empire expands. His Lagos refinery has boosted his net worth to $35.4bn as of May, up $5.4bn this year, according to Bloomberg’s billionaires index. Higher refining margins and jet fuel shortages linked to the Iran conflict have improved profitability.
Dangote also plans to sell up to 15 per cent of the refinery in a Lagos IPO later this year.
For football fans, there’s a closing chapter. Dangote once considered buying Arsenal, his favourite club. But the refinery won out.
“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.”
What It Means
For Nigeria, the dual listing signals confidence in Dangote’s ability to raise capital internationally without leaving the Lagos market. For London, it’s a chance to reposition itself as a destination for African blue-chip companies.
If it goes ahead, Dangote Cement’s September listing could set the tone for other African conglomerates weighing international capital while staying rooted at home.
Dr. Marcel Mbamalu is a distinguished communication scholar, journalist, and entrepreneur with three decades of experience in the media industry. He holds a Ph.D. in Mass Communication from the University of Nigeria, Nsukka, and serves as the publisher of Prime Business Africa, a renowned multimedia news platform catering to Nigeria and Africa's socio-economic needs.
Dr. Mbamalu's journalism career spans over two decades, during which he honed his skills at The Guardian Newspaper, rising to the position of senior editor. Notably, between 2018 and 2023, he collaborated with the World Health Organization (WHO) in Northeast Nigeria, training senior journalists on conflict reporting and health journalism.
Dr. Mbamalu's expertise has earned him international recognition. He was the sole African representative at the 2023 Jefferson Fellowship program, participating in a study tour of the United States and Asia (Japan and Hong Kong) on inclusion, income gaps, and migration issues.
In 2020, he was part of a global media team that covered the United States presidential election.
Dr. Mbamalu has attended prestigious media trainings, including the Bloomberg Financial Journalism Training and the Reuters/AfDB Training on "Effective Coverage of Infrastructural Development in Africa."
As a columnist for The Punch Newspaper, with insightful articles published in other prominent Nigerian dailies, including ThisDay, Leadership, The Sun, and The Guardian, Dr. Mbamalu regularly provides in-depth analysis on socio-political and economic issues.
