Africa’s largest cement producer, Dangote Cement Plc, is preparing for a secondary listing on the London Stock Exchange (LSE) later this year, marking a significant milestone for the Nigerian company and the continent’s industrial sector.
Aliko Dangote, Africa’s richest man and founder of the Dangote Group, confirmed the plan, stating that the company intends to offer approximately 10% of its shares to international investors through the dual listing. The move would give the firm, currently valued at nearly $13 billion, greater global visibility and access to deeper capital markets.
Strong Financial Performance Underpins Ambition
The listing decision comes on the back of impressive results. In the first quarter of 2026, Dangote Cement reported a profit before tax of N421.1 billion, representing a 35% increase from N311.9 billion in the same period of 2025. Revenue rose to N1.19 trillion from N994.6 billion.
For the full 2025 financial year, the company posted a pre-tax profit of N1.53 trillion, more than double the N732.54 billion achieved in 2024, supported by higher sales and reduced borrowing costs.
Regulatory Changes Pave the Way
Dangote revealed that the company had considered a London listing as far back as 2018 but was deterred by stringent requirements and the intense focus on constructing its landmark refinery in Lagos. Recent reforms by the UK’s Financial Conduct Authority (FCA), which have lowered minimum listing thresholds, have made the market more accessible.
“We ended up saying London is good as they have brought down the minimum listing requirements,” Dangote told the Financial Times. He noted that the company has been weighing a dual listing for seven to ten years, with a possible debut targeted for around September 2026, subject to favourable market conditions and investor appetite.
Broader Strategic Context
The London listing forms part of the Dangote Group’s wider international expansion strategy. In April, the group announced plans to list approximately 10% of its 650,000 barrels-per-day Dangote Refinery across several African stock exchanges. The refinery, which aims to eventually scale up to 1.4 million barrels per day, is positioned to become the world’s largest single-train facility.
The potential LSE listing is also expected to provide a boost to the London Stock Exchange, which has faced challenges in attracting large international companies in recent years. For Dangote, whose net worth has risen by $5.4 billion this year to approximately $35.4 billion, the move could further enhance his business empire’s global profile.
