Dangote Cement Plc has opted for a secondary listing in London, choosing it over Dubai due to a faster and more practical listing process in the United Kingdom. This move is part of the company's strategy to expand its global investor base.
Mariya Dangote, Executive Director overseeing the group’s cement and foods businesses, confirmed the decision, stating that a Dubai listing would have taken significantly longer. She emphasized that London offered a better fit for the company’s plans, noting, “It’s compatible with our business. We thought of the secondary listing in Dubai, but it would have taken years to list.”
The cement producer is working towards completing the London listing before the end of 2026. However, this timeline could extend to the first quarter of 2027, depending on the schedule for the planned initial public offering (IPO) of Dangote Refinery. Mariya Dangote explained that the group is managing multiple capital market transactions simultaneously, stating, “If the refinery one is around September, then we’ll push the secondary listing to the end of the year or the first quarter of 2027.”
This London listing aligns with the Dangote Group’s accelerated efforts to deepen its international presence and unlock value across its businesses. The conglomerate, controlled by Africa’s richest man, Aliko Dangote, aims for $100 billion in annual group revenue by 2030.
In addition to the refinery IPO, expected to be one of Africa’s largest, the group also intends to sell a stake in its fertilizer business to secure fresh capital for expansion. The Dangote Refinery recently reached full production capacity, bolstering investor interest in the group’s energy ventures.
Investor confidence in Dangote Cement has remained strong throughout 2026. The company’s shares, listed on the Nigerian Exchange, have gained about 70% this year, elevating its market capitalization to approximately N17 trillion (about $12 billion).
Although the idea of a London listing was first floated in 2011, recent comments indicate the plan is now nearing execution as market conditions become more favorable. This follows a series of strategic moves by the Dangote Group to expand its footprint in global capital markets, including a $2.5 billion private placement, one of the largest corporate fundraising transactions by an African company.
In December 2025, Dangote revealed plans to list a 10% stake in his $20 billion refinery on the Nigerian Exchange (NGX) this year. Billionaire businessman Femi Otedola has disclosed plans to invest $100 million in the refinery’s expected public offering, viewing it as a strategic long-term investment in one of Africa’s most significant industrial projects.
