Business
Shareholders approve Dangote Cement’s London stock exchange listing
By Philippine Duru
philippineobetoduru@gmail.com
08035905774
Shareholders of Dangote Cement Plc have overwhelmingly approved the company’s proposal to list its shares on the London Stock Exchange (LSE), marking a major milestone in the cement giant’s global expansion strategy and positioning it to attract a broader base of international investors.
The approval was granted during the company’s Annual General Meeting (AGM), where shareholders also endorsed a record dividend payout of N753.8 billion, reflecting the company’s strong financial performance and commitment to rewarding investors despite prevailing macroeconomic challenges.
The twin decisions represent a significant step in Dangote Cement’s long-term growth agenda, with the planned London listing expected to enhance the company’s global visibility, improve access to international capital markets and strengthen its position as Africa’s largest cement producer.
Speaking during the meeting, the company’s management explained that the proposed London Stock Exchange listing would complement its existing quotation on the Nigerian Exchange (NGX) and provide access to a deeper pool of institutional investors.
According to the company, the dual listing is expected to improve liquidity in its shares, increase global investor participation and reinforce corporate governance standards through compliance with international market requirements.
The move also aligns with Dangote Cement’s ambition to consolidate its leadership across Africa while positioning itself among globally recognised building materials companies.
Market analysts noted that a successful London listing would elevate the company’s international profile and potentially lower its future cost of capital, enabling it to finance expansion projects more competitively.
A major highlight of the AGM was the approval of a N753.8 billion dividend, one of the largest corporate payouts in Nigeria’s capital market history.
Shareholders commended the board and management for delivering impressive returns despite inflationary pressures, exchange rate volatility, rising production costs and energy challenges affecting manufacturers.
Many investors described the dividend as evidence of the company’s resilience, efficient operations and robust cash generation capacity.
They also praised the company’s consistent dividend policy, noting that Dangote Cement has remained one of the most reliable dividend-paying companies listed on the Nigerian Exchange.
For many retail shareholders, the payout represents a significant source of income at a time when rising living costs continue to pressure household finances.
The record dividend follows another year of strong operational and financial performance by the cement manufacturer.
Despite economic headwinds across several African markets, the company maintained solid sales volumes, improved profitability and continued investments in production efficiency, alternative energy sources and logistics infrastructure.
Dangote Cement’s extensive operations across Nigeria and numerous African countries have continued to underpin its earnings, with Nigeria remaining its largest revenue contributor.
Management attributed the company’s performance to disciplined cost management, operational efficiency, strategic investments and sustained demand for cement driven by infrastructure and housing development.
During the meeting, shareholders expressed confidence in the leadership of the board and management, applauding their strategic vision and ability to navigate a difficult business environment.
They encouraged the company to continue expanding into new export markets, improve energy efficiency and leverage technology to reduce production costs.
Investors also urged management to sustain its dividend policy while pursuing expansion initiatives capable of delivering long-term value.
Several shareholders described the proposed London Stock Exchange listing as a transformational move that would enhance the company’s international reputation and attract long-term institutional investors.
Capital market experts say the proposed London listing represents a positive development not only for Dangote Cement but also for Nigeria’s financial markets.
According to analysts, a successful dual listing would demonstrate that Nigerian companies can meet global regulatory and governance standards while attracting foreign portfolio investment.
The development is also expected to increase international awareness of Nigeria’s corporate sector and strengthen investor confidence in indigenous companies with strong fundamentals.
Experts noted that the combination of a record dividend and an international listing sends a powerful signal of financial strength and long-term growth prospects.
Looking ahead, Dangote Cement said it remains committed to delivering sustainable growth, improving operational efficiency and creating long-term value for shareholders.
The company intends to continue investing in production capacity, environmental sustainability, alternative fuel initiatives and export opportunities while supporting infrastructure development across Africa.
With shareholders endorsing both the proposed London Stock Exchange listing and the historic N753.8 billion dividend, Dangote Cement has reinforced its position as one of Africa’s most valuable and profitable manufacturing companies, setting the stage for a new phase of international expansion and enhanced shareholder value.
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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