Dangote Cement targets London Listing

By Philippine Duru

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Dangote Cement is considering a dual listing on the London Stock Exchange as part of an ambitious strategy to attract more international investors and deepen its access to global capital markets.

The company is also planning to sell about 10 per cent of its equity to foreign investors, a move that could rank among the largest stake sales involving a Nigerian manufacturing company in recent years.

The proposed transaction is expected to increase foreign ownership in the cement giant while improving liquidity and enhancing its valuation on the international stage.

The development forms part of a broader expansion and restructuring strategy being championed by the President of the Dangote Group, Aliko Dangote, who has continued to push for greater global visibility for his businesses following the launch of the multi-billion-dollar Dangote Petroleum Refinery.

Industry sources said the planned London listing is aimed at positioning Dangote Cement as a globally recognised industrial player while creating easier access for institutional investors in Europe, the Middle East, Asia, and North America to invest in the company.

Analysts say the move could also help the company raise long-term financing for expansion projects, improve corporate visibility, and strengthen investor confidence amid increasing infrastructure demand across Africa.

Dangote Cement currently remains the largest cement producer in Africa, with operations in more than 10 African countries, including Nigeria, Ethiopia, Senegal, Zambia, Tanzania, Congo, Cameroon, and South Africa.

The company has consistently maintained its dominance in Nigeria’s cement market through its large production capacity and extensive distribution network, while also expanding export operations to several West African countries.

Market observers believe the proposed stake sale may attract major global asset managers and sovereign wealth funds seeking exposure to Africa’s infrastructure and construction sectors, especially as governments across the continent continue to invest heavily in roads, housing, rail, and industrial projects.

Financial experts noted that a London listing would also improve transparency and corporate governance standards, as the company would be required to comply with stricter international disclosure and reporting regulations.

The planned international offering comes at a time when several African companies are exploring foreign listings to diversify funding sources and reduce dependence on local financial markets.

Dangote Cement’s expansion drive follows a series of large-scale industrial investments by the Dangote Group, including the 650,000 barrels-per-day refinery project, fertiliser plants, petrochemical facilities, and ongoing plans in energy and infrastructure development.

Analysts say the latest move signals growing confidence by the group in the long-term prospects of African industrialisation and the continent’s ability to attract large-scale global investment.