Africa's largest cement producer has confirmed it is in the early stages of exploring a secondary listing on the London Stock Exchange, a move that would mark one of the most significant international capital market events by a major Nigerian industrial company in years.

Dangote Cement announced in a statement dated 12 May 2026 that discussions remain at a preliminary stage and that no final decision has been made regarding the structure, timing, or terms of the proposed listing. "There is no certainty that the proposed listing will be completed or, if completed, as to the terms or timing thereof," Company Secretary Edward Imoedemhe stated. The company advised shareholders and the investing public to exercise caution in trading its securities until further updates are provided.

Seven Years in the Making

The London listing ambition is not new. Aliko Dangote, Africa's richest person and controlling shareholder of Dangote Cement, has been mulling a dual listing since at least 2018, only for the plan to stall repeatedly due to stringent listing requirements, the construction demands of the Lagos refinery, and shifting market conditions.

What has changed in 2026 is the UK regulatory environment. Recent reforms by the Financial Conduct Authority have lowered minimum listing requirements and made the London market more accessible to large international companies. Dangote told the Financial Times that the revised rules were a key factor in the company's renewed confidence in pursuing the listing. "We ended up saying London is good as they have brought down the minimum listing requirements," he said. The plan involves selling approximately 10% of the company's shares to outside investors, with a target window of around September 2026 depending on market conditions.



The Financial Case

The numbers support the ambition. Dangote Cement reported a profit before tax of N421.1 billion for Q1 2026, a 35% year-on-year increase from N311.9 billion in Q1 2025, driven by strong topline growth with revenue rising to N1.19 trillion. Profit after tax rose 53.5% year-on-year in the same period. The company carries a market capitalisation of close to $13 billion on the Nigerian Exchange, making it one of the country's most valuable listed companies.

A successful London listing at that scale would broaden Dangote Cement's shareholder base, improve its eligibility for inclusion in widely tracked global equity indices, and unlock institutional capital from passive funds that currently have no exposure to Nigerian equities. For Nigeria's capital markets, the signal would be equally significant, demonstrating that African industrial companies can access international public markets on competitive terms.