Aliko Dangote plans London listing of $13 billion Dangote Cement, reviving 2018 attempt

Africa's richest man told the Financial Times he is preparing a secondary listing of Dangote Cement on the London Stock Exchange this year, with about 10% of the shares going to outside investors and a target window around September. The company carries a market capitalization of close to $13 billion on the Lagos exchange.

Dangote framed the decision as a long-mulled call that finally lined up with reform. "We want to do a dual listing. We've been thinking about it for seven to 10 years," he said. The UK's Financial Conduct Authority has spent recent years overhauling listing rules to win back blue-chip flotations from New York and Amsterdam, and Dangote credited those changes. "We ended up saying London is good as they have brought down the minimum listing requirements."

The cement company has tapped Citigroup, JPMorgan Chase and Standard Bank to advise, according to people familiar with the matter cited by the FT. A final go-ahead will hinge on market conditions and investor appetite, but the slate of advisers and Dangote's public framing point to a more serious push than the 2018 attempt, which stalled when UK requirements collided with the construction of his $20 billion oil refinery.

The numbers are heavy. Dangote Cement operates in 11 African countries and the shares have gained more than 70% this year. Production is set to climb from 60 million tons to 100 million tons by 2030, with a 6 million-ton plant under construction in Nigeria and another 6 million-ton expansion to follow, all for export. Dangote Industries, the holding entity for sugar, flour, fertilizer and oil refining, remains the controlling shareholder.

A London tape would land at a useful moment for the city's capital market. Several hoped-for 2026 floats, including Visma's potential €19 billion offering, have slipped, leaving room for an African giant to fill the calendar.

Dangote himself is busier than ever. He told the FT he plans a separate Lagos IPO this year for up to 15% of his oil-refining company, where output is now running at 650,000 barrels a day. Bloomberg's wealth tracker pegs his net worth at $35.4 billion, up $5.4 billion already this year.

He even closed the door on Arsenal. "I asked myself, do I want to complete these projects or do I want to go and buy Arsenal?" Dangote said, choosing the projects.