Dangote Cement London Listing set for September 2026

Aliko Dangote, Africa’s richest man, is reviving a long-stalled ambition to bring Dangote Cement to international capital markets. The dual-listing strategy maintains the primary listing on Nigeria’s exchange whilst opening the company to global institutional investors.

The plan has gestated for seven to ten years. Dangote confirmed to the Financial Times that approximately 10% of Dangote Cement could be sold to outside investors through the London secondary listing. The timeline is supported by reports citing company advisers. This move signals growing confidence in African-listed equities and reflects eased regulatory pathways that have finally made the transaction viable.

Scale and continental reach

Dangote Cement operates across 10 African countries and commands a market capitalisation exceeding $13 billion. Share prices have more than doubled over the past year, reflecting strong operational performance and investor appetite for African industrial assets. The company currently operates 60 million metric tons of annual cement production capacity and targets expansion to 100 million metric tons by 2030—a 67% increase that positions it as the continent’s dominant cement producer.

This expansion reflects Dangote’s broader strategy of deepening African industrial capacity. At 69 years old, Dangote’s net worth stands at $28.3 billion according to Forbes real-time data. He recently told the International Finance Corporation’s Managing Director Makhtar Diop that his mission centres on demonstrating Africa’s investment viability. “We will open Africa by demonstrating that we believe in Africa, by investing our money in Africa,” Dangote said during a visit to the IFC headquarters.

Parallel refinery IPO signals broader capital-raising push

Separately, Dangote plans to sell up to 15% of his oil refining business through an initial public offering in Lagos during 2026. The Dangote Refinery, which began operations in 2023, represents another flagship asset seeking to tap domestic and regional capital. This dual capital-raising strategy—one targeting London, one targeting Lagos—reflects a deliberate approach to diversifying investor bases across geographies and asset classes.

The September listing will test London’s appetite for African industrial equities at scale. Success could unlock a template for other African conglomerates seeking dual listings. Investors should monitor regulatory approvals, pricing guidance, and institutional demand signals as September approaches.

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