Key points
- Dangote Cement has chosen London over Dubai for its planned secondary listing.
- The company said the UK offers a faster and more practical listing process.
- The secondary listing is targeted for late 2026, with a possible shift to Q1 2027.
- Timing will depend on the planned Dangote Refinery IPO.
- The move supports the Dangote Group’s ambition to generate $100 billion in annual revenue by 2030.
- Dangote Cement’s shares have gained about 70% in 2026, pushing its market value to approximately N17 trillion.
Main story
Dangote Cement Plc has opted to pursue a secondary listing on the London Stock Exchange instead of Dubai, citing the United Kingdom’s faster and more efficient listing process as the company accelerates its global capital market expansion.
The decision forms part of the Dangote Group’s broader strategy to deepen access to international investors while advancing its ambition of generating $100 billion in annual revenue by 2030.
Speaking in Lagos, Executive Director, Cement and Foods Business, Mariya Dangote, said the company evaluated Dubai but concluded that the listing process would take considerably longer than in London.
According to her, Dangote Cement is targeting completion of the London secondary listing before the end of 2026, although the timeline could extend into the first quarter of 2027 depending on the schedule for the proposed initial public offering (IPO) of Dangote Refinery.
She explained that the conglomerate is coordinating multiple capital market transactions simultaneously to maximise investor interest.
The planned London listing comes as the Dangote Group continues to unlock value across its industrial businesses through public offerings and strategic equity transactions.
Beyond the refinery IPO, the conglomerate also plans to divest a stake in its fertiliser business as part of efforts to raise fresh capital for expansion.
Dangote Refinery recently reached full production capacity, reinforcing its position as one of the world’s largest single-train refineries and strengthening investor appetite for the group’s energy assets.
Meanwhile, Dangote Cement remains Africa’s largest cement producer, with an installed production capacity of 55 million metric tonnes per annum across 11 plants in 10 African countries.
The issues
The decision to list in London highlights the growing preference among African corporates for mature international capital markets that offer deeper liquidity, broader institutional investor participation and more efficient listing processes.
While Dubai has increasingly positioned itself as a gateway for emerging market companies, London continues to attract large African issuers due to its established regulatory framework, extensive analyst coverage and access to global investment funds.
For Dangote Group, successfully executing multiple public offerings within a short period will require careful sequencing to avoid investor fatigue while ensuring optimal valuations across its businesses.
What they’re saying
Executive Director, Dangote Group, Mariya Dangote:
“It’s compatible with our business. We thought of the secondary listing in Dubai, but it would have taken years to list.”
On the listing timeline, she added:
“The way things are moving, we are looking to do the secondary listing at the end of this year.”
She noted that the group is balancing two major capital market transactions.
“The company is going into two IPOs at the same time. So we want to have a bit of a gap. If the refinery one is around September, then we’ll push the secondary listing to the end of the year or the first quarter of 2027.”
What’s next
Dangote Group is expected to proceed with the planned IPO of Dangote Refinery before advancing the London secondary listing of Dangote Cement.
Investors will also monitor the proposed sale of a stake in the group’s fertiliser business as the conglomerate pursues fresh capital to finance expansion across its manufacturing, energy and industrial operations.
Bottom line
Dangote Cement’s decision to choose London over Dubai underscores the company’s focus on accessing deeper global capital markets as it embarks on one of Africa’s most ambitious corporate expansion programmes. The planned listing, alongside the refinery IPO, marks another significant step in the Dangote Group’s drive to strengthen its international investor base and achieve its $100 billion annual revenue target by 2030.
