Key points
- Dangote Cement is targeting a secondary listing on the London Stock Exchange before the end of 2026.
- Executive Director Mariya Dangote says the company has completed most of the preparatory work and sees no major obstacles remaining.
- The company chose London over Dubai, citing a more suitable regulatory environment.
- The move could expand the company’s access to international investors while raising the profile of African equities.
Main story
Dangote Cement expects to complete a long-awaited secondary listing on the London Stock Exchange before the end of the year, marking a major milestone in the company’s effort to broaden its international investor base after more than six years of preparation.
Speaking in an interview with Bloomberg, Executive Director Mariya Dangote said the company had completed its background work and assembled the legal, financial and advisory teams needed for the transaction.
“We have our lawyers, our financiers and every other person working day and night,” she said.
“As I’m talking now, nothing… no constraints for now.”
The comments represent one of the clearest indications yet that Africa’s largest cement producer is approaching the final stages of a listing that has been under consideration for years.
Why London?
According to Mariya Dangote, the company initially considered Dubai as a listing destination because the Dangote family office operates there.
However, she said London ultimately emerged as the preferred choice after comparing several international exchanges.
“London is compatible with our business,” she said.
She explained that Dubai’s regulatory framework would have required additional compliance processes that could have extended the timeline significantly.
The decision highlights London’s continued appeal for African companies seeking international capital despite increasing competition from financial centres in the Middle East and Asia.
More than another stock exchange listing
A secondary listing does not change Dangote Cement’s operations overnight.
Instead, it expands the pool of investors able to buy the company’s shares.
For global institutional investors—including pension funds, sovereign wealth funds and asset managers—a London listing offers greater accessibility within a familiar regulatory environment.
The move could also improve liquidity, attract broader analyst coverage and increase the company’s visibility among international investors looking for exposure to African infrastructure and construction.
Why now?
The timing comes as Dangote Cement continues expanding across Africa while investors increasingly look for companies positioned to benefit from the continent’s long-term urbanisation and infrastructure spending.
The company already operates in more than 10 African countries and remains one of the continent’s largest listed industrial companies by market value.
A successful London listing could provide another avenue for raising capital in the future while strengthening its international profile.
A signal beyond Dangote
Beyond the company itself, the listing could serve as an important test of global investor appetite for African corporate assets.
If successful, it may encourage other large African businesses to pursue international listings as they seek deeper pools of capital and wider ownership.
At the same time, it revives a longstanding debate about why many of Africa’s biggest companies still look overseas when seeking access to global investors.
The issues
The announcement raises broader questions about African capital markets.
While domestic exchanges play an important role in mobilising local investment, many large African companies still seek secondary listings abroad to improve liquidity, increase international visibility and attract institutional investors.
For policymakers, the challenge is how to deepen local capital markets so globally competitive companies can raise significant international capital without relying heavily on foreign exchanges.
What’s being said
“London is compatible with our business.”
— Mariya Dangote, Executive Director, Dangote Group
What’s next
Investors will be watching for a formal announcement confirming the listing timetable, regulatory approvals and details of how the shares will trade alongside the Nigerian Exchange.
Bottom line
If Dangote Cement completes its London secondary listing this year, it will be more than a corporate milestone. It will signal that one of Africa’s largest companies believes international capital markets remain central to its next phase of growth while testing global investor appetite for African industrial champions.
