Nigerian industrial conglomerate Dangote Group has revived long-standing plans to list its flagship cement business in London, marking the latest step in a sweeping capital markets expansion that could see multiple subsidiaries float across global exchanges.
The group said on Thursday that Dangote Cement is targeting a dual listing on the London Stock Exchange by September 2026, while retaining its primary listing on the Nigerian Exchange.
The move comes 15 years after billionaire founder Aliko Dangote first explored the idea of a London listing, but abandoned it amid regulatory hurdles and shifting corporate priorities.
Dangote said eased listing requirements introduced by the UK’s Financial Conduct Authority helped revive the plan.
“We want a dual listing. We have been thinking about it for seven to ten years,” he told the Financial Times in an interview published Thursday.
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He added that London had become a more viable destination due to “lowered minimum listing requirements,” allowing the group to revisit its long-delayed international market ambitions.
The proposed listing would mark a major milestone for Dangote Cement, Africa’s largest cement producer, which operates in 11 countries and has installed capacity of 55 million metric tons per year.
The company has also delivered strong financial performance, posting a net profit of $732 million in 2025, more than double the previous year, on revenues of $3.12 billion.
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Its share price has surged in recent months on the Nigerian Exchange, lifting its market capitalisation above $12 billion, reflecting investor confidence in both domestic demand and export growth.
Clinker exports from Nigeria rose sharply in early 2026, contributing to a 35 percent increase in pre-tax profit in the first quarter of the year, according to company figures.
The London listing plan is part of a broader strategy by Dangote Industries to tap global capital markets and fund its expanding industrial footprint across energy, agriculture and manufacturing.
Devakumar Edwin, vice-president of Dangote Industries Limited, confirmed the listing plan in a message to Bloomberg, describing it as part of a wider capital strategy under consideration.
In addition to Dangote Cement, the group is preparing an initial public offering for its massive oil refinery near Lagos, which is already Africa’s largest, with a processing capacity of 650,000 barrels per day.
The refinery IPO, expected to list a 10 percent stake, could value the asset at between $40 billion and $50 billion, according to market estimates. Advisers appointed include Stanbic IBTC Capital, Vetiva Advisory Services and FirstCap.
The group is also considering a potential listing of its fertiliser arm, which operates one of Africa’s largest urea production facilities. Dangote Fertiliser recently raised $750 million through a private bond placement in April.
If completed, the three transactions would represent an unprecedented expansion of African corporate listings across both domestic and international markets.
Analysts say the strategy reflects both rising investor appetite for large-scale African industrial assets and a broader push by conglomerates to diversify funding sources beyond local markets.
“This is about scale and visibility,” said Lagos-based capital markets analyst Tunde Ajayi.
“By listing in London and potentially elsewhere, Dangote is positioning his businesses as global industrial players, not just regional champions.”
However, the plan also comes amid broader questions about liquidity in African markets and whether large listings abroad could drain capital from domestic exchanges.
Still, for Dangote, the move signals continuity in a long-term ambition to integrate his businesses more deeply into global financial systems, while maintaining a strong base in Nigeria.
Market observers expect the coming months to be critical as the group finalises regulatory approvals, investor outreach and timing for what could become one of the most significant African listings in recent years.
