Dangote Plans $13 Billion London Listing for Cement Firm

Aliko Dangote, Africa's richest man, announced plans for Dangote Cement PLC to pursue a dual listing on the London Stock Exchange in 2023, targeting a valuation of nearly $13 billion. In an interview with Financial Times, Dangote revealed the intention to sell 10% of the company's shares to outside investors as part of this secondary listing in the United Kingdom.

The company reported a profit before tax of ₦421.1 billion for Q1 2026. However, stringent listing requirements and distractions from a massive refinery project in Nigeria have posed challenges.

Recent reforms in the UK market have made it more attractive for listings, and Dangote's decision aligns with a broader strategy to expand the Dangote Group, which also includes plans to list a refinery with a capacity of 650,000 barrels per day across multiple African exchanges. This move is expected to further increase Dangote's net worth, which has already risen by $5.4 billion this year, bringing it to $35.4 billion according to Bloomberg estimates.