Dangote Plans $13bn Cement Listing on London Exchange

Aliko Dangote, Africa's richest man, is planning a secondary listing of Dangote Cement on the London Stock Exchange, with a market capitalization of nearly $13 billion. This move aims to attract outside investors by selling 10% of the company's shares.

Dangote stated that the company is entering a busy period and is preparing for a potential listing in 2026, following previous attempts that did not materialize. The decision aligns with recent changes in UK financial regulations designed to attract more listings.

Advisors for this move include Citigroup, JPMorgan Chase, and Standard Bank. Dangote Cement, which operates in 11 African countries, has seen its shares gain 70% over the past year.

The company plans to increase its annual cement production from 60 million tons to 100 million tons by 2030. Dangote also holds a significant stake in an oil refinery in Lagos, which has contributed to his wealth, now estimated at $35.4 billion.