Why Dangote Chose London Over Dubai for Cement Listing

• Dangote Cement has opted for a secondary listing in London after ruling out Dubai, saying the UK market offers a faster and more practical route to attract global investors.

• The company plans to complete the listing before the end of 2026, although the timeline could shift to early 2027 depending on the proposed IPO of Dangote Refinery.

• The move forms part of the Dangote Group’s broader capital market strategy as it pursues fresh funding and targets $100 billion in annual revenue by 2030.

July 24, (THEWILL) — Dangote Cement has explained why it is pursuing a secondary listing in London instead of Dubai, saying the United Kingdom offers a quicker and more practical pathway to the international capital market.

The company said although Dubai was considered, the listing process would have taken considerably longer, making London the preferred option as it expands its global investor base.

Speaking in Lagos, Executive Director overseeing the group’s cement and foods businesses, Mariya Dangote, said the decision was driven by timing and compatibility with the company’s long-term strategy.

“We thought of the secondary listing in Dubai, but it would have taken years to list. It’s compatible with our business,” she said.

Dangote Cement is targeting the end of 2026 for the secondary listing, although Mariya said the timeline could be pushed to the first quarter of 2027 depending on the schedule for the planned initial public offering of Dangote Refinery.

“If the refinery IPO is around September, then we’ll move the secondary listing to the end of the year or the first quarter of 2027 because we don’t want both transactions happening at the same time,” she said.

London listing aligns with global expansion

The proposed London listing is one of several capital market transactions the Dangote Group is pursuing as it expands its industrial footprint and seeks to attract a wider pool of international investors.

Alongside the planned listing of Dangote Refinery, the conglomerate is also considering selling a stake in its fertiliser business as it raises capital to finance future growth.

The strategy supports the group’s ambition of growing annual revenue to $100 billion by 2030 through investments spanning manufacturing, energy and other industrial sectors.

London’s deep capital market and international investor base are expected to provide Dangote Cement with greater visibility among global institutional investors while broadening its shareholder base.

The listing plans come amid sustained investor interest in Dangote Cement, whose shares have rallied about 70 per cent on the Nigerian Exchange this year, pushing the company’s market capitalisation to about N17 trillion.

The company remains Africa’s largest cement producer, operating 11 plants across 10 African countries with a combined installed production capacity of 55 million metric tonnes annually.

Although Dangote Cement first announced plans to pursue a London listing more than a decade ago, the latest update suggests the proposal is now moving closer to execution as the group advances multiple fundraising initiatives.

The planned secondary listing is expected to complement the refinery’s proposed IPO and strengthen the conglomerate’s access to international capital as it prepares for its next phase of expansion.