Photo: Aliko Dangote, founder of the Dangote Group — BusinessDay
Dangote Cement Plc has shelved plans for a secondary listing on the London Stock Exchange, abandoning — for now — a proposed international share offering aimed at widening its foreign investor base.
The decision was disclosed in a regulatory notice signed by the company secretary, Edward Imoedemhe, and filed with the Nigerian Exchange Limited (NGX) on Tuesday, November 10, following a board meeting the same day. Contrary to any suggestion of a delisting, Dangote Cement was never listed in London: this was a planned new listing that will now not proceed.
- The board resolved not to proceed with the proposed London secondary listing and offering "at this time"
- Parent company Dangote Industries Limited, the selling shareholder, also will not proceed
- Dangote Cement shares remain listed on the NGX; operations and business plans are unaffected
What Dangote Cement told the NGX
"The Board resolved that, in light of current market conditions and the Company's strategic priorities, the Company announces that it and its selling shareholder, Dangote Industries Limited (DIL) will not proceed with the proposed secondary listing and offering on the London Stock Exchange at this time," the statement said.
The company gave no new timeline and did not indicate when it might reconsider the transaction. It stressed that its ordinary shares would continue to trade on the Nigerian Exchange, where it has an established investor base, and that the decision would not affect its operations or business plans.
Reuters reported that the cement maker's market valuation stood at about N24.79 trillion (about $18.42 billion) at the time of the announcement, and described the move as a setback for the London bourse, which has struggled to attract major new issuers.
How advanced the London listing plan was
Preparations had moved considerably before the plug was pulled. Dangote Cement, part of Aliko Dangote's business group and listed on the NGX since 2010, had disclosed in May that it was in early talks over a potential London listing. It hosted a capital markets event in London on September 21 to engage prospective investors.
Reports put the potential value of the share sale at about $1 billion, structured as a secondary sale of existing shares — roughly 10 per cent of the company — by the selling shareholder, rather than a fresh capital raise for the company itself. International banks including Goldman Sachs and UBS had been expected to act as bookrunners, BusinessDay reported.
What happens next
The withdrawal means the Nigerian Exchange retains the full trading activity of one of its largest listed companies for now. Whether Dangote Cement revives the London plan will depend on the market conditions and strategic priorities its board cited — the company has left the door open by framing the decision as applying "at this time," rather than a permanent abandonment.
Credit: BusinessDay and Reuters reports of November 10, 2026, of Dangote Cement's filing to the Nigerian Exchange.
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