Dangote Cement Targets $1bn from November London Listing

By Adedapo Adesanya

Dangote Cement Plc is targeting about $1 billion from its proposed secondary listing on the London Stock Exchange (LSE) in November.

The firm, which is Africa’s largest cement producer, is seeking to broaden its international investor base and strengthen its access to global capital markets, as part of a wider $100 billion valuation target of the Dangote Group. Dangote Cement is majority-owned by Mr Aliko Dangote, Africa’s richest man.

According to Bloomberg, the company has appointed Goldman Sachs Group Inc. and UBS Group AG as bookrunners for the planned transaction, citing people familiar with the matter.

The proposed offering is expected to involve the sale of about 10 per cent of the company by existing shareholders, rather than the issuance of new shares.

The planned London listing would give international investors another route to invest in the Nigerian cement manufacturer, whose shares are already traded on the Nigerian Exchange (NGX) Limited. It could also raise the company’s profile among global institutional investors and provide greater international visibility for its shares.

The fundraising target comes as Dangote Cement continues to expand its manufacturing footprint across Africa. The company reported revenue of N4.31 trillion for the 2025 financial year, representing a 20.3 per cent increase from the previous year, while profit after tax rose 101.7 per cent to N1.015 trillion.

Its Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 43.4 per cent to N1.981 trillion, reflecting improved operating performance during the period.

The cement maker recorded sales volumes of 27.5 million tonnes in 2025 and has installed production capacity of 55 million tonnes annually across its African operations. It operates in 11 African countries, positioning it as a major supplier to the continent’s construction and infrastructure markets.

Dangote Cement’s London listing plans gathered momentum following shareholder approval for the proposed secondary listing and a capital markets day held in London on September 21, where management engaged investors on the company’s strategy, operations and business priorities.

The proposed transaction revives a plan that has been under consideration for years. Dangote Cement first explored a London listing in 2011, while an earlier attempt was abandoned in 2018.