By Adedapo Adesanya

Nigerian businessman, Mr Aliko Dangote, is planning a London listing of his cement subsidiary this year, sixteen years after listing on the Nigerian Exchange (NGX) Limited.

The secondary listing move for Dangote Cement Plc would provide the company with the much-needed boost for the United Kingdom market, Mr Dangote told the Financial Times.

As part of the move, about 10 per cent of the shares in the company would be sold to outside investors, he added.

“We want to do a dual listing. We’ve been thinking about it for seven to 10 years,” said Mr Dangote, adding that his business had entered “the busiest period” of his life.

Dangote Cement Plc was listed on the then-Nigerian Stock Exchange (NSE) in 2010. The stock has appreciated by more than 70 per cent this year alone.

The Dangote Group already has several subsidiaries listed on the Nigerian Exchange, including Dangote Cement, Dangote Sugar Refinery and Nascon Allied Industries.

The billionaire also announced this week a decision to foray into electricity generation, with a 20,000-megawatt project in the pipeline. Other plans include expanding his 650,000 barrels per day refinery to around 1.4 million barrels per day, as well as plans to construct another refinery to serve the East African nations of Kenya, Uganda, and Tanzania. It also plans to list the Lagos-based refinery across multiple African countries.

“We ended up saying London is good as they have brought down the minimum listing requirements,” Mr Dangote told the newspaper.

To carry out the London listing push, Dangote Cement has selected banks to advise on the move, including Citigroup, JPMorgan Chase, and Standard Bank, FT said, according to people familiar with the matter.

This indicates that the move is gaining ground after previous moves to list the cement company in England failed in the past. It is also boosted by recent changes by the UK’s Financial Conduct Authority to overhaul listing rules to boost the attractiveness of the market.

The cited sources said the final decision will depend on the market environment and investor demand.

Dangote Cement, separately, operates across 14 African countries. It is the continent’s dominant cement producer and has operations ranging from Nigeria and Ethiopia to South Africa and Senegal.

By Adedapo Adesanya

Six Nigerian oil marketers have been granted the licence to import petrol into the country to liberalise the local market and encourage competition.

The licences were issued by the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), allowing them to import a total of about 600,000 metric tons or roughly a quarter of the country’s domestic consumption. The firms are Matrix, AA Rano, AYM Shafa, Nipco and Bono.

They will import between 60,000 and 150,000 metric tonnes of petrol, subject to the permit type.

This development is a shift in policy that has seen the NMDPRA heavily regulate foreign arrivals of Nigeria’s main motor fuel in order to support the 650,000 barrels per day Dangote Refinery in Lagos.

After an initial clampdown in October 2025, the NMDPRA issued six companies with limited petrol import licenses in late March 2025, but left them to expire at the end of the first quarter, leaving uncertainty over its future policy trajectory.

In its latest permitting round, the authority has continued to restrict the number of companies authorised to import foreign petrol, but has substantially increased permit volumes to cover more than triple the previously approved volume.

Such entities will typically buy products from the nearby offshore Lome market, where larger international trading houses and oil companies will send the fuel and load it onto smaller ships.

This comes as ex-Dangote Cement official, Mr Rabiu Abdullahi Umar, was selected to replace Mr Saidu Mohammed after just four months in office by President Bola Tinubu. His appointment had raised worries about possible unfair practices.

According to the latest NMDPRA figures, the Dangote refinery ran at 94 per cent of its capacity in March and produced enough fuel to cover the country’s entire domestic gasoline consumption. However, supplies to the local market fell.

S&P Global Commodities at Sea data shows Nigeria imported 60,000 barrels per day, equivalent to 218,000 metric tonnes of petrol in April, more than double March’s all-time low but still less than half of the 2026 average.

By Adedapo Adesanya

Airtel Africa will delay the planned ​Initial Public Offering ​(IPO) of its mobile money ⁠business, Airtel Money, to the ​second half of ​2026, citing market uncertainties amid the ongoing Middle East ​war.

The telecoms ​group had earlier planned to list Airtel ‌Money ⁠in the first half of this year, but said that rising ​energy ​costs ⁠stemming from the war would ​likely result in ​higher ⁠inflation, which would weigh on its ⁠near-term ​profit margins.

The company controlled by billionaire Sunil Mittal’s Bharti Enterprises Limited could now raise between $1.5 billion and $2 billion selling shares in London, from a previously expected $4 billion.

London emerged as the most likely venue, although exchanges in the United Arab Emirates (UAE) and other parts of Europe have also been considered.

The delay will make it possible to finalise decisions on timing, valuation, and location.

The planned IPO reflects a broader strategy by Airtel Africa to unlock value from its mobile money unit, which has become a key growth driver as traditional telecom revenues face pressure.

Airtel Africa, which operates in 14 countries and is dual-listed in London and Lagos, is majority-owned by Indian billionaire Sunil Mittal through Bharti Enterprises.

The group has long signalled plans to spin off or list Airtel Money after years of rapid expansion as the mobile money sector in Africa continues to expand rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.

In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO, which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.

Estimating Airtel Money at around $2 billion is lower than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.

Its customer base is over 52 million, compared to around 44.6 million users it had as of June 2025.