Aliko Dangote has shelved plans to list his cement business on the London Stock Exchange (LSE), abandoning a proposed international share offering amid unfavourable market conditions.
Dangote Cement Plc, Africa’s largest cement producer, announced the decision after reviewing prevailing market conditions and its strategic priorities.
The Nigerian billionaire had disclosed plans for a potential London listing in May 2026, hoping to attract more international investors and expand access to global capital markets.
However, the company and its parent shareholder, Dangote Industries Limited, have now decided not to proceed with the proposed transaction.
Dangote Cement retains Nigerian listing
Despite abandoning the London listing plan, Dangote Cement will retain its primary listing on the Nigerian Exchange (NGX).
The company is valued at approximately ₦24.79 trillion, equivalent to £13.7 billion, according to figures reported by The Guardian.
In its statement, the company said: “In light of current market conditions and the company’s strategic priorities, the company announces that it and its selling shareholder, Dangote Industries Limited, will not proceed with the proposed secondary listing and offering on the London Stock Exchange at this time.”
The decision represents a setback for the London Stock Exchange, which has struggled to attract major companies and maintain its competitiveness as a global financial centre.
Market uncertainty affects London listing plans
Dangote’s decision followed recent turbulence in global financial markets, including a sharp decline in the FTSE 100 amid concerns about slowing artificial intelligence spending.
Reuters also reported that volatility in equity markets following the US midterm elections contributed to the decision.
The proposed listing was expected to broaden international access to Dangote Cement shares and attract investors from outside Nigeria.
The company’s chairman, Emmanuel Ikazoboh, had previously described the proposed move as a landmark moment.
During an investor engagement exercise, Ikazoboh told The Sunday Times: “London is a natural bridge between African opportunity and global investors.”
Dangote Cement says operations remain unaffected
The decision comes weeks after Dangote launched the listing of his oil refinery on Nigeria’s main stock exchange in September 2026, in what was described as Africa’s biggest-ever share sale.
Dangote Cement, which operates across several African markets, assured shareholders that abandoning the London listing would not affect its operations or existing business plans.
The company said: “This decision does not in any way affect the company’s operations or business plans.
“Dangote Cement remains focused on delivering sustainable value to its shareholders and building on its strong market position.”
The company has not announced a new timeline for reconsidering the London listing.
