Dangote Cement Courts London for a Second Listing
Nigeria · MARKETS
Key Facts
- —Listing type A secondary listing on the London Stock Exchange is planned, alongside its existing listing on the Nigerian Exchange.
- —Target date The move is targeted for the first quarter of 2027, conditional on the timing of the refinery IPO.
- —Company intent Executive director Mariya Dangote said on the record the company expects to pursue a London listing, but the timeline is conditional.
- —Current market cap On the Nigerian Exchange, Dangote Cement had a market capitalisation of about ₦17.32 trillion (US$13.0 billion) as of 18 August 2026.
- —H1 2026 revenue Group revenue reached ₦2.51 trillion (US$1.9 billion) in the first half of 2026, up 21.4% year-on-year.
- —Confirmation status No formal prospectus or regulatory filing has been published yet, with details based on the executive’s statement.
Dangote Cement plans investor meetings in London ahead of a reported secondary listing on the LSE. Intent is confirmed on the record by an executive director, but no formal prospectus has been filed.
Dangote Cement is meeting investors in London as part of plans for a secondary listing on the London Stock Exchange. The company’s intent is confirmed on the record by an executive director, but no formal filing has been made yet.
The planned listing is separate from the October 2026 initial public offering for Dangote Petroleum Refinery. Both moves are part of a wider strategy to access international capital markets for expansion.
Executive Confirms Intent
Mariya Dangote, an executive director, said a London listing is expected, but the timeline is conditional. She spoke in Lagos on about 24 July 2026, per Nairametrics, Arise News and ThisDay.
She said the secondary listing may occur at year-end. Two IPOs are happening, so they want a gap, pushing to late 2026 or Q1 2027.
Investor Meetings in London
A capital markets event in London is planned, where the company will present to potential investors. The event is reported by Nairametrics, but no advisers, banks, or specific investor names have been made public.
No formal prospectus or regulatory filing has been published yet, with details based on the executive’s statement.
Current Listing on Nigerian Exchange
Dangote Cement is listed on the Nigerian Exchange under the ticker DANGCEM. Its market capitalisation was about ₦17.32 trillion (US$13.0 billion) as of 18 August 2026.
The stock traded at roughly ₦1,034 (US$0.78) per share, with a price-to-earnings ratio of 15.35 times on the same date.
Strong H1 2026 Financials
In the first half of 2026, group revenue rose 21.4% year-on-year to ₦2.51 trillion (US$1.9 billion). Profit after tax increased 22.7% to ₦638.5 billion (US$481 million), while EBITDA reached ₦1.19 trillion at a 47.3% margin.
The company shifted from ₦682.9 billion net debt at end-2025 to ₦215.2 billion net cash by mid-2026. This improvement was driven by an 11.8% rise in production volumes to 14.9 million tonnes, plus strong clinker exports.
Rationale for London Listing
The rationale is part of a wider strategy to access international capital markets. A London listing likely aims to raise hard-currency equity and diversify funding sources.
This motivation is common among large Nigerian issuers.
Broader Dangote Strategy
The cement move parallels a planned US$5 billion refinery IPO, targeted for October 2026. Chief executive David Bird says a foreign listing is at least three years away.
Refinery IPO proceeds will fund Lagos expansion and replicate projects in Africa. This is based on Nairametrics and Reuters-linked commentary.
Confirmation Status
The London listing is not yet confirmed in formal documentation. No prospectus, regulatory filing, or official announcement from Dangote Cement has been published.
Reporting relies on the on-the-record statement of a senior executive. Until filings appear, the details remain preliminary.
Frequently Asked Questions
What is a secondary listing?
A secondary listing means a company’s shares are traded on an additional exchange, while its primary listing remains on its home exchange. Dangote Cement would keep its Nigerian Exchange primary listing.
When is the London listing expected?
The target is the first quarter of 2027, conditional on the refinery IPO timing. The executive said it could be pushed to end-2026 or Q1 2027.
Has Dangote Cement confirmed the listing?
Executive director Mariya Dangote confirmed intent on the record in July 2026. However, no formal company statement or regulatory filing has been published.
What are Dangote Cement’s recent financials?
In H1 2026, group revenue was ₦2.51 trillion (US$1.9 billion), up 21.4% year-on-year. Profit after tax rose 22.7% to ₦638.5 billion (US$481 million).
How large is Dangote Cement on the Nigerian Exchange?
Its market capitalisation was about ₦17.32 trillion (US$13.0 billion) on 18 August 2026. This makes it one of Nigeria’s largest listed companies.
Connected Coverage
Sources: Nairametrics; Arise News; ThisDay; Nigerian Exchange filing of 29 July 2026; Reuters
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