Dangote Cement drops plan for a London Stock Exchange listing

Dangote Cement Plc has dropped its plan to list its shares on the London Stock Exchange, citing current market conditions.

In a statement to the Nigerian Exchange Limited (NGX) signed by Company Secretary Edward Imoedemhe, the company said its board met on November 10, 2026 and resolved that, in light of market conditions and its strategic priorities, 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 company said its ordinary shares remain listed on the NGX and that the decision does not affect its operations or business plans. It added that it remains focused on delivering sustainable value to shareholders.

Aliko Dangote had disclosed the London plan in May, eight years after an earlier attempt in 2018 failed. He told the Financial Times that the proposed dual listing would involve selling about 10 per cent of Dangote Cement's shares on the UK exchange.

Reuters, reporting through CNBC Africa, said a person with knowledge of the situation linked the decision to market volatility after the US midterm elections, and said the company may revisit the plan when conditions are more stable. Wall Street fell last week after the Democrats' midterm victory raised concerns about whether the AI boom can last, and London's FTSE 100 also ended the week lower.

The report describes the decision as a setback for the London exchange, which has struggled to attract major new issuers. Dangote Cement's market value currently stands at 24.79 trillion naira ($18.42 billion), according to Reuters.

A secondary listing lets a company whose shares already trade on one exchange make them available on another. The proposed London listing was meant to broaden Dangote Cement's shareholder base, raise its profile among international investors and give overseas buyers another route to its shares, according to Nigeria Housing Market. The company did not say which market conditions prompted the decision, or when it might reconsider.

Because the London plan was an additional listing and not a replacement, investors can keep trading the shares on the Nigerian Exchange as before, and the company has announced no change to its production or strategy. Reuters noted that London has seen a growing number of companies leave the exchange or get bought out, while its IPO market has stayed subdued. Airtel Money, which made its London debut last month, has largely traded around its IPO price of 1.96 pounds. Dangote's refinery share sale on the Nigerian Exchange in September was described as the biggest in Africa's history.