Dangote Cement Shelves London Stock Exchange Listing Plan

Dangote Cement Plc has suspended its planned secondary listing and share offering on the London Stock Exchange (LSE), citing prevailing market conditions and its strategic priorities.

The company and its selling shareholder, Dangote Industries Limited, said they had decided not to proceed with the transaction for now. The decision was disclosed in a notice to the Nigerian Exchange Limited (NGX), signed by the Company Secretary, Edward Imoedemhe, after a board meeting on Tuesday, November 10, 2026.

Dangote Cement said its ordinary shares would remain listed on the NGX and that the decision would not affect its operations or business plans. It reaffirmed its commitment to delivering sustainable value to shareholders.

The company did not name the market factors behind the decision. It also gave no timetable for revisiting the offering, and it described the move as applying “at this time” rather than as a permanent abandonment of the plan.

The proposal first emerged in May 2026, when Dangote Cement, then valued at nearly $13 billion, was reported to be preparing a London listing within the year. Shareholders later authorised the board at the annual general meeting to pursue a secondary listing on the LSE or another recognised international exchange, subject to regulatory approvals.

In July, the company said it preferred London to Dubai because the UK listing process was faster and more practical. On September 2, it announced a Capital Markets Day for investors in London on September 21 as part of preparations.

Earlier reports said about 10 per cent of the company’s shares would be offered to external investors, raising an estimated $1 billion.

The suspension follows a strong run on the NGX. Dangote Cement closed on Monday, November 9, at N1,469.90 per share, up 9.6 per cent from N1,341. The stock opened 2026 at N609, a year-to-date gain of about 141 per cent. It has risen about 38 per cent over the past four weeks.

It was also a major contributor to the N2.32 trillion gain in NGX market capitalisation on Monday. The share price was unchanged at N1,469.90 at the time of the announcement.

This is not the first time the company’s London plans have been put off. A similar listing was delayed in 2020, and a 2018 report tied the timing of an earlier proposal to that year’s general election.