Dangote Cement shelves $1 billion London listing as shares surge 141% on NGX

Spread the word Dangote Cement Plc has suspended plans for a secondary listing and share offering on the London Stock Exchange (LSE), citing unfavourable market conditions and its strategic priorities, in a setback to its long-running ambition to attract more international investors.

The decision, jointly taken by the cement manufacturer and its selling shareholder, Dangote Industries Limited (DIL), was disclosed in a notice filed with the Nigerian Exchange Limited (NGX) on Tuesday.

The notice, signed by the Company Secretary, Edward Imoedemhe, said the proposed transaction would not proceed at this time, following a board meeting held on Tuesday.

Dangote Cement did not indicate when the plan might be reconsidered but stressed that its ordinary shares would remain listed on the NGX and that the decision would not affect its operations or business plans.

The development comes after months of preparations for an international offering expected to involve approximately 10 per cent of the company’s shares and potentially generate about $1bn for the selling shareholders.

The proposed London transaction was designed to broaden the company’s international investor base and improve share liquidity. It was not intended as a fresh capital-raising exercise for Dangote Cement itself, according to the Financial Times.

Reporting on the decision, Reuters said market turbulence following the United States midterm elections had unsettled investors and weighed on major markets, including Wall Street and the FTSE 100.

The Financial Times also attributed the withdrawal to volatile equity markets following a recent sell-off in technology stocks linked to concerns about artificial intelligence, citing a person familiar with the decision.

The suspension represents another setback for the London Stock Exchange, which has struggled to attract major new listings amid subdued initial public offering activity and the departure or acquisition of existing listed companies.

Dangote Cement’s decision comes amid an impressive rally in its Nigerian share price.

The stock closed at N1,469.90 on Monday, November 9, representing a gain of approximately 141 per cent from its opening price of N609 at the beginning of 2026.

It also advanced by about 9.6 per cent during Monday’s trading session and gained approximately 38 per cent over the preceding four weeks.

The strong share-price performance also made Dangote Cement one of the major drivers of the NGX’s N2.32 trillion market capitalisation gain on Monday.

Dangote Cement’s renewed London listing plan emerged in May 2026, when Aliko Dangote disclosed plans to pursue a secondary listing for the company, then valued at nearly $13bn.

Shareholders subsequently authorised the board to pursue a secondary listing on the LSE or another recognised international exchange, subject to regulatory approvals.