Get Guardian on GoogleDangote Cement Plc has shelved plans for a secondary listing and share offering on the London Stock Exchange (LSE), citing prevailing market conditions and strategic priorities, in a setback to efforts by the UK bourse to attract major international companies.
The decision, which was announced yesterday, followed a board meeting held on November 10, 2026, where directors resolved that the company and its selling shareholder, Dangote Industries Limited (DIL), would no longer proceed with the proposed listing and offering at this time.
The cement manufacturer disclosed this in a notice to the Nigerian Exchange Limited (NGX), signed by its Company Secretary, Edward Imoedemhe.
The firm assured investors that its shares would remain listed on the Nigerian bourse and that the decision would not affect its operations or business plans.
Dangote Cement had disclosed in May that it was in early discussions over a possible secondary listing in London, a move expected to broaden its access to international investors and provide additional opportunities for raising capital.
The proposed transaction had attracted the attention of international financial institutions, with Citigroup, JPMorgan Chase and Standard Bank reportedly engaged as advisers to the company.
The proposed listing was expected to give the cement manufacturing giant greater exposure to international investors and strengthen its presence in global capital markets.
However, the transaction will no longer proceed following the board’s latest decision.
Dangote Cement, Africa’s largest cement producer, operates in 11 African countries and has been listed on the NGX since 2010.
The company is currently the NGX’s most valuable listed firm, with a market capitalisation of N24.8 trillion, representing approximately 15.1 per cent of the Nigerian equities market.
Former President of the Ibadan Zone of the Shareholders Association of Nigeria, Eric Akinduro, described Dangote Cement’s decision to suspend its proposed secondary listing on the London Stock Exchange as a business decision, expressing confidence that the company must have carefully considered the implications before taking the step.
He said the decision should not be a source of concern for investors, noting that pursuing a dual listing involves several processes and regulatory requirements that may take time to complete.
According to him, the decision to suspend the exercise does not mean the company has abandoned the possibility of listing in London permanently, as the transaction could still be pursued when market conditions become more favourable and the company considers the timing appropriate.
The withdrawal comes at a time when the London Stock Exchange is facing challenges in attracting major companies, with several businesses either abandoning the market or moving their listings elsewhere.
The decision also comes amid increased activity in Nigeria’s capital market, following the September launch of the initial public offering of shares in Dangote Petroleum Refinery, described as Africa’s biggest share sale.
