Dangote Cement Abandons London Secondary Listing as Refinery IPO Falls Short of 10 Million Investor Target

Aliko Dangote’s cement business has shelved plans for a secondary listing on the London Stock Exchange, opting to keep its shares exclusively on the Nigerian Exchange, as the billionaire pursues a different route to capital through his flagship refinery’s record domestic IPO.

Aliko Dangote’s cement business has shelved plans for a secondary listing on the London Stock Exchange, opting to keep its shares exclusively on the Nigerian Exchange amid challenging market conditions and changing strategic priorities.

The decision marks a setback for the London market, which has struggled to attract major new listings as companies increasingly reconsider their presence on the UK bourse.

Dangote cement, Africa’s largest cement producer, had disclosed in May that it was holding early discussions about a potential London listing. The move would have given the company access to a broader pool of international investors and additional sources of capital.

However, the company said on Tuesday that it had abandoned the plan, citing market conditions and strategic priorities. Its shares will remain listed on the Nigerian Exchange, and the decision will not affect its operations or business plans.

The Numbers Behind the Decision

The company recently recorded a profit after tax of ₦974.8 billion ($714 million) for the nine months ended September 30, compared with ₦743.3 billion in the corresponding period of the previous year, according to unaudited results filed with the Nigerian Exchange.

With operations across 11 African countries and revenues exceeding $3 billion in 2025**, the company remains one of the continent’s biggest industrial businesses. Its market valuation stands at approximately **₦24.79 trillion ($18.42 billion).

The abandonment of the London plan is a blow to the UK exchange’s ambitions in Africa. London has lost ground to New York and to domestic African exchanges in recent years, as companies weigh valuation discounts, liquidity concerns and the compliance burden of a secondary listing against the benefits of access to UK institutional capital.

The Refinery IPO: Billions Raised, Ambition Missed

While the cement business has opted against pursuing a London listing, Dangote is taking a different route to international and domestic capital markets through his flagship refinery.

In September, the billionaire launched what was described as Africa’s largest-ever initial public offering, bringing shares in his $20 billion refinery to the Nigerian capital market.

Marketed as the “People’s IPO,” the offer was designed to give ordinary Nigerians and investors across Africa an opportunity to own a piece of the refinery. It offered 4.1 billion ordinary shares at ₦525 each, with a minimum subscription of 10 shares costing ₦5,250.

Although the offer attracted approximately ₦6.4 trillion in orders — nearly three times its ₦2.15 trillion base target — it fell short of Dangote’s ambition to attract 10 million investors.

That gap is instructive. The oversubscription demonstrates institutional and high-net-worth appetite; the shortfall in investor numbers suggests the retail distribution ambition — bringing millions of ordinary Nigerians into equity ownership — was not achieved at the scale envisioned. An IPO can be a financial success and still miss its stated social objective.

The proceeds are expected to contribute to an ambitious $14.3 billion expansion programme aimed at doubling the refinery’s processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029.

Beyond Nigeria

Dangote is also looking beyond Nigeria. His expansion plans include a proposed $16 billion refinery in Lamu, Kenya, with a planned capacity of 700,000 barrels per day.

The contrast between Dangote Cement’s abandoned London listing and the refinery’s massive domestic IPO highlights the billionaire’s evolving approach to capital markets, as he continues to pursue large-scale investments across Africa.

The strategic logic is visible: rather than seeking international validation through a London listing, Dangote is raising capital at home, from Nigerian and African investors, in Nigerian currency, on Nigerian terms. For a group whose assets are overwhelmingly African, that alignment may prove more durable than a secondary listing in a market that has grown cooler toward African issuers.

Quick Facts

Dangote Cement has abandoned plans for a secondary listing on the London Stock Exchange, first disclosed in May, citing market conditions and strategic priorities, and will remain listed solely on the Nigerian Exchange. The company reported profit after tax of ₦974.8 billion ($714 million)** for the nine months to **September 30**, up from ₦743.3 billion, with operations across **11 African countries**, revenues above **$3 billion in 2025 and a market valuation of about ₦24.79 trillion ($18.42 billion).

The Dangote Refinery IPO, launched in September as Africa’s largest-ever offering, sold 4.1 billion shares at ₦525 each with a minimum subscription of 10 shares (₦5,250). It drew about ₦6.4 trillion in orders against a ₦2.15 trillion base target — nearly three times oversubscribed — but fell short of the 10 million investor ambition.

Proceeds will support a $14.3 billion expansion** doubling capacity from **700,000 to 1.4 million barrels per day by 2029**, alongside a proposed **$16 billion, 700,000-bpd refinery in Lamu, Kenya.

Source: Accra Street Journal

Last Updated on November 11, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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