Dangote Cement Plc has suspended plans to pursue a proposed $1 billion secondary listing on the London Stock Exchange (LSE), citing prevailing market conditions and strategic considerations.
The company disclosed the decision in a notification to the Nigerian Exchange Limited (NGX) on Tuesday, November 10, 2026, stating that its board had resolved not to proceed with the proposed international listing for now.
The development represents a setback to the company’s efforts to expand its international investor base and strengthen its presence in global financial markets.
Dangote Cement had announced plans several months ago to secure a secondary listing in London as part of efforts to attract more foreign investors, broaden its shareholder base and improve access to international capital markets.
The proposed transaction was expected to involve the sale of approximately 10 per cent of the company’s existing shares, with an estimated value of about $1 billion.
However, the transaction was not intended to raise fresh funds for the company’s operations. Rather, it was designed to provide existing shareholders with additional liquidity while creating opportunities for international investors to acquire shares in the cement manufacturer.
As part of preparations for the proposed listing, Dangote Cement reportedly engaged major international financial institutions, including Citigroup, JPMorgan Chase and Standard Bank, to advise on the transaction.
Other global investment banks were also said to have participated in the preparations.
However, following an assessment of prevailing conditions in the global equity market, the company decided to suspend the process.
In its notification to the NGX, Dangote Cement explained that the decision was informed by current market conditions and its strategic priorities.
The company also clarified that the decision would not affect its existing operations, business strategy or planned investments.
The proposed London listing had attracted considerable attention among international investors, particularly as the London Stock Exchange continues efforts to attract major companies amid concerns over the departure and delisting of several prominent businesses.
Dangote Cement, which has been listed on the Nigerian Exchange since 2010, is Africa’s largest cement manufacturer, with production facilities and operations across 11 African countries.
Its market capitalisation was estimated at approximately $18.4 billion on the Nigerian Exchange, making it one of the most valuable companies on the domestic stock market.
The proposed international listing was expected to raise the company’s global profile and provide institutional investors with a wider platform to gain exposure to Africa’s cement and building materials industry.
In May 2026, the company confirmed that it was exploring a possible secondary listing in London under the United Kingdom’s international commercial companies secondary listing framework, according to Reuters.
At the time, Dangote Cement explained that the proposed arrangement, subject to regulatory approvals, corporate authorisations and favourable market conditions, would strengthen its access to international capital markets and diversify its shareholder base.
The company’s controlling shareholder, Aliko Dangote, was expected to retain his dominant ownership position after the proposed transaction.
Despite shelving the London listing, Dangote Cement is expected to continue operating under its existing listing arrangement on the Nigerian Exchange.
The company remains a major player in Africa’s construction and infrastructure sector, with ongoing expansion initiatives aimed at increasing production capacity, strengthening its regional market position and meeting growing demand for cement across the continent.
The latest development highlights the challenges companies face when seeking international listings, particularly amid changing global market conditions, investor appetite, valuation concerns and transaction costs.
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