Dangote Cement picks London for listing over Dubai citing faster execution, fewer rules

The Dangote Group has chosen the London Stock Exchange for its planned international listing of Dangote Cement, prioritizing the UK market for its speed, liquidity, and favorable regulatory climate for global investors. This decision comes as the conglomerate reiterates its ambitious goal of achieving a $100 billion valuation by 2030.

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It will happen maybe by the end of this year, you know, the secondary listing, and we are planning to list in London because I think we compared many like stock exchanges. London is the one that is compatible with our business. Before, we thought of the secondary listing in Dubai, but the rules, you know, will make it hard for us to do the primary listing in Dubai.

Mariya Dangote, a board member, explained that London offers a more efficient platform for share trading compared to alternatives like Dubai, where regulatory hurdles were deemed too time-consuming. The secondary listing, anticipated before the end of 2026, will complement the primary listing on the Nigerian Exchange. It is designed to attract international institutional investors from Europe and North America, allowing them to trade shares directly in major currencies and bypass settlement and foreign exchange issues associated with local markets.

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There are many regulatory compliance that we have to do, and it will take us more years, and we have been talking about this listing for almost like I think six or five years, more than that. I’m confident because we did all our background checks and everything.

This strategic move is expected to expand the company's shareholder base and enhance its access to long-term capital, crucial for funding its extensive expansion program across Africa. Dangote Cement, already Africa's largest cement producer with an annual capacity of approximately 55 million metric tonnes, plans to offer about 10 percent of its equity to foreign institutional investors as part of this listing. Mariya Dangote expressed confidence in the process, noting that legal and financial teams are working diligently to ensure a smooth execution, with no current constraints identified.

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As I’m talking now, you know, we have our lawyers, our financiers, and every other person, and even the team are working day and night to see if there is anything that will stop the listing, and as I’m talking now, nothing, no constraint for now.