Dangote Cement suspends planned London Stock Exchange listing

Dangote Cement Plc and its selling shareholder, Dangote Industries Limited (DIL), have decided not to proceed with the proposed secondary listing and offering on the London Stock Exchange (LSE) currently, citing current market conditions and the company’s strategic priorities.

The decision was disclosed in a notice filed with the Nigerian Exchange Limited (NGX), signed by Company Secretary, Edward Imoedemhe, following a board meeting held on Tuesday, November 10, 2026.

The company said its ordinary shares would remain listed on the NGX, adding that the decision would not affect its operations or business plans.

London listing suspended amid market conditions:

Dangote Cement said the decision to halt the proposed London listing was informed by prevailing market conditions and its strategic priorities.

The company did not provide further details on the specific market factors behind the decision or indicate when the proposed transaction might be reconsidered.

• The suspension affects the proposed secondary listing and offering on the London Stock Exchange.
• Dangote Cement’s ordinary shares will remain listed on the Nigerian Exchange.
• The company said the decision would not affect its existing operations or business plans.

The notice reaffirmed Dangote Cement’s commitment to delivering sustainable value to shareholders and building on its market position.

The announcement brings the company’s latest push for an international listing to a halt after several months of preparations.

However, the notice described the decision as applying “at this time,” rather than announcing the permanent abandonment of its international listing ambitions.

It also did not disclose a revised timetable for the transaction. For existing shareholders, the immediate position remains unchanged, as Dangote Cement continues to trade on the NGX.

Dangote Cement’s London listing timeline:

Dangote Cement’s attempt to secure a London listing began in May 2026, when plans emerged to list the company, then valued at nearly $13 billion, on the LSE within the year.

• Shareholders subsequently authorised the board at the company’s annual general meeting to pursue a secondary listing on the LSE or another recognised international exchange, subject to regulatory approvals.
• In July, the company explained its preference for London over Dubai, citing a faster and more practical listing process in the United Kingdom.
• On September 2, Dangote Cement announced plans to host a Capital Markets Day in London on September 21 as part of preparations for the proposed offering.

Nairametrics previously reported plans to offer approximately 10% of the company’s shares to external investors through the London offering estimated to raise about $1 billion.

The latest decision follows earlier delays in Dangote Cement’s international listing ambitions.

• In 2020, Nairametrics reported that Aliko Dangote was delaying a London listing while considering alternatives, including expanding exports and strengthening the company’s foreign exchange position.

An earlier report in 2018 also linked the timing of the proposed listing to that year’s general election. The November 10 announcement therefore represents another postponement in the company’s long-running efforts to access international equity investors through a secondary listing.

Dangote Cement shares gain 141%:

Dangote Cement’s suspension announcement comes after a strong period of share-price appreciation on the Nigerian Exchange.

• The stock closed on Monday, November 9, 2026, at N1,469.90 per share, representing a 9.6% increase from its previous closing price of N1,341.
• Dangote Cement began 2026 at N609 per share, representing a year-to-date gain of approximately 141% at the November 9 closing price.
• The stock ranked 12th on the NGX by year-to-date share-price performance, according to the supplied market data.
• Dangote Cement had gained approximately 38% over the preceding four weeks.

The stock was a major contributor to the NGX’s reported N2.32 trillion market capitalisation gain on November 9.

At the time of the November 10 announcement, the stock’s intraday price was reported as unchanged at N1,469.90 per share.

The company’s decision means the previously proposed international offering will not proceed under the current timetable.

However, the NGX listing remains intact, and the company has said its operations and business plans are unaffected. Investors will be watching for any subsequent announcement indicating whether Dangote Cement intends to revisit the London listing under different market conditions.