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Dangote Cement is exploring a possible London Stock Exchange listing, but it has not announced a completed transaction. Semafor reported on 5 October 2026 that the group pitched London investors in late September and is targeting a possible raise of up to $1 billion, with completion hoped for in 2026. Those figures and the timetable are reported plans, not final terms.
What Dangote Cement and the latest report say
In a 12 May 2026 disclosure, Dangote Cement said it was at a preliminary stage of exploring a possible secondary listing on the London Stock Exchange. The company said any transaction would depend on corporate and regulatory approvals, final terms and market conditions. It added: “There is no certainty that the proposed listing will be completed or, if completed, as to the terms or timing thereof.” The company’s disclosure was signed by company secretary Edward Imoedemhe.
The more recent details come from Semafor’s 5 October report, which attributed them to a person familiar with the plans. It said Dangote Group had pitched London investors in late September, hoped to complete a listing during 2026 and could raise up to $1 billion. The target is not a confirmed proceeds figure, and the report does not establish that the company has fixed a launch date.
How a London listing may relate to Lagos
The proposal has been described as a secondary listing, which would add a London trading venue rather than replace the company’s existing Nigerian listing. Dangote Cement’s investor-relations page identifies its Nigerian listing, and the Nigerian Exchange lists the company as DANGCEM in its company profile.
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Global Cement reported on 27 July 2026 that Lagos would remain the primary listing and that the company preferred London to Dubai, which was expected to take longer. Its report also described a planned sale of about 10% of shares. Treat that percentage and the Lagos arrangement as reported plans: the company’s May disclosure did not set final transaction terms. Global Cement’s report also said shareholders approved pursuing an international listing at the company’s 2 July annual general meeting. That reported shareholder mandate is not the same as regulatory clearance or completion.
What the reported figures do—and do not—tell investors
Dangote Cement’s investor-relations page reports FY2025 group revenue of ₦4,306,704 million and total capacity of 55.0 million tonnes. Capacity is not the same as actual production. These operating figures provide scale, but they do not establish the valuation, price or proceeds of a London transaction.
Coverage of an earlier plan also appeared on 8 May 2026: Semafor relayed a Financial Times report that Aliko Dangote planned a London listing involving the sale of about 10% of the company’s shares. That was an attributed plan, not evidence of agreed final terms. Semafor’s earlier report should be read alongside the later issuer disclosure and reporting.
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What is still not confirmed
The available announcements and reports do not establish the final offer size, percentage sold, share class, pricing, listing segment, prospectus publication, definitive timetable or receipt of all required regulatory approvals. The company’s May statement remains the clearest account of its formal position: the proposal is preliminary, conditional and uncertain.
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Dangote Cement’s governance page says the company is not regulated by the UK FCA and that it voluntarily follows some UKLA governance practices. That describes its existing governance framework; it does not determine the regulatory treatment of a proposed London listing. The company’s governance information should not be taken as confirmation of listing approval.
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