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Dangote Cement and its majority shareholder, Dangote Industries Limited, have suspended plans for a secondary listing and share offering in London.
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The company cited prevailing market conditions and strategic priorities but did not provide a new timetable.
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Dangote Cement shares have gained 141 percent in 2026, closing at ₦1,469.90 on November 9.
November 10, (THEWILL) – Dangote Cement Plc and its selling shareholder, Dangote Industries Limited, have suspended plans for a secondary listing and share offering on the London Stock Exchange, citing prevailing market conditions and the company’s strategic priorities.
The decision was disclosed in a notice filed with the Nigerian Exchange Limited on Tuesday, November 10, 2026, and signed by the Company Secretary, Edward Imoedemhe, following a board meeting held on the same day.
The company said its ordinary shares would remain listed on the Nigerian Exchange, adding that the decision would not affect its operations or existing business plans.
The notice did not specify the market conditions responsible for the decision or provide a new timetable for the proposed transaction. However, its wording indicates that the suspension applies for now rather than representing a permanent abandonment of the international listing plan.
London Listing Halted After Months Of Preparations
Dangote Cement’s proposed London listing had been under consideration since May 2026, when the company announced plans to seek a secondary listing on the London Stock Exchange within the year.
At the time, the company was valued at nearly $13 billion. Shareholders subsequently authorised the board at the annual general meeting in July to pursue a secondary listing on the London Stock Exchange or another recognised international exchange, subject to regulatory approvals.
The company also explained its preference for London over Dubai, citing a faster and more practical listing process in the United Kingdom.
In September, Dangote Cement announced plans to host a Capital Markets Day in London on September 21 as part of its preparations to engage international investors ahead of the proposed offering.
The transaction was expected to involve the sale of approximately 10 percent of the company’s shares to external investors, with the proposed offering estimated to raise about $1 billion.
The latest decision, therefore, puts the planned international share sale on hold after several months of preparations and investor engagement.
Dangote Cement had considered accessing international equity investors through a London listing in previous years. In 2020, the company delayed an earlier plan while exploring alternatives, including expanding exports and strengthening its foreign exchange position. The timing of an earlier proposal in 2018 was also linked to the general election period.
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Shares Gain 141 Percent In 2026
The suspension comes after a strong rally in Dangote Cement’s share price on the Nigerian Exchange.
The stock closed at ₦1,469.90 on Monday, November 9, representing a 9.6 percent increase from its previous closing price of ₦1,341.
Having started the year at ₦609, the share price had gained approximately 141 percent by the November 9 close. It also recorded an increase of about 38 percent over the preceding four weeks.
The stock ranked 12th on the NGX by year-to-date share-price performance, according to the supplied market data, and was among the major contributors to the exchange’s reported ₦2.32 trillion market capitalisation gain on November 9.
At the time of the November 10 announcement, Dangote Cement shares were reported to be unchanged at ₦1,469.90.
The suspension means the proposed London offering will not proceed under the current timetable. For existing shareholders, however, the immediate position remains unchanged, with the company continuing to trade on the Nigerian Exchange.
Investors will be watching for further communication from the company on whether it intends to revisit the international listing when market conditions and its strategic priorities permit.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
