Dangote Cement cabinets $1 billion London itemizing as shares surge 141% on NGX

Dangote Cement Plc has suspended plans for a secondary itemizing and share providing on the London Stock Exchange (LSE), citing unfavourable market circumstances and its strategic priorities, in a setback to its long-running ambition to draw extra worldwide traders.

The choice, collectively taken by the cement producer and its promoting shareholder, Dangote Industries Limited (DIL), was disclosed in a discover filed with the Nigerian Exchange Limited (NGX) on Tuesday.

The discover, signed by the Company Secretary, Edward Imoedemhe, stated the proposed transaction wouldn’t proceed presently, following a board assembly held on Tuesday.

Dangote Cement didn’t point out when the plan could be reconsidered however harassed that its extraordinary shares would stay listed on the NGX and that the choice wouldn’t have an effect on its operations or enterprise plans.

The improvement comes after months of preparations for a global providing anticipated to contain roughly 10 per cent of the corporate’s shares and doubtlessly generate about $1bn for the promoting shareholders.

The proposed London transaction was designed to broaden the corporate’s worldwide investor base and enhance share liquidity. It was not supposed as a contemporary capital-raising train for Dangote Cement itself, in accordance with the Financial Times.

Reporting on the choice, Reuters stated market turbulence following the United States midterm elections had unsettled traders and weighed on main markets, together with Wall Street and the FTSE 100.

The Financial Times additionally attributed the withdrawal to unstable fairness markets following a current sell-off in expertise shares linked to issues about synthetic intelligence, citing an individual aware of the choice.

The suspension represents one other setback for the London Stock Exchange, which has struggled to draw main new listings amid subdued preliminary public providing exercise and the departure or acquisition of present listed corporations.

Dangote Cement’s choice comes amid a formidable rally in its Nigerian share value.

The inventory closed at N1,469.90 on Monday, November 9, representing a achieve of roughly 141 per cent from its opening value of N609 in the beginning of 2026.

It additionally superior by about 9.6 per cent throughout Monday’s buying and selling session and gained roughly 38 per cent over the previous 4 weeks.

The sturdy share-price efficiency additionally made Dangote Cement one of many main drivers of the NGX’s N2.32 trillion market capitalisation achieve on Monday.

Dangote Cement’s renewed London itemizing plan emerged in May 2026, when Aliko Dangote disclosed plans to pursue a secondary itemizing for the corporate, then valued at almost $13bn.

Shareholders subsequently authorised the board to pursue a secondary itemizing on the LSE or one other recognised worldwide alternate, topic to regulatory approvals.