Nigeria’s Dangote Cement has abandoned its proposed secondary listing and share offering on the London Stock Exchange, citing current market conditions and strategic priorities.
The decision was announced in a company statement to the Nigerian Exchange Limited on Tuesday after a board meeting. It applies to both the company and its selling shareholder, Dangote Industries Limited.
The cement maker, Africa’s largest, is valued at about N24.8 trillion ($18.3 billion). Its shares remain listed solely on the NGX, and management said the move will not affect operations or business plans.
Plans for a London debut first emerged in May 2026. Shareholders later approved the idea, and the company held a capital markets event in London in September. Reports had suggested a potential offering of around $1 billion.
“In light of current market conditions and the Company’s strategic priorities, the Company announces that it and its selling shareholder, Dangote Industries Limited (DIL) will not proceed with the proposed secondary listing and offering on the London Stock Exchange at this time,” Dangote Cement said in the statement.
The shelving delivers a further setback to the London Stock Exchange, which has struggled to attract major new issuers. London recorded just eight listings in the first nine months of 2026, raising under £610 million, according to EY data.
Market volatility following the U.S. midterm elections and recent AI-related equity sell-offs has cooled investor appetite for new listings globally. London’s FTSE 100 also ended last week lower.
The announcement comes weeks after Aliko Dangote, Africa’s richest man, launched Africa’s largest-ever IPO for his oil refinery. That offering, which closed in late October after an extension, targeted up to $2.1 billion and drew demand from investors in 119 countries.
Dangote Cement shares closed Monday at N1,469.90 after a 9.6 percent rally, bringing their year-to-date gain to more than 140 percent. The stock has more than doubled in 2026 as the company regained its status as Nigeria’s most valuable listed firm.
Company Secretary Edward Imoedemhe said Dangote Cement remains focused on delivering sustainable value to shareholders and strengthening its market position. The statement used the phrase “at this time,” leaving open the possibility of revisiting a London listing later.
