Mariya Dangote, billionaire’s daughter and Dangote Cement board member, explains London pick over Dubai

DUBAI,— Dangote Cement Plc has chosen London over Dubai for its planned overseas stock listing, citing faster execution, Mariya Dangote, board member of Dangote Cement Plc and daughter of billionaire founder Aliko Dangote, said in a recent interview.

Mariya Dangote, daughter of Aliko Dangote, Africa’s richest man, sits on the board of the cement giant.

She told Bloomberg that shares can move faster on the London Stock Exchange than on other international venues the company considered.

Dangote Cement, the largest cement maker in Africa, is aiming for a London debut as soon as September 2026.

The listing would be secondary, added alongside its primary listing on the Nigerian Exchange. The company is valued at more than $11 billion.

A London listing would let investment funds in Europe and North America buy and trade Dangote Cement shares directly in major world currencies.

That would remove the need for local currency conversion and ease settlement for foreign buyers.

The firm had looked at other locations across Europe and the Middle East. Recent changes to UK listing rules made London a simpler choice for emerging market firms seeking dual listings, Bloomberg reported.

The plan could involve selling close to 10 percent of company shares to foreign institutional investors, giving the firm broader access to global capital while keeping its main base in Lagos.

Dangote Cement runs plants in 11 African countries and can currently produce 55 million tonnes of cement each year. The company wants to raise that to more than 80 million tonnes by 2030.

The London listing is one part of a larger plan by parent company Dangote Industries to bring more of its businesses to public markets.

That plan also includes future listings for its $20 billion oil refinery and fertilizer units.

The strategy follows comments made by Aliko Dangote in an interview with the School of Hard Knocks channel.

He said wealth estimates from Forbes and similar outlets often fall short because many of his companies are privately held. “Most of our businesses are not listed yet,” he said. “It will come out soon.”

The London listing would mark a first step toward taking those private units public.

(With files from Bloomberg, Business Insider Africa)

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