Quick Take: Dangote Cement Delays Listing on the London Stock Exchange once again

Nigeria’s most capitalised company, Dangote Cement Plc, has put on hold earlier plans to list on the London Stock Exchange. Business Elites Africa understands that this is not the first time the planned London Initial Public Offering (IPO) is being delayed.

Bloomberg quoted Dangote Cement’s Head of Investor Relations, Temilade Aduroja, to have stated that the IPO should not be expected until 2023. In the meantime, the company will focus on boosting its exports and foreign reserves.

“The London listing is not something which will happen in the short to medium term. We are focused on our export strategy and increasing our foreign-currency revenue,” she said in an emailed response to enquiries.

Dangote Cement, which was listed on the Nigerian Stock Exchange on October 26, 2010, is the biggest cement maker in the whole of Africa. The company has a market capitalisation of N2.6 trillion, according to information obatained from the Nigerian Stock Exchange. It is also one of the most profitable companies in Nigeria, having reported a profit after tax of N126.1 billion as at half-year 2020.