Africa’s richest man, Aliko Dangote, has revealed plans to list Dangote Cement on the London Stock Exchange later this year as the company pushes for expansion and fresh international investment.

The proposed move would see Dangote Cement secure a secondary listing in the United Kingdom, while also selling about 10 per cent of its shares to outside investors.

Dangote confirms London plans

Speaking to the Financial Times, Dangote said discussions around a dual listing had been ongoing for years but recent changes in the UK market made the move more attractive.

“We want to do a dual listing. We’ve been thinking about it for seven to 10 years,” Dangote said.

He added that London became a preferred option after the UK relaxed some of its listing requirements.

“We ended up saying London is good as they have brought down the minimum listing requirements,” he stated.

Dangote Cement currently has a market valuation of nearly $13 billion on the Nigerian Exchange.

Banks reportedly selected

According to reports, the cement company has already selected major financial institutions to advise on the planned listing.

The banks reportedly include Citigroup, JPMorgan Chase and Standard Bank.

The listing is expected to take place around September, depending on market conditions and investor interest.

This would revive earlier attempts by Dangote Cement to enter the London market after previous plans failed to materialise.

Expansion drive gathers pace

Dangote also disclosed that the company plans to increase its annual cement production capacity from 60 million tonnes to 100 million tonnes by 2030.

He said new plants are already being developed in Nigeria to support export operations.

“In Nigeria, work had already started on a plant for 6 million tonnes, with another 6 million tonnes of capacity to follow,” he said.

Dangote Cement currently operates in 11 African countries and remains Africa’s largest producer of building materials.

The company’s shares have reportedly gained more than 70 per cent this year.

Refinery boosts wealth

Dangote’s growing fortune has also been linked to the performance of his refinery business in Lagos.

Bloomberg recently estimated his net worth at $35.4 billion, making him the richest person in Africa and the only African on Forbes’ list of the world’s 100 richest people.

The billionaire also revealed plans to sell up to a 15 per cent stake in the Dangote refinery through an initial public offering in Lagos later this year.

Arsenal dream postponed

Dangote also revisited his long-standing interest in buying English football club Arsenal.

According to him, he had to choose between completing his refinery project and pursuing ownership of the London club.

“I asked myself, do I want to complete these projects or do I want to go and buy Arsenal?” he said.

“I realised that, look, I have missed the boat.”