Aliko Dangote, Africa’s wealthiest individual, is exploring a listing on the London Stock Exchange as he looks to unlock international capital for his industrial empire — a move that would mark a significant expansion of an African conglomerate’s reach into global equity markets.
Reports indicate that Dangote is planning a London listing of his cement empire, with the Financial Times reporting on the plans on 7 May 2026. The Dangote Group already has several subsidiaries listed on the Nigerian Exchange, including Dangote Cement, Dangote Sugar Refinery and Nascon Allied Industries.
A senior executive at the Dangote Group, Devakumar Edwin, previously indicated that the Nigerian bourse would not have sufficient depth to exclusively handle the scale of the group’s petroleum refinery listing, making the London Stock Exchange a necessary complement to any domestic offering.
The timing follows a period of significant operational momentum. As of February 2026, the Dangote Refinery in Lekki, Lagos — the world’s largest single-train refinery — had hit full refining capacity. In October 2025, Dangote announced expansion plans that would increase the facility’s output to 1.4 million barrels per day, which would make it the world’s largest refinery by capacity.
At a recent International Finance Corporation event, Dangote unveiled a 20,000 megawatt power plan alongside a commitment to $20 billion in dividends — a reframing of the refinery as the anchor of a broader African industrial conglomerate rather than a single-asset story. That positioning is likely central to the investment case being constructed for international equity markets.
Dangote Cement, separately, operates across 14 African countries. It is the continent’s dominant cement producer and has operations ranging from Nigeria and Ethiopia to South Africa and Senegal. The cement business commands a market capitalisation that would be considered substantial by any emerging-market standard, yet it has remained inaccessible to most international institutional investors who cannot easily participate through the Lagos exchange.
A London listing would significantly change that calculus, opening the group to pension funds and asset managers based in the United Kingdom and Europe who operate within FTSE-eligible mandates. It would also provide a more liquid exit route for any future capital raising.
The London Stock Exchange has in recent years sought to attract large African listings as part of its efforts to maintain relevance in an increasingly competitive global exchange landscape. South African companies including Investec and Quilter maintain dual listings in London and Johannesburg.