Dangote Cement shareholders approve secondary listing on London Stock Exchange

Shareholders of Dangote Cement Plc have approved plans for a secondary listing of the company's shares on the London Stock Exchange. The approval was granted at the company's 17th Annual General Meeting held in Lagos on July 2, 2026, according to a disclosure signed by Company Secretary Edward Imoedemhe.

What the resolution covers

If completed, Dangote Cement will join other Nigerian-linked companies with listings in London, including Guaranty Trust Holding Company Plc, Seplat Energy Plc, and Airtel Africa Plc. According to the resolution passed at the AGM, shareholders authorised the board to pursue a secondary listing on the London Stock Exchange or any other recognised international securities exchange, subject to obtaining the necessary regulatory approvals.

The approval also empowers the board to undertake one or more capital market transactions, including a potential offer for sale of shares by the company's majority shareholder in connection with the international listing or as a standalone transaction. The resolution stated: 'That, subject to obtaining all requisite regulatory approvals, the Company be and is hereby authorised to consider and if deemed fit, undertake one or more capital markets transactions, including a potential secondary listing of its issued shares on the London Stock Exchange or such other recognised international securities exchange.'

The company noted that the timing, structure, and terms of any such transaction would depend on prevailing market conditions and regulatory considerations.

Dividend increase and Aliko Dangote's comments

Shareholders also approved a final dividend of N45 per ordinary share for the financial year ended December 31, 2025. The payout represents a 50% increase from the N30 per share dividend declared for the previous year and was paid from the company's retained earnings on July 2, 2026.

The shareholder approval follows comments by Aliko Dangote in May indicating that the company was targeting a London listing in 2026. Speaking in an interview with the Financial Times, Dangote disclosed that the company was considering the sale of about 10% of its shares to external investors as part of a dual-listing strategy aimed at broadening its investor base and increasing international visibility. According to him, recent reforms in the UK capital market, including changes to listing requirements, helped revive plans that had been under consideration for several years. 'We want to do a dual listing. We've been thinking about it for seven to 10 years,' Dangote said. He added that the transaction could take place later in the year, subject to market conditions and investor appetite.

Strong financial performance

The approval comes on the back of strong first-quarter results from the company. Dangote Cement reported a profit before tax of N421.1 billion for the three months ended March 31, 2026, representing a 35% increase from N311.9 billion recorded in the corresponding period of 2025. Revenue rose to N1.19 trillion from N994.6 billion, driven largely by cement and clinker sales, which accounted for virtually all of the company's revenue during the period. The improved performance boosted earnings per share to N19.14 from N12.29 a year earlier, while retained earnings increased to N1.8 trillion from N1.5 trillion, reflecting continued value creation for shareholders.

For Nigerian investors and the broader market, a successful London listing would increase Dangote Cement's visibility among international fund managers, potentially attracting more foreign portfolio inflows into a company that already dominates the local cement market. This could also set a precedent for other large Nigerian corporates seeking to raise capital abroad while maintaining their primary listing on the NGX.