The decision marks a setback for the London market, which has struggled to attract major new listings as companies increasingly reconsider their presence on the UK bourse.
Dangote Cement, Africa’s largest cement producer, had disclosed in May that it was holding early discussions about a potential London listing. The move would have given the company access to a broader pool of international investors and additional sources of capital.
However, the company said on Tuesday that it had abandoned the plan, citing market conditions and strategic priorities. Its shares will remain listed on the Nigerian Exchange, and the decision will not affect its operations or business plans.
The company recently recorded a profit after tax of ₦974.8 billion ($714 million) for the nine months ended September 30, compared with ₦743.3 billion in the corresponding period of the previous year, according to unaudited results filed with the Nigerian Exchange.
With operations across 11 African countries and revenues exceeding $3 billion in 2025, the company remains one of the continent’s biggest industrial businesses. Its market valuation stands at approximately ₦24.79 trillion ($18.42 billion).
While the cement business has opted against pursuing a London listing, Dangote is taking a different route to international and domestic capital markets through its flagship refinery.
Marketed as the “People’s IPO”, the offer was designed to give ordinary Nigerians and investors across Africa an opportunity to own a piece of the refinery. It offered 4.1 billion ordinary shares at ₦525 each, with a minimum subscription of 10 shares costing ₦5,250.
Although the offer attracted approximately ₦6.4 trillion in orders, nearly three times its ₦2.15 trillion base target, it fell short of Dangote’s ambition to attract 10 million investors.
The proceeds are expected to contribute to an ambitious $14.3 billion expansion programme aimed at doubling the refinery’s processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029.
Dangote is also looking beyond Nigeria. His expansion plans include a proposed $16 billion refinery in Lamu, Kenya, with a planned capacity of 700,000 barrels per day.