Dangote delays listing on London Stock Exchange

Nigerian billionaire Aliko Dangote has yet again put hold on plans to list Nigeria’s second most capitalized company on the London Stock Exchange.

According to a Bloomberg report, Africa’s richest man has rather chosen other options like boosting exports and the Nigerian company’s foreign-exchange reserves.

Dangote Cement Plc, Africa’s biggest producer of building material isn’t expected to attempt a U.K. initial public offering until at least 2023, Temilade Aduroja, Head of Investor Relations, at the Lagos-based company, said by email.

“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,” he said.

Dangote, a major shareholder of Dangote Cement, with a net worth of more than $14 billion has longed for the company to have a secondary London Stock Exchange listing to diversify its holding and gain more leverage to cheaper funds on international markets.

Aliko Dangote said in 2018 that the listing would happen the following year (2019), only for Brian Egan, former Chief Financial Officer, to state that 2020 was more likely.

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