Africa’s richest man Aliko Dangote is set to pursue a London stock exchange listing for his $13bn cement empire, marking a strategic pivot after years of regulatory hurdles and market shifts. The Lagos-based Dangote Cement, which dominates African construction materials, plans to offload 10% of shares to global investors, leveraging UK reforms that lowered listing thresholds. The move, advised by Citigroup and JPMorgan, revives a stalled 2018 effort, with a potential September 2024 launch. Dangote Industries, his conglomerate, also owns a majority stake in Nigeria’s $20bn oil refinery project, which has surged in value amid regional fuel shortages.

Separately, Dangote confirmed plans to increase cement output to 100mn tonnes annually by 2030, including a 6mn-tonne Nigerian plant and another in development for export markets. While Arsenal FC acquisition talks persist, the billionaire prioritized industrial expansion over sports ownership. UK regulators welcomed the proposal, citing renewed investor confidence in secondary listings, though geopolitical tensions and AI-driven market volatility remain risks.