Dangote Cement Plc has suspended plans to list its shares on the London Stock Exchange (LSE), citing prevailing market conditions and the company’s strategic priorities.
The cement manufacturer and its selling shareholder, Dangote Industries Limited (DIL), jointly decided to discontinue the proposed secondary listing and share offering for now.
Naija News reports that the company disclosed this in a notice to the Nigerian Exchange Limited (NGX), the investing public and other stakeholders following a meeting of its Board of Directors on Tuesday, November 10, 2026.
Dangote Cement said the decision was informed by current market conditions and its strategic priorities, although it did not indicate when, or whether, it might revisit the proposed London listing.
The suspension means the company will not proceed with the planned share offering and secondary listing on the London Stock Exchange at this time.
The proposed transaction was expected to involve the sale of approximately 10 per cent of the company’s existing shares, potentially valued at about $1bn, although the listing was not designed to raise fresh capital for the company’s operations.
In its notification to the NGX, the company indicated that the withdrawal from the proposed London listing would not affect its existing operations, business strategy or planned investments.
Meanwhile, the Federal Government has explained that it sells part of its oil production in advance, which is why the Dangote Refinery has a persistent crude oil shortage.
The Special Adviser to President Bola Ahmed Tinubu on Media and Public Communications, Sunday Dare, disclosed this on Trust TV’s 30 Minutes programme with Mannir Dan-Ali.
He, however, stated that he does not have the exact figures for the quantity of crude oil sold ahead of time.
“Why is it not getting enough? It is because part of our oil production has been sold ahead of time,” he said.
His remarks come amid continuing disagreements over the implementation of the Federal Government’s naira-for-crude policy.
Introduced in 2024, the policy allows domestic refineries to buy crude oil in naira and supply petroleum products to the local market in the same currency.
The arrangement was intended to ease pressure on foreign exchange, reduce the cost of importing refined petroleum products and strengthen domestic refining capacity.
However, the Dangote Refinery has repeatedly complained that the quantity of crude supplied under the initiative falls short of its requirements.
