Goldman Sachs and UBS join Dangote Cement stock listing plans

Published on 10/19/2026 at 00:33 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Dangote Cement plans a London listing with Goldman Sachs and UBS. The 10 percent sale plan dated October 15 concerns Dangote Cement stock.

Expansion and listing calendar

A London listing plan targets USD 1.0 billion and a 10 percent secondary sale on October 15, 2026.
First-half 2026 revenue rose 21.4 percent to NGN 2.51 trillion.
Dangote Cement targets 80 million tonnes of annual capacity and a 20 percent emissions-intensity cut by 2030.

DANGCEM, NGDANGCEM008, Illustration mit AI erstellt.

Dangote Cement (NGDANGCEM008) had appointed Goldman Sachs Group Inc. and UBS Group AG as bookrunners for a possible London listing on October 15, 2026, according to Bloomberg. The proposed secondary sale could raise USD 1.0 billion, with existing owners selling 10 percent of the company.

What does the listing change?

BusinessDay reported on October 15, 2026, that the London transaction would complement Dangote Cement's primary listing on the Nigerian Exchange. The article also put the company's valuation above USD 12.0 billion and described the listing as a route toward broader institutional ownership.

The financial base is substantial. For the six months ended June 30, 2026, revenue increased 21.4 percent year over year to NGN 2.51 trillion, EBITDA rose 25.8 percent to NGN 1.19 trillion, and profit after tax climbed 22.7 percent to NGN 638.5 billion, according to BusinessDay.

Three steps toward expansion

The recent sequence shows how capital markets and operating capacity are being linked. On July 10, 2026, BusinessDay reported a target of 80 million tonnes of annual capacity by 2030 and a 20 percent reduction in emissions intensity. On September 24, 2026, the company said the first phase of its Itori facility would deliver 6.0 million tonnes of capacity, according to BusinessDay. The October 15, 2026 bookrunner appointment is the latest step.

Which dates matter next?

Investor meetings are scheduled to begin on October 27, 2026, in London, South Africa and Dubai, while the possible London listing is targeted for November 2026, according to Billionaires Africa. Timing remains tied to market conditions, so the November reference is a target rather than a completed listing.

Capacity sets the valuation question

Dangote Cement's operating footprint gives the transaction a clear industrial anchor. The company says it has production capacity of 55.0 million tonnes per year across ten countries and is building an export strategy around Nigeria's limestone and port infrastructure. The listing plan therefore arrives alongside a measurable expansion program, not as a standalone financing event.