Nigeria's Dangote Cement (NGX: DANGCEM) has added Goldman Sachs (NYSE: GS) and UBS Group (SIX: UBSG; NYSE: UBS) as bookrunners for a proposed $1bn secondary share sale in London that could take place as early as November, Bloomberg reported on October 15, citing people familiar with the preparations.
The transaction would involve existing shareholders selling approximately 10% of the cement producer through a listing on the London Stock Exchange (LSE). The proceeds would go to the selling shareholders rather than directly to Dangote Cement, which is majority-owned by Nigerian billionaire Aliko Dangote.
The proposed timetable remains subject to market conditions, according to the people, who requested anonymity because the discussions are private. An investor engagement programme is scheduled to begin on October 27, with meetings planned in London, South Africa and Dubai.
The planned roadshow follows earlier investor outreach in London. Dangote Cement announced a capital markets day for September 21, while Semafor reported on October 5 that the group had pitched the proposed listing to London investors in late September, with a potential $1bn sale already under consideration.
Goldman Sachs and UBS join an international banking syndicate that includes Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM) and Standard Bank Group (JSE: SBK; NSX: SNB) as global co-ordinators. First Abu Dhabi Bank (ADX: FAB) and Emirates NBD (DFM: EMIRATESNBD) have also been added as bookrunners, Bloomberg reported.
Dangote Cement, Goldman Sachs and UBS declined to comment on the reported appointments. JPMorgan, Citigroup, First Abu Dhabi Bank and Emirates NBD also declined to comment.
The London transaction is intended to broaden Dangote Cement's international shareholder base and provide a benchmark for its valuation among global investors. Bankers are approaching the proposed offering as a reintroduction of the business to international capital markets, according to Bloomberg's sources.
The company has been publicly listed in Lagos since 2010. Dangote Cement confirmed in May that it was exploring a secondary London listing to improve access to international capital and diversify its shareholder base.
Shareholders subsequently authorised the board at the company's July 2 annual general meeting to pursue an international listing and a potential share sale by its majority shareholder. The transaction remains subject to regulatory approvals, final terms and market conditions.
Dangote Cement is Africa's largest cement producer, with manufacturing operations spanning several African markets. Its proposed London transaction follows renewed efforts by the wider Dangote industrial group to access international investors and expand its sources of financing.
Dangote Cement reported a 21.4% increase in revenue and a 22.7% rise in profit after tax in the first half of 2026, while group cement and clinker sales volumes grew 11.8% to 14.9mn tonnes. Pan-African volumes increased 19% to 5.95mn tonnes, although the segment's EBITDA margin narrowed to 17.6% from 20.1%, reflecting uneven operating conditions across its African markets.
The cement listing is separate from the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals in Nigeria. The refinery is seeking to raise an initial $1.6bn, potentially increasing to $2.1bn if an over-allotment option is exercised, in an offering that values the business at close to $50bn. The refinery's IPO subscription deadline has been extended to October 27 to accommodate investor demand and expand participation across Africa.
The wider group has undertaken several other financing transactions in 2026. Dangote Petroleum Refinery raised $2.5bn through a private placement earlier in the year, attracting subscriptions worth 3.7 times its initial target, with participation from Africa Finance Corporation and African Export-Import Bank.
The refinery also priced $750mn in Eurobonds in July, while Dangote Fertiliser raised $750mn through a debt sale in April. Africa Finance Corporation separately announced a $600mn facility for Greenview Fertiliser Corp., the group's fertiliser holding company, in June.
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